Connecting Businesses with Opportunities in India

Union Budget 2019

Submitted by CA Shashi Mohan on Fri, 02/01/2019 - 1:54pm.

General

  • Fiscal deficit targeted @ 3.4 % in 2019-20
  • Rs. 60,000 crore allocated for MNREGA
  • ESIC cover limit increased to Rs. 21,000
  • Mega Pension Scheme for unorganised labour, Rs. 3,000 p.m. after age of 60 Yrs.
  • Single window clearance for filmmakers
  • National Centre for ‘AI’  in 9 priority areas and a National Portal

Infrastructure

  • 1 lakh digital villages in next 5 years
  • Capex for the Railways increased to Rs. 1.59 Lakh Cr.

Agriculture

  • Rs. 6,000 per head assured annual income support for farmers with <2 hectares of land
  • 2% interest subvention for farmers affected by natural calamities, extra 3% on timely repayment
  • 2% interest subvention for animal husbandry and fisheries through Kisaan Credit Cards

Health

  • 22nd AIIMS in Haryana
  • Rs. 2 Cr. more LPG connections to rural households under Ujjwala Yojana
  • Rs. 4,227 crore additional funds for ICDS

Startups

  • 25% of sourcing for government projects from SMEs, of which 3% from women entrepreneurs
  • GST registered MSMEs to get 2% interest subvention on Rs. 1 crore loan

Direct Tax

  • Processing of Income Tax returns  within 24 hours, to be implemented within two years
  • Full Rebate for income up to Rs. 5,00,000  after all deductions
  • Standard Deduction increased to Rs. 50,000 for salaried individuals
  • No TDS on Bank interest & Post office savings up to Rs. 40,000
  • TDS threshold for home rent increased from Rs. 1.8 Lakh to Rs. 2.4 Lakh
  • Capital Gain tax exemption u/s 54 up to Rs. 2 crore available on 2 houses
  • Tax exemption on notional rent of 2 Self Occupied houses
  • Gratuity limit extended to Rs. 30 lakhs

Indirect Tax

  • Indian Customs to fully digitize Exim transactions and leverage RFID for logistic
  • Customs duty abolished on 36 capital goods

Source: Speech of Finance Minister at Indian Parliament on Feb 01, 2019

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