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Union Budget 2019: You don't have to pay income tax for earnings upto Rs 5 lakh

Apr 30, 2019, 13:35 IST | mid-day online team Check for updates

The Interim Budget or a vote-on-account for 2019-20, the last financial exercise by Prime Minister Narendra Modi led Central government before the General Elections, will be presented in the Lok Sabha by Finance Minister Piyush Goyal on Friday at 11 am.

  • Feb 01, 2019, 15:18 IST

    Sensex rallies over 500 pts; Nifty nears 11,000 mark: The BSE benchmark Sensex rallied over 500 points in afternoon trade Friday, driven by consumption and auto stocks as investors welcomed individual tax exemptions and sops in the farm sector announced in the interim Budget.

  • Feb 01, 2019, 15:17 IST

    Former finance minister P Chidambaram Friday raised doubts over the GDP figures, wondering how the economy is growing at 7 percent when the unemployment rate was the highest in 45 years.

  • Feb 01, 2019, 15:15 IST

    Union Minister Arun Jaitley Friday complimented Piyush Goyal for delivering an excellent pro-farmer, a pro-poor budget which will also strengthen the purchasing power of the middle class.

  • Feb 01, 2019, 14:57 IST
  • Feb 01, 2019, 14:53 IST
  • Feb 01, 2019, 14:37 IST

    Here's how Twitterati and netizens have reacted to the 2019 Union Budget:

  • Feb 01, 2019, 13:51 IST

    Are you happy with the Union Budget 2019? Cast your vote here:

  • Feb 01, 2019, 13:30 IST

    Minister of Commerce and Industry, Civil Aviation, Government of India, Suresh Prabhu took to Twitter to share his views on the Union Budget 2019. He said, "The budget focuses on three main components of our glorious nation: people, progress & prosperity."

    Here's what Suresh Prabhu tweeted:

  • Feb 01, 2019, 13:18 IST

    Here are some of the key highlights from the Budget 2019: No income tax up to Rs 6.5 lakh income!

    Goyal-Budget

  • Feb 01, 2019, 13:17 IST

    Benefits under Sec 80(i)BA being extended for one more year, for all housing projects approved till the end of 2019-2020, says Piyush Goyal.

  • Feb 01, 2019, 13:14 IST

    Expanding rural industrialisation using modern industrial technologies and Make In India approach, says FM Piyush Goyal while outlining Vision 2030.

  • Feb 01, 2019, 13:11 IST

    Key highlights of income tax proposals in Union Budget 2018-2019:

    • No tax for Individual taxpayers with annual income of up to Rs 5 lakh.
    • Individuals who make investments of Rs 1 lakh 50 thousand in tax saving schemes will not be required to pay tax up to gross income of Rs 6.5 lakh (5 lakh + 1.5 lakh).
    • Standard tax deduction for salaried persons raised to Rs 50,000 from Rs 40,000.
    • TDS threshold on interest on bank and post office deposits has been raised from Rs 10,000 to Rs 40,000.
  • Feb 01, 2019, 13:00 IST

    TDS threshold on interest from the bank, post office deposits raised from Rs 10,000 to Rs 40,000.

  • Feb 01, 2019, 12:58 IST

    All sections of the society including farmers, middle class, poor and women have been mentioned in this budget. This budget will help achieve the dream of a 'New India', says Uttar Pradesh Chief Minister Yogi Adityanath to ANI.

  • Feb 01, 2019, 12:45 IST

    It's a major boost to the small middle-class taxpayers as government increase the exemption limit for income tax paid by individuals from the current Rs 2.5 lakh to Rs 5 lakh.

  • Feb 01, 2019, 12:40 IST

    Piyush Goyal: Country now has 100 operational airports; passenger traffic has doubled in last five years.

  • Feb 01, 2019, 12:37 IST

    Exclusive visuals from Lok Sabha during Finance Minister Piyush Goyal's speech (All Pics/ANI):

    Piyush Budget

    Rahul Ganhi Budget

  • Feb 01, 2019, 12:36 IST

    Piyush Goyal: Individuals with gross income up to 6.5 lakh rupees will not need to pay any tax if they make investments in provident funds and prescribed equities.

  • Feb 01, 2019, 12:33 IST

    Breaking News: Individual taxpayers having annual income up to 5 lakhs will get full tax rebate, says Piyush Goyal.

  • Feb 01, 2019, 12:26 IST

    Piyush Goyal: India has achieved over 98 percent rural sanitation coverage. 5.45 lakh villages declared open defecation free (ODF). Swachh Bharat now a national movement!

  • Feb 01, 2019, 12:25 IST

    Breaking News: Rs 1 crore loan can be obtained under 59 minutes, says Finance Minister Piyush Goyal.

  • Feb 01, 2019, 12:24 IST

    Government increases contribution in the pension scheme to 14 percent, in the new pension scheme employee's contribution will be 10 percent, the government's contribution will be raised from 10 percent to 14 percent.

  • Feb 01, 2019, 12:23 IST

    Piyush Goyal: Rs 750 crore have been allocated in the interim Budget under Rashtriya Gokul Yojana for protection of cows. The government will create a separate department for fisheries.

  • Feb 01, 2019, 12:20 IST

    Piyush Goyal: We are poised to become a 5 trillion dollar economy in the next 5 years and we aspire to become a 10 trillion dollar economy in the next 8 years.

  • Feb 01, 2019, 12:19 IST

    Breaking News: More than 1 crore people filed IT returns for the first time, after demonetization, says Piyush Goyal.

  • Feb 01, 2019, 12:18 IST

    Piyush Goyal: The govt is ommitted to eliminating the scourge of black money; anti-black money measures taken have brought an undisclosed income of about 1.30 lakh crore rupees to the fore; 3.38 lakh shell companies were deregistered.

  • Feb 01, 2019, 12:15 IST

    Ashoke Pandit on Twitter: I applaud the Narendra Modi govt. for the single window clearance for shootings & it’s commitment to fight piracy which is the biggest menace for the film industry. He tweeted:

  • Feb 01, 2019, 12:12 IST

    Piyush Goyal: The Group of Ministers is examining how prospective house buyers can benefit under Goods & Services Tax (GST).

  • Feb 01, 2019, 12:11 IST

    Piyush Goyal: GST has been continuously reduced resulting in relief of Rs 80,000 crore rupees to the consumers;  Most items of daily use are now in the 0%-5% tax bracket.

  • Feb 01, 2019, 12:10 IST

    Piyush Goyal: Direct tax collections increased from Rs 6.38 lakh crore in 2013-14 to almost Rs 12 lakh crore; The tax base is up from Rs 3.79 crore to 6.85 crore.

  • Feb 01, 2019, 12:07 IST

    Piyush Goyal: GST is the biggest tax reform India has seen since Independence. India became one common market after GST. Inter-state movements became faster through e-way bills, improving Ease of Doing Business.

  • Feb 01, 2019, 12:07 IST

    Piyush Goyal: IT returns and refunds within 24 hours.

  • Feb 01, 2019, 12:05 IST

    Piyush Goyal: Within nearly two years, almost all assessment and verification of IT returns will be done electronically by an anonymized tax system without any intervention by officials.

  • Feb 01, 2019, 12:04 IST

    Piyush Goyal: A single window clearance for filmmaking to be made available to filmmakers, anti-camcording provision to also to be introduced to Cinematography Act to fight piracy.

  • Feb 01, 2019, 12:03 IST

    Piyush Goyal: Allocation for the northeastern region has been proposed to be increased to Rs 58,166 crore in this year, it will be a 21% rise over the previous year.

  • Feb 01, 2019, 12:02 IST

    Piyush Goyal: Direct tax collection up to Rs 12 lakh crores.

  • Feb 01, 2019, 12:01 IST

    Breaking News: Sensex up 140 points with 21 components in the green; Nifty gains 0.39 percent amidst the Interim Budget 2019 presentation in the parliament.

  • Feb 01, 2019, 12:00 IST

    Piyush Goyal: Monthly consumption of mobile data up by 50 percent in the last 5 years.

  • Feb 01, 2019, 11:56 IST

    Breaking News: Today there is not a single unmanned railway crossing on the broad gauge in India, says Piyush Goyal.

  • Feb 01, 2019, 11:55 IST

    Piyush Goyal: 75% of woman beneficiaries under Pradhan Mantri Mudra Yojana, 26 weeks of maternity leave and the Pradhan Mantri Matritva Yojana, are all empowering women in the country.

  • Feb 01, 2019, 11:53 IST

    Piyush Goyal: Our soldiers are our pride and honour; 'One Rank One Pension', which was pending for the last 40 years, has been implemented by us. We have already disbursed Rs 35,000 crore for our soldiers under 'One Rank One Pension', a substantial hike in military service pay has been announced.

  • Feb 01, 2019, 11:52 IST

    Piyush Gyal: Cheaper drugs being provided through Jan Aushadi stores.

  • Feb 01, 2019, 11:52 IST

    Piyush Goyal: 21 AIIMs established or operating in the country, of which 14 sanctioned since 2014. Another to be set up in Haryana.

  • Feb 01, 2019, 11:51 IST

    Piyush Goyal: 143 crores LED bulbs were made available for lower and middle-class families. Use of LED bulbs saved power bill of about Rs 50,000 crore.

  • Feb 01, 2019, 11:50 IST

    Piyush Goyal: Due to current govt, NRIs feel secure.

  • Feb 01, 2019, 11:49 IST

    Piyush Goyal: Aim to strengthen defence and national security. Govt allocated 35, 000 crores for our forces.

  • Feb 01, 2019, 11:47 IST

    Piyush Goyal: 2.5 crore families were without electricity in 2014; we have provided power to almost all families.

  • Feb 01, 2019, 11:46 IST

    Piyush Goyal: 3,000 per month pension for workers after retirement.

  • Feb 01, 2019, 11:44 IST

    8 crores free LPG connection under Ujjwala. 6 crores out of 8 crores new LPG new connections already delivered. The target of 2 crores of more free LPG connection to be met next year.

  • Feb 01, 2019, 11:41 IST

    Piyush Goyal: We plan to provide urban facilities in rural areas while preserving 'soul of village'!

  • Feb 01, 2019, 11:41 IST

    Piyush Goyal: Govt spent Rs 1.7 lakh crore to supply food grains at a cheaper price to poor in 2018-19 as against Rs 92,000 crore in 2013-14.

  • Feb 01, 2019, 11:39 IST

    Piyush Goyal: Poor have the first right over nation's resources. We have worked to bridge the urban-rural divide.

  • Feb 01, 2019, 11:38 IST

    Piyush Goyal: Our govt had the guts to ask RBI to look at bad loans and present correct picture to the nation. Rs 3 lakh crore recovered from big corporate loan defaulters. BoI, , BC and Bank of Maharashtra have been removed from the PCA framework of RBI-Piyush Goyal.

  • Feb 01, 2019, 11:36 IST

    Piyush Goyal: Instead of rescheduling of crop loans, the farmers severely affected by natural calamities will get 2% interest subvention and additional 3% interest subvention upon timely repayment. 

  • Feb 01, 2019, 11:35 IST

    Piyush Goyal: Under the Pradhan Mantri Kisan Samman Nidhi, 6000 rupees per year for each farmer,  in three installments, to be transferred directly to farmers' bank accounts, for farmers with less than 2 hectares landholding.

  • Feb 01, 2019, 11:34 IST

    Piyush Goyal: Efforts have been initiated to bring full representation for economically weak backward classes, by giving them reservation in jobs and education.

  • Feb 01, 2019, 11:33 IST

    For the welfare of farmers and for doubling their income, a historic decision was taken to increase MSP by 1.5 times the production cost for all 22 crops, says Piyush Goyal.

  • Feb 01, 2019, 11:32 IST

    Piyush Goyal: India attracted USD 239 billion in FDI in the last five years.

  • Feb 01, 2019, 11:31 IST

    Insolvency and Bankruptcy Code helping in the recovery of non-performing loans. Even big businessmen are now worried about loans. We have run a corruption-free government, says Piyush Goyal.

  • Feb 01, 2019, 11:30 IST

    We have stopped the culture of phone banking, says Piyush Goyal referring to allegations of rampant loans over the phone during the UPA regime.

  • Feb 01, 2019, 11:27 IST

    Piyush Goyal: Mahatma Gandhi National Rural Employment Guarantee scheme will get Rs 60,000 crore as against Rs 55,000 crore rupees promised in the last Budget.

  • Feb 01, 2019, 11:26 IST

    Piyush Goyal: India attracted USD 239 bn in FDI in last five years. Current Account Deficit is likely to be 2.5 pc of GDP this year. Fiscal deficit will be 3.4 percent of GDP; Current Account Deficit to be 2.5 percent of GDP. 

  • Feb 01, 2019, 11:24 IST

    Piyush Goyal: 10 lakh people treated under Ayushman Bharat so far.

  • Feb 01, 2019, 11:23 IST

    Piyush Goyal: If we had not controlled inflation our families would have been spending 35-40 percent more on daily use items.

  • Feb 01, 2019, 11:22 IST

    Piyush Goyal: Electricity for all will be a reality by March 2019.

  • Feb 01, 2019, 11:18 IST

    Piyush Goyal: NDA govt contained double-digit inflation; Govt has broken the back of high inflation.

  • Feb 01, 2019, 11:18 IST

    Piyush Goyal: India is the fastest growing major economy in the world; GDP growth in last 5 years higher than under any previous govt.

  • Feb 01, 2019, 11:17 IST

    Piyush Goyal: Almost 3 lakh crore has already been recovered in favour of banks and creditors, big defaulters have also not been spared by our government.

  • Feb 01, 2019, 11:16 IST

    Piyush Goyal: More than 5000 villages open defecation free in India.

  • Feb 01, 2019, 11:12 IST

    Piyush Goyal: Average inflation during UPA was more than 10 percent. Inflation brought down from 10.1 percent to 2.12 percent under NDA government.

  • Feb 01, 2019, 11:11 IST

    FM Piyush Goyal begins an interim budget speech, wishes Union Minister Arun Jaitley speedy recovery and good health. Piyush Goyal: We are the fastest growing economy in the world.

  • Feb 01, 2019, 11:10 IST

    Piyush Goyal: We have broken the back of back-breaking inflation.

  • Feb 01, 2019, 11:04 IST

    Piyush Goyal says, Prime Minister Narendra Modi has transformed India's image. He has given India a clean government. We are moving towards realising a new India by 2022.

  • Feb 01, 2019, 11:02 IST

    Piyush Goyal begins the proceedings of the Union Budget 2019-20.

  • Feb 01, 2019, 10:59 IST

    Union Cabinet approves the interim Budget 2019-20.

  • Feb 01, 2019, 10:33 IST

    Rupee slips to 71 against the dollar in early trade:

    The rupee on Friday depreciated by 9 paise to 71.17 in early trade on the forex market amid strengthening of the American currency and caution ahead of interim budget.

    Forex traders said strengthening of the US dollar against some currencies overseas, focus on interim budget and rising crude oil prices weighed on the local unit. The current government is set to present its last Budget Friday, which is expected to have major announcements to support the farm sector and spur consumption.

    At the Interbank Foreign Exchange, the rupee opened at 71.08 then fell further to 71.17 against the US dollar, showing a decline of 9 paise over its previous closing.

  • Feb 01, 2019, 10:28 IST

    Prime Minister Narendra Modi arrives at the parliament for the cabinet meeting before the Interim Budget starts. Union Ministers Sushma Swaraj, Rajnath Singh, and Ravi Shankar Prasad arrive at the Parliament ahead of the presentation of the interim Budget 2019-20 at 11 am.

  • Feb 01, 2019, 10:18 IST

    Sensex up by 151.44 points, currently at 36,408.13, ahead of the presentation of the Union Budget 2019 before the parliament at 11 am, reports ANI.

  • Feb 01, 2019, 10:00 IST

    In the meanwhile, 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 94,725 crore during last month and Rs 89,825 crore during the same month last year.

  • Feb 01, 2019, 09:58 IST

    Finance Minister Piyush Goyal arrives at the Parliament with the Union Budget 2019 briefcase. Following the Cabinet meeting, he will present the interim Budget 2019-20 at 11 am in the parliament.

  • Feb 01, 2019, 09:56 IST

    Finance Minister Piyush Goyal meets President Ram Nath Kovind at Rashtrapati Bhavan before presenting the Union Budget 2019.

  • Feb 01, 2019, 09:41 IST

    Here's the first look of the team that will be presenting the Union Budget 2019 under the leadership of Piyush Goyal, Minister of Railways and Coal.

  • Feb 01, 2019, 09:04 IST
  • Feb 01, 2019, 08:58 IST

    With the Lok Sabha elections only a few months away, acting Finance Minister Piyush Goyal will present NDA government's Interim Budget on Friday amidst a lot of hopes and expectations from across the spectrum of society right from the common people to industries.

  • Feb 01, 2019, 08:54 IST

    The politically-crucial interest subsidy for short term credit to farmers is likely to be a modest one in the vote-on-account which is to be presented by acting Finance Minister Piyush Goyal on Friday. As compared to two years ago in 2017-18, when this subsidy was Rs 20,339 crore, the subsidy is likely to be around Rs 18,000 crore, a fall of 11 per cent, informed sources said.

  • Feb 01, 2019, 08:50 IST

    The anticipation of announcements from the interim budget as well as expectations of healthy quarterly results led the equity market to rally more than 1.65 per cent as a massive build-up of short positions was witnessed on Thursday. The market rise came on the day of F&O expiry and ahead of the interim budget which will be presented on February 1.

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