Highlights of Budget 2019 for Central Government and Private Sector Employees, Income Tax, Middle Class, Railway Passengers, Workers, Pension, Farmers, Real Estate, Home Buyers
Highlights of Budget 2019: Finance Minister Piyush Goyal to presented Prime Minister Narendra Modi-led Union government's last budget of the current term.
Highlights of Budget 2019: Finance Minister Piyush Goyal today presented Prime Minister Narendra Modi-led Union government's last budget of the current term. The government was expected to try and shore up its political support with big ticket farm giveaways and tax cuts for the middle class in its final budget of the current term. Meeting the expectations, the Budget has raised Income Tax exemption limit to Rs 5 lakh along with several other benefits. The government has also announced yearly fixed income support of Rs 6000 each per year to small and marginalised farmers having land up to Rs 2 acres.
Check what is in the Budget for Central Government Employees, Pensioners, Unemployed Jobseekers, Women, Students, Railway Passengers, Middle Class, Income Taxpayers, Traders here:
Budget 2019 highlights for Salaried taxpayers: Massive Income Tax Relief
Income Tax relief measures announceed 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.”
Highlights of Budget 2019 for Central Government Employees
Highlights of Budget 2019: Massive pension scheme for workers
The Government has announced a mega pension scheme under which Rs 3,000 per month will be given to unorganised sector employees. Finance Minister Piyush Goyal said the Mega Pension Yojana -- 'Pradhan Mantri Shram Yogi Mandhan (PMSYM)' -- will benefit 10 crore workers in the unorganised sector. "It may become the world's biggest pension scheme for unorganised sector in five years," Goyal said.
The Finance Minister also announced an increase of gratuity limit from Rs 10 lakh to Rs 30 lakh from the next fiscal.
Under the PMSYM, Goyal said a monthly pension of Rs 3,000 per month will be assured for workers in the unorganised sector after 60 years of age. The pensioners will have to contribute Rs 100 per month.
High growth and formalisation of economy has resulted in increased Employees' Provident Fund Organisation (EPFO) membership by 2 crore in last two years, he added.
(Text and Image source: PTI)
Budget 2019 highlights for Railway Passengers
FM Piyush Goyal said, on the railways front all unmanned level crossings in broad gague network have been completely eliminated. Capital expenditure programme of Railways, he said, is at an all-time high of Rs 1.58 lakh crore in the next fiscal. He said introduction of first indigenously built Vande Bharat Express is in line with Make In India drive.
Budget 2019 LIVE for Middle Class
Budget 2019 for Income Taxpayers
In a major relief to the middle-class, Finance Minister Piyush Goyal Friday proposed to double the threshold tax exemption limit to Rs 5 lakh and increased the standard deduction to Rs 50,000 from Rs 40,000. The proposal will benefit 3 crore middle-class tax payers, Goyal said while unveiling the Budget proposals for 2019-20.
Doubling the threshold exemption limit will increase the burden on the exchequer by Rs 18,500 crore. If an individual invests in the specified tax saving schemes of the government, the effective tax-free income limit will be Rs 6.5 lakh a year, while it may go further up with additional avenues like NPS, medical insurance and home loan interest payment. (Agencies)
Highlights of Budget 2019 for home buyers, real estate
Gagan Randev, National Director, Capital Markets and Investment Services, tells Zee Business Online,
“While the Budget did not see any direct relief that the Industry was expecting, i.e, reduction of GST on Under construction units, increase of PMAY limits, increase in Interest and Principal dedication on Home Loan under 80(C), he still left the industry feeling a little positive rather than disappointed. This is because of the following:
His remarks that the GST Council would address the issue of GST for under construction units sooner than later
2. The raising of Tax limits to 5 Lakhs (effectively upto 6.5 lakhs with Investments) would increase the disposable income at these levels and with PMAY benefits available, would encourage many potential buyers to become first time buyers.
The modification of Capital Gains provisions from Sale of property under Sec 54 to still applicable for the purchase of 2 houses (once in a lifetime) would be a big boon to people who may have sold historically held houses and encourage them to go in for two houses rather than put all the money into one house. Specially helps those who are looking at purchasing the same for their children
4. The exemption of Notional rent on Developers (for unsold inventory) to 2 years from 1 year is again very positive as it would allow Developers to sell their unsold inventory at a rationale pricing over a decent period
Extension of new Affordable Housing projects till 2020 would allow the focus on Afforfdable Housing to continue.
Lastly, the vision going forward on Infrastructure - Physical and Social bodes very well for the sector and for Home buyers - as long as it translates into action.”