Speech by “Piyush Goyal” ( Minister of Finance – Govt. of India)
- State of the Economy
- Banking Reforms and Insolvency and Bankruptcy Code (IBC)
- Steps against corruption
- Poor and backward classes
- Farmer’s progress and Increase in Income
- Labour and Workers Dignity
- Women’s development to women led development
- Empowering Youth to fulfil their potential
- Empowering MSMEs and Traders
- Strengthening Defence and National Security
- Supporting Indians across the world
- Infrastructure development
- Digital India Revolution
- Simplification of Direct Tax System to benefit Tax-payers
- GST Reform for benefit to consumers and businesses
- Customs and Trading Across Border Reforms
- Demonetisation and Drive against Black Money
- Vision for the next Decade
- The Fiscal Programme for 2019-20 and beyond
- Tax Proposals
Income Tax Slab 2019-2020 proposed on 1st February
- Exemption of tax on the income upto 5 lakh per annum.
- Individuals with the gross income of 6.5 lakh need not to pay any tax if they make investments in Provident funds and prescribed equities.
- Standard tax deduction from salaried persons raised from Rs.40,000/- to Rs.50,000/-
- Gratuity limit increased from Rs.10 Lakh to Rs.30 Lakh
- TDS Threshold on interest earned from Bank/Post office deposits raised from Rs.10,000/- to Rs.40,000/-
- TDS Threshold for deduction of tax on rent to be increased from Rs.1,80,000/- to Rs.2,40,000/-
- Returns to be processed in 24 hours and refunds issued simultaneously.
- Within 2 years, all verification & assessment of returns to be done electronically without any physical interface.
Major allocations proposed under the Union Budget 2019-2020.
- 76,801 crore allocated for the welfare of Scheduled Castes.
- 19,000 crore allocated for the PM Gram Sadak Yojana.
- 60,000 crore allocated for the MGNREGA (Mahatma Gandhi National Rural Employment Guarantee Act)
- 50,086 crore allocated for the welfare of Scheduled Tribes.
- 3 Lakh crore allocated for the Defense budget.
- 27,584 crore allocated for the Integrated Child Development Scheme.
- 64,587 crore allocated for the Railway Budget.
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