Piyush Goyal presented 2019 Interim Budget on the parliament today. Here are the highlighting features from the budget.
- Individual tax payers with annual income of upto 5 lakhs would get a full tax rebate.
- Individuals with gross income of upto 6.5 lakh rupees will need not pay any tax if they make investments in provident funds and prescribed equity.(You can read more on how income tax is calculated here.)
- Standard tax deduction for salaried persons raised from 40,000 to 50,000 rupees.
- The above measures would benefit more than 3 crore tax payers in the country.
- The government also increased gratuity limit from 10 lakhs to 20 lakhs.
- Under Pradhan Mandri Kisan Samchan Nidhi, Rs.6000 in three instalments would be directly deposited into bank accounts of farmers who have less than 2 acre of land.
- Government announced a new pension scheme for workers in unorganised sectors under which they are entitled to monthly pension of Rs.3000.
- The governments fiscal deficit is 3.4 percent of GDP which is higher than the targeted 3.3 percent.
Modi Sarkar’s final election pitch ?
With current fiscal deficit above the targeted deficit, the present budget was supposed to compensate for the previous year’s deficit rather than woo voters.
What’s your view on 2019 Budget ? Comment below.