Budget 2019 key highlights: No tax up to Rs 6.5 lakh annual income

With the Lok Sabha elections only a few months away acting Finance Minister Piyush Goyal presented NDA governments Interim Budget on Friday with megatax reliefs and additional sops for the salaried class peopleFinance Minister Piyush Goyal proposed that individuals with income up to Rs 5 lakh will not have to pay any income tax for FY201920 Which effectively means individuals who make investments of Rs 1 lakh 50 thousand in tax saving schemes will not be required to pay tax up to the gross income of Rs 65 lakh 5 lakh exemption announced 15 lakh investmentKey highlights of income tax proposals in Union Budget 20182019No tax for Individual taxpayers with annual income of up to Rs 5 lakhIndividuals who make investments of Rs 1 lakh 50 thousand in tax saving schemes will not be required to pay tax up to a gross income of Rs 65 lakh 5 lakh 15 lakhStandard tax deduction for salaried persons raised to Rs 50000 from Rs 40000TDS threshold on interest on bank and post office deposits has been raised from Rs 10000 to Rs 40000The anticipation of announcements from the interim budget as well as expectations of healthy quarterly results led the equity market to rally more than 165 per cent as a massive buildup of short positions was witnessed on Thursday The market rise came on the day of FampO expiry and ahead of the interim budget which will be presented on February 1Union Budget 2019 Live Updates Electricity for all to be a reality by MarchThe politicallycrucial interest subsidy for short term credit to farmers is likely to be a modest one in the voteonaccount which is to be presented by acting Finance Minister Piyush Goyal on Friday As compared to two years ago in 201718 when this subsidy was Rs 20339 crore the subsidy is likely to be around Rs 18000 crore a fall of 11 per cent informed sources saidKey highlights from the Budget 2019Income tax exemption limit raised to Rs 500000Inflation brought down from 101 per cent to 212 per cent under the NDA governmentAlmost 3 lakh crore has already been recovered in favour of banks and creditors big defaulters have also not been spared by our governmentMore than 5000 villages open defecation free in IndiaAverage monthly tax collection at Rs 97100 crore per month10 lakh people treated under Ayushman Bharat so farIndia attracted USD 239 bn in FDI in last five years Current Account Deficit is likely to be 25 pc of GDP this year Fiscal deficit will be 34 per cent of GDP Current Account Deficit to be 25 per cent of GDPSmall and marginal farmers to get assured income of Rs 6000 per yearInstead of rescheduling of crop loans the farmers severely affected by natural calamities will get 2 interest subvention and additional 3 interest subvention upon timely repaymentGovt spent Rs 17 lakh crore to supply food grains at a cheaper price to poor in 201819 as against Rs 92000 crore in 2013148 crores free LPG connection under Ujjwala 6 crores out of 8 crores new LPG new connections already deliveredDirect tax collections increased from Rs 638 lakh crore in 201314 to almost Rs 12 lakh crore The tax base is up from Rs 379 crore to 685 croresGST has been continuously reduced resulting in relief of Rs 80000 crore rupees to the consumers Most items of daily use are now in the 05 tax bracketCost of data voice calls in India is now possibly lowest in the world mobile and mobile part manufacturing companies have increased from 2 to 268Government to allocate Rs 60000 crore for MNREGA schemeAssured monthly pension of Rs 3000 rupees per month to workers in the unorganised sector after age 60 To avail scheme the workers will have to contribute Rs 100 per monthGSTA Group of Ministers is examining how prospective house buyers can benefit under Goods amp Services Tax GST The Finance Ministry has said that the total Gross GST Revenue collected in the month of January 2019 has today crossed Rs 1 lakh crore This has been a significant improvement over the collection of Rs 94725 crore during last month and Rs 89825 crore during the same month last yearSpeaking at PostBudget Press Conference Watch Live httpstcop9Bc9ZwVPCmdash Piyush Goyal PiyushGoyal February 1 2019Presenting the budget for 201920 in the Lok Sabha Goyal said We are moving towards realising New India by 2022 We have got decisive mandate to continue structured reforms We have reversed policy paralysis he added Prime Minister Narendra Modiled governments sixth and final budget before the polls due by May is an interim budget or a Vote on Account Goyal stepped in as interim finance minister after Arun Jaitley had to fly to New York for medical treatmentBudget reaction RS Khurana Managing Director of Mumbai Railway Vikas CorporationBREAKING Mumbai railway has received enough funds to move ahead on planned Mumbai Urban Transport projects in todays budget This is RS Khurana Managing Director of Mumbai Railway Vikas Corporation MrvcLtd mid_day Budget2019 pictwittercomu75IRV87vXmdash Rajendra B Aklekar rajtoday February 1 2019Prime Minister Narendra Modi on Friday praised the interim budget and said that the 2019 Budget touches all sections of the society and includes everyoneCatch up on all the latest Crime National International and Hatke news here Also download the new midday Android and iOS apps to get latest updates