Highlights of Interim Budget 2019: Important Announcements – PDF Download
Dear Bankersdaily Aspirants,
“Interim Budget” is the buzzword you will be hearing if you are an aspirant who is keen to crack the upcoming exams and you would be analyzing the various aspects of the whole “Interim Budget 2019”.
Piyush Goyal who is the present Interim Finance Minister of India has presented the Interim Budget for this year 2019.
What is an Interim Budget?
- The government of the day presents an interim budget if it does not have the time to present a full Budget or because national elections may be near. In the latter situation, propriety demands that the task of framing the full Budget be left to the incoming government.
How does the interim budget differ from a regular budget?
- In an interim Budget, the vote-on-account seeks parliament’s nod for incurring expenditure for part of a fiscal year. However, the estimates are presented for the entire year, as is the case with the regular Budget. However, the incoming government has full freedom to change the estimates completely when the final Budget is presented.
If you are an aspirant preparing for the IBPS Exams or for any PSU or for SSC, then this Budget plays an important role in the general Awareness section and also in the Financial Awareness section because exams like Syndicate Bank PO – PGDBF and Canara Bank PO – PGDBF has General Awareness and Banking & Financial Awareness as a section.
SOME OF THE STATIC TAKEAWAYS OF BUDGET :
- The First Union Budget was presented by R. K. Shanmukham Chetty on November 26, 1947.
- Indra Gandhi is the only women who had held the Finance Minister post.
- Moraji Desai has presented the most number of Budget in the parliament. (10 Times).
- From 2017 the Railway Budget was added to the Union Budget.
- This year the Interim Budget 2019 was presented by Interim Finance Minister Piyush Goyal and this is also his maiden budget.
Important Highlights of Interim Budget 2019
- No income tax for income up to ₹5 lakh
- Individuals with gross income of up to ₹6.5 lakh need not pay any tax if they make investments in provident funds and prescribed equities
- Standard tax deduction for salaried persons raised from ₹40,000 to ₹50,000
- TDS threshold on interest on bank and post office deposits raised from ₹10,000 to ₹40,000
- TDS threshold on rental income increased from ₹1.8 lakh to ₹2.4 lakh
- I-T processing of returns to be done in 24 hours
- Within the next 2 years, all verification of tax returns will be done electronically without any interface with the tax payer
- Package of ₹6000 per annum for farmers with less than 2 hectares of land. Scheme will be called Pradhan Mantri Kisan Samman Nidhi.
- Vande Bharat Express, an indigenously developed semi high-speed train, to be launched
- One lakh digital villages planned in the next five years
- Fund allocation to the Northeast region increased to ₹ 58,166 crore, a 21% rise over last year for infrastructure development
- Anti-camcord regulations to be introduced in the Indian Cinematograph Act to prevent piracy and contact theft of Bollywood films.
- Single window clearance for Indian filmmakers.
- 25 per cent of sourcing for government projects will be from the MSME, of which three per cent will be from women entrepreneurs.
- National Artificial Intelligence portal to be developed soon
- ESI cover limit increased to ₹ 21,000. Minimum pension also increased to ₹ 1000.
- Mega pension scheme for workers from the organised sector with an income of less than ₹15,000. They will be able to earn ₹ 3000 after the age of 60. The scheme will be called PM Shramyogi Maan Dhan Yojana.
- 2% interest subvention for farmers pursuing animal husbandry.
- All farmers affected by severe natural calamities will get 2% interest subvention and additional 3% interest subvention upon timely repayment
- Decision taken to increase MSP by 1.5 times the production cost for all 22 crops
- The 22nd AIIMS will come up in Haryana
Total Takeaways from the Interim Budget 2019 – One Liners
- All farmers affected by natural disasters to get 2% interest subvention upfront for entire loan period
- Current account deficit for 2018/19 seen at 2.5% of GDP3
- Farmers up to 2 hectare of land to come under PM Kisan scheme
- Government launches mega pension scheme for social security coverage of unorganised labour
- Fiscal deficit for 2018/19 seen at 3.4% of GDP
- Recovered ₹3 lakh crore via bankruptcy code
- Bank of India, Bank of Maharashtra and Oriental Bank no more under RBI’s prompt corrective action
- Poor farmers to get ₹6,000 per year under PM Kisan scheme
- PM Kisan to transfer cash directly to farmers under PM Kisan scheme
- Poor farmers to get cash in three equal installments under PM Kisan scheme
- PM Kisan scheme for poor farmers to cost government₹75,000 crore FY20
- PM Kisan scheme for poor farmers to get ₹20,000 crore in FY19
- PM Kisan scheme to transfer cash directly to farmers’ accounts
- PM Kisan scheme to start transfer of cash with effect from December 2018
- Government announces Rashriya Gokul Mission to support poor owning cows Rashriya Gokul Mission cow scheme to get ₹750 crore in the current year
- Central government to alone support PM Kisan scheme
- All farmers affected by natural disasters to get 2-5% interest subvention
- Gratuity cap doubled to ₹20 lakh
- Government to contribute equally in pension accounts under mega pension scheme
- Unorganised labour to get ₹3,000 per month after age of 60 under mega pension scheme
- Government to implement mega pension scheme for unorganised labour from this year itself
- Mega pension scheme is for people with income up to₹15,000 per month
- PM mega pension scheme to benefit 10 crore people
- Total of 8 crore cooking gas cylinders to be distributed by next year under PM Ujwala Yojna
- Government to contribute 14% under New Pension Scheme
- India is the second biggest hub for start-ups
- A National Programme for Artificial Intelligence covering 9 areas to be promoted 29
- Government projects to source 25% material from SMEs, 3% from only women-owned SMEs
- GEM platform to cover all public sector enterprises to promote local industry, trade
- SME loans with ticket size of ₹1 crore to get 2% interest subvention
- Defence Budget crosses ₹3 lakh crore mark in FY20 Budget
- Budgetary support for railways for FY20 is ₹64,587 crore
- Railways’ operating ratio seen at 96.2% in FY19, 95% in FY20
- North-east states to get 21% higher budget allocation at₹58,166 crore in FY20
- Will set up 1 lakh digital villages in next 5 years
- JAN Dhan, Aadhar and mobile have been game changers
- 34 crore Jan Dhan bank accounts opened in last 5 years
- Single window clearance to be made available to Indian film makers
- TV: Railways FY20 capex seen at ₹1.58 lakh crore
- Direct tax collections estimated at ₹12 lakh crore in FY19
- Poised to become a $5 trillion economy in 5 years
- Aspire to become a $10 trillion economy in 8 years
- ₹1.3 lakh crore undisclosed income brought under tax net
- 3,38,000 shell companies detected and their directors disqualified
- Average GST collection ₹97,100 crore
- Government lays out 10-year roadmap to improve ease of living
- Making India a pollution-free India in 10-year roadmap
- To lead world in transport and energy storage devices
- To bring down dependent on imports for energy needs
- Roadmap envisions people traveling in electric cars
- Tenth dimension of government’s India 2030 vision is a healthy governance
- Fiscal deficit pegged at 3.4% of GDP for FY20
- Fifth dimension of government’s India 2030 vision is clean rivers
- Government to scale up Sagarmala programme
- Seventh dimension of India 2030 is to lead in space programmes
- Eighth dimension of India 2030 is to grow food in environment friendly manner
- Ninth dimension of India 2030 is a healthy India
- Tenth dimension of India 2030 programme is a comprehensive wellness system
- FY20 total expenditure seen at ₹27.84 trillion rupees
- FY20 capital expenditure seen at ₹3,36,292 crore
- Central schemes to get ₹3,27,679 crore FY20
- National education mission to get ₹38,572 crore FY206
- Integrated child development scheme to get ₹27,584 crore FY20
- SC, ST welfare to get ₹76,800 crore FY20
- Salary earners, pensioners to get tax benefit
- Salary earners up to ₹5,00,000 annual income to get full tax rebate
- No income tax for income up to ₹5,00,000
- Salary earners of up to ₹6,50,000 income to not pay tax if they make tax related investments
- Standard deduction to be raised from ₹40,000 to ₹50,000
- No tax if you own second house
- No TDS on post office savings up to ₹40,000
- No TDS on rental income up to ₹2,40,000 per year
- No tax on notional rent on second house
- Capital gains tax exemption under Section 54 raised to₹2 crore
- Tax on notional rent on unsold inventory to not be paid for 2 years
Download the Highlights of Budget 2019 from the link that is provided below.
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