Budget 2019 Highlights A Look At Highlights Of Union Budget 2019-20

Budget 2019 Highlights A Look At Highlights Of Union Budget 2019-20

Budget Highlights from Finance Minister Nirmala Sitharaman's Speech:
Rs. 2 duty and cess will be levied on petrol and diesel per liter.
PAN, Aadhaar will now be interchangeable for filing of income tax returns.
Aadhaar will be issued for NRIs with Indian passports after arrival without mandatory waiting period.
Power, clean cooking facilities for all families by 2022, water for all rural homes by 2024.
Surcharge enhanced on individuals with Rs. 2-5 crore income by 3 per cent, Rs. 5 crore and above by 7 per cent.
Two per cent TDS on cash withdrawal exceeding 1 crore in a year from bank account to discourage cash transactions.
Government considering increase in FDI in aviation, media.
Government to encourage and facilitate the role of women through women-led initiatives
A look at budget highlights for tax, housing, social welfare, pensions, growth, infrastructure economy:

Budget Highlights: Housing
1.95 crore houses will be provided to eligible beneficiaries
Center proposes RBI to be regulator for housing finance companies
Tax holiday on profits earned by developers of affordable housing
Budget Highlights: Tax
Additional deduction of Rs. 1 lakh on interest paid for affordable house of Rs. 45 lakh, borrowed on or before March 31, 2020
After interest deduction, affordable home buyers will gain tax benefit of Rs. 7 lakh over the period of interest deduction
Cash withdrawals over Rs. 1 crore a year to be taxed at 2 per cent
Budget Highlights: Social Welfare
One woman in every self-help group eligible for loan of Rs. 1 lakh under Mudra scheme
Centre proposes to consolidate and streamline multiple labour laws into only four codes

Budget Highlights: Pensions
Pension to be provided to three crore retail traders
Pension for shopkeepers, retailers with turnover less than Rs. 1.5 crore
Budget Highlights: Growth
Centre to invest in raising foreign direct investment in media and aviation
There will be 100 per cent FDI for insurance intermediaries
Budget Highlights: Infrastructure

1.25 lakh km roads will be upgraded at a cost of Rs. 80,000 crore

Budget Highlights: Markets
Centre proposes electronic fundraising platform to list social enterprises, voluntary organisations
This will help social enterprises working for welfare raise capital

Budget Highlights: Economy

India will grow to become a $3 trillion economy (from $2 trillion) in fiscal 2020
Fiscal deficit in FY19 at 3.3% of the GDP 
Govt will start raising part of borrowing in foreign currency 
Govt external debt to GDP is among the lowest in the world. 

Budget Highlights: Income Tax
No income tax for income less than Rs. 5 lakh a year
Surcharge on individuals with taxable income of Rs. 2-5 crore raised to 3 per cent, and Rs. 5 crore to 7 per cent

Budget Highlights: Start-ups

A TV programme for start-ups under Doordarshan, designed and run by start-ups themselves
Angel investors and start-ups who file tax returns won't be subjected to scrutiny
E-verification will resolve the issue of identifying the investor and the source of funds
Budget Highlights: Companies

Corporate tax rate of 25 per cent extended to all companies having annual turnover up to Rs. 400 crore

Budget Highlights: Ease of living:
Rs 3,000 pension per month for informal sector workers 
Aadhaar card under 180 days for NRIs on arrival in India 
Govt to open embassies in countries where India doesn't have a resident diplomatic mission as yet.

Budget Highlights: Transportation:
Inter-operable One Nation One transport card: National transport card for universal travel which can used on various modes of transport (road, railways etc). The card can also be used as a ATM card for withdrawing money. 
Govt plans to create MRO (Manufacturing, Repair and Operate) industry 
PPP to be used to unleash faster development and the delivery of passenger freight services. 
Comprehensive restructuring of National Highways Programme for creation of National Highways Grid. 
Government envisions using rivers for cargo transport,it will also decongest roads and railways. 
Affordable housing: Govt will provide additional income tax deduction of Rs 1.5 lakh on the interest paid on the loans taken to purchase EVs  

Budget Highlights: Women empowerment:
Nari tu Narayani: Women SHG Interest Subvention Programme to be expanded to all districts in India
Rs 1 lakh loan to be provided for SHG women members
Every verified woman SHG member having a Jan Dhan account can avail Rs 5,000 rupees overdraft facility 

Budget Highlights:Education: 
Govt to launch 'Study in India' programme to attract foreign students in higher education 
Allocate Rs 400 crore for world-class higher education institutions in FY20 . 
To unveil new education policy. 
National research foundation to fund, coordinate and to promote research in the country. 
New Higher Education Commission with focus on higher autonomy 
New national education policy to propose changes in school, higher education.

Budget Highlights: What is cheaper, what got costlier
Electric vehicles, affordable houses, imported defense equipment, imported parts of electric vehicles, imported raw material for manufacture of artificial kidneys and imported wool fiber, wool tops have become cheaper.

Petrol, diesel, cash withdrawal over Rs. 1 crore/year, imported auto parts, imported gold and precious metals, imported paper and paper products including printed books, imported loud-speakers, indoor and outdoor unit of split AC, imported plugs, sockets, switches, CCTV cameras, IP cameras, PVC, Vinyl flooring, Metal fittings, tiles, imported cashew kernels and cigarettes have become expensive.
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