Budget highlights 2019-20: Massive Income Tax relief! Check details of Rail Budget 2019, Standard Deduction, Farmers' Income Guarantee, Pension Scheme for workers and more

Budget 2019 LIVE UPDATES: Finance Minister Piyush Goyal presented Narendra Modi government's sixth and final Budget. Weeks before General Elections, it was an interim budget. Yet, expectations were rife about big bang announcements in the wake of upcoming elections. The government was expected to make an announcement on the minimum income support scheme for the poor. . 

Watch Budget 2019 UPDATES here

Take a look at Budget 2019 updates here: 

-  Pawan Gupta, Co-Founder, Curofy, tells Zee Business Online: "The budget, as expected, had a lot for the farmers, and the middle class. The direct transfer for farmers and the tax cut for the middle class will be a big boost to consumption in the country especially in the rural areas. For startups, this will result in more and more people buying smartphones, and getting connected to the internet. Further, this should increase the number of people transacting online. The continuous increase in tax payer base is signalling that the economy is getting further formalised, which is extremely good for the country and the employees."

- Opposition reacts on Budget 2019: Former finance minister P Chidambaram Friday has termed the union budget as an "account for votes" and not a "vote on account". "It was not a Vote on Account. It was an Account for Votes," Chidambaram tweeted soon after the presentation of the Union Budget. He also thanked Finance Minister Piyush Goyal for "copying" the Congress declaration that the poor will have the first right to resources of the country. The senior Congress leader claimed that the government had missed the fiscal deficit target, as warned by him earlier.

-  Income Tax relief measures announced by FM Piyush Goyal: 

- Benefit of rollover of capital tax gains to be increased from investment in one residential house to that in two residential houses, for a taxpayer having capital gains up to 2 crore rupees; can be exercised once in a lifetime.

- TDS threshold on interest on bank and post office deposits raised from 10,000 to 40,000 rupees. 

- Standard tax deduction for salaried persons raised from 40,000 rupees to 50,000 rupees.

- Individual taxpayers with annual income up to 5 lakh rupees to get full tax rebate. Around 3 crore middle class taxpayers will get tax exemption due to this measure. 

-  "On behalf of all the people of India and our Government, thank all our taxpayers for their valuable contribution to nation-building and for providing a better quality of life to poor and marginalized," says Goyal.

- 12.35 pm: Joe Verghese, Managing Director, Colliers International India, says, “Proposal to give tax rebate for income up to 5 lakhs will help in increasing the home buyer's budget and can provide a big boost in increasing demand for housing.”

- Gagan Randev, National Director, Capital Markets and Investment Services, "The decision to fully exempt tax for Individuals upto 5 Lakhs  (effectively 6.5 lakhs with Investment deductions) is a big step and massively positive for first time home buyers. With the benefits of the PMAY scheme, this would spur a lot of people sitting on the fence of thinking about their first home”.

- Aashish Agarwal, Head-Consulting Services at Colliers International India, says, “The government has reiterated their commitment to electric vehicles, but the Budget remains silent on tangible steps to provide the supporting infrastructure to achieve the objective. Collaborative commitment of utilities, planning agencies and real estate developers will be required to ensure sustainable adoption.”

- No Income Tax on income up to Rs 5 lakh, announces Goyal!

Interim Budget analysis for Real Estate: Gagan Randev, National Director, Capital Markets and Investment Services, says, “The point on vision of India over the next 10 years focusing on Infrastructure creation - physical and social bodes very well as it means even more focus on the “Housing For All” objective and ensuring that infrastructure - roads, social infrastructure become bedrocks as cities go outwards backed by strong infrastructure”.

-  No income Tax relief; Piyush Goyal announces mega pension scheme for workers, Rs 6000/year for poor farmers. Shilpi Agarwal,  Partner , TASS Advisors, says, "There are no major announcements regarding the direct taxes. This could be due to the interim budget.  Government  may have taken a call to defer the major announcements to  new  term." 

- Gagan Randev, National Director, Capital Markets and Investment Services, says, "The acting FM Minister Mr. Goyal’s comment that 'The Govt has referred the matter of the high incidence of GST on home buyers to the GST Council, who are going through this in detail is encouraging and the industry and home buyers will remain hopeful that the changes will be communicated and implemented sooner than later”.

- Shipli  Agarwal, Partner, TASS Advisors, says, "3% tax benefit on women owned  MSMEs which indicates strong movement towards women empowerment Increase in gratuity limit is quite encouraging and provides  a relief  to salaried class. It will result in a tax  saving up to 300,000 at the time of retirement."

-  Farmers paradise! Shilpi Agarwal, Partner, TASS Advisors, says, "This budget is a farmers paradise. There is something for the poor, middle class common man. Great initiative to support cheaper medical assistance to general public Announcement of pension scheme for unorganised sector is a good move. Will provide social security to general public eventually." 

- Gulzar Didwania of Deloitte says, "Government has claimed credit for massive reforms and increase in exemption limits under GST for small traders, manufacturers and service providers comprising 90% GST tax payers.  Coordination of GST council has been outstanding … significant reforms have been made during the last one and a half year and the same will continue." 

-  "Direct tax collections from 6.38 lakh crore rupees in 2013-14 to almost 12 lakh crore rupees; tax base up from 3.79 crore to 6.85 crore," says Goyal. 

- "Simplification of the direct tax system to benefit taxpayers has resulted in an increase of filing of tax returns and collection of direct taxes which is utilised to serve the poor and improve the infrastructure. Returns, assessments, and queries all are happening online which has resulted in the reduction of personal interaction between the assessed and tax officer," says Sanjay Agarwal of TASS Advisors.  

- Government to create 1 lakh digital villages in five years. 

- Deloitte India experts say new scheme on Artificial intelligence is a futuristic scheme which may promote use of technology and digitisation

-  Budget for railway passengers: All unmanned railway crossings have been eliminated, says Goyal. 

- Budget for railway passengers: All unmanned railway crossings have been eliminated, says Goyal. 
- Aviation: Domestic air passenger traffic has doubled in two years, says Goyal.   

- Atul Gupta, Senior Director, Deloitte India says GST compliant small scale registered persons to be recognised for granting loan at concessional rate. Likely to encourage compliance behaviour amongst small scale business units.

- Atul Gupta, Senior Director, Deloitte India, says, "Introduction of PM Kisan Yojana - Direct income support of Rs.6000 per year for small farmers who own less than 2 hectares is a step in right direction to support small farmers."

  -  Big news for Farmers: To provide assured income support to small and marginal farmers, PM Kisan Samman Nidhi has been approved. Under the scheme, small farmers have up to 2 hectare land will get direct income support of Rs 6000 per year. This income support will be transferred directly into the bank account of beneficiary farmers in three instalments of Rs 2000 each and it will be totally funded by government of India. 

- Mega Pension Yojana, namely Pradhan Mantri Shram Yogi Mandhan, to provide assured monthly pension of 3000 rupees per month, with contribution of 100 rupees per month, for workers in unorganized sector after 60 years of age.