KEY HIGHLIGHTS OF INTERIM BUDGET 2019

KEY HIGHLIGHTS OF INTERIM BUDGET 2019: Finance minister Piyush Goyal presented an interim budget stuffed with largesse targeted at the salaried middle class and rural poor, in what is being seen as an exercise clearly aimed at wooing these sections ahead of the general elections due in May. There are Talks goin on that The interim Budget, is known as a vote on account, will seek the Parliament's nod for meeting the expenditure for the first six months of new fiscal 2019-20. A full-fledgedBudgetwill be presented in Parliament once the new Central government is formed. Below are Key Highlights of Interim Budget 2019

• Individual taxpayers with annual income up to 5 lakh rupees to get full tax rebate.

Clarification on 5L annual income tax rebate- there is no change in tax slab. Earlier- Rebate u/s 87A was upto Rs 2,500 Total income for rebate upto Rs 3,50,000 Now- Rebate u/s 87A is upto Rs 12,500. Total income for rebate upto 5L. It means for when total income upto 5L, then no tax. If total income exceeds 5L, same tax as before. Only 10,000 additional benefit of standard deduction

• Standard tax deduction for salaried persons has been increased from 40,000 rupees to 50,000 rupees.
• Threshold Limit of TDS on rental income raised from 1.8 lakh to 2.4 lakh rupees.
• Govt has increased Gratuity limit increased from 10 lakh to 30 lakh rupees.
• Capital tax Benefit u/s 54 has increased from investment in one residential house to two residential houses.
• Benefit u/s 80IB has increased to one more year i.e. 2020
• Benefit has given to unsold inventory has increased to one year to two
• Businesses with less than Rs. 5 crore annual turnover, comprising over 90% of GST payers, will be allowed to return quarterly returns.
• 2% interest relief for MSME GST registered person
• 26 weeks of Maternity Leaves to empower the women
• More than 3 Lakhs crores for defence
• 22nd AIIMS has to be opened in Haryana
• Single window clearance for filmmaking to be made available to Indian filmmakers, anit-camcording provision to be introduced to Cinematography Act to combat film privacy.
• Direct tax collections from 6.38 lakh crore rupees in 2013-14 to almost 12 lakh crore rupees; tax base up from Rs 3.79 crore to Rs 6.85 crore. 99.54% returns have been accepted without any scrutiny. In January 2019, GST collections has crossed 1 lakh crore rupees.
• GST has been continuously reduced, resulting in relief of 80,000 crore rupees to consumers; most items of daily use for poor and middle class are now in the 0%-5% tax bracket.
• 22nd AIIMS has to be opened in Haryana
• Within almost two years, almost all assessment and verification of IT returns will be done electronically by an anonymized tax system without any intervention by tax officials.
• "Cost of data and voice calls in India is now possibly the lowest in the world; mobile and mobile part manufacturing companies have increased from 2 to 268," he said.
• Allocation for North Eastern region proposed to be increased to Rs 58,166 crore in this year a rise of over 21% from the previous year.
• Increased allocation for Rashtriya Gokul Mission to 750 crore in current year.
• Two per cent interest subvention to farmers pursuing animal husbandry and fisheries.