Income tax slab 2019 – 20: What has changed in interim Budget 2019 – 20

Income tax slab 2019-20: What has changed in interim Budget 2019-20

Income tax slab 2019 – 20: What has changed in interim Budget 2019 – 20

In this blog, we will be sharing with you the key points of Interim Budget (2019-20). This year’s budget is the last before Lok Sabha elections. Kindly go through all the important highlights of this year’s budget as it is important for competitive exams and interview point of view.

Tax benefits:

  • The government has announced Tax Exemption for Income upto Rs 5 lakh per Year.
  • Standard deduction limit increased to INR 50, 000 from INR 40,000 earlier.
  • TDS threshold on rental income raised from Rs 1,80,000 to Rs 2,40,000.
  • No tax on bank interest upto INR 40,000.

Important Highlights:

  • Current Fiscal Accounts to be contained to 2.5%.
  • Fiscal deficit has been brought down to 3.4% in FY19.
  • Fiscal deficit pegged at 3.4% of GDP for FY20
  • FY22 fiscal deficit target 3 %.
  • 18% increase in direct tax collections in 2017-18, 1.06 crore people included in the tax base.
  • Capital expenditure for FY20 is Rs 3.36 lakh crore
  • FY20 total expenditure seen at Rs. 27.84 trillion.
  • INR 90,000 crore disinvestment target for next FY.
  • The government has allocated Rs 60,000 crore for MGNREGA under PM gram Sadak Yojana for a year and Rs 19,000 crore for rural roads under Gram Sadak Yojana.
  • PM Kisaan Samman Nidhi scheme announced at Rs 75,000 crore.
  • Farmers owing 2 hectares land will get Rs6,000 per year.
  • 22nd AIIMS to be set up in Haryana.
  • Gokul Scheme allocation increased to Rs 7,500 crore.
  • The government has decided to set up ‘Rashtriya Kamdhenu Aayog’ for welfare of cows.
  • A new pension scheme has been announced for workers and labourers will come up to ensure an increase in centre’s contribution by four percent. The pension has been increased from Rs 3,500 to Rs 7,000. Gratuity payment limit has been increased from 10 lakh to 20 lakh.
  • The Govt has launched a mega pension scheme Pradhanmantri Shramyogi Mandhan Yojna for poor people with 500cr INR. for assured monthly pension of 3000 rupees per month, with contribution of 100 rupees per month, for people working in unorganized sector after 60 years of age.
  • Defence budget increases to over Rs 3 lakh crore. Additional funds for defence will be provide if needed
  • Rs 64,587 crore has been allocated to Railways for FY20. Railway operating ratio is 96.2 % in FY19 Vs 95% in FY 18
  • Government will set up a national centre for artificial intelligence to look into AI programmes.
  • 8 crore free LPG connections under the Ujjwala Yojana has been distributed.
  • Loans worth Rs 7.23 lakh cr have been given under Mudra Yojana.
  • Ayushman Bharat has treated 1 million people so far.
  • Govt projects to source 25% material from SMEs, 3% from only women-owned SMEs.
  • 1 lakh digital villages to be set up soon
  • Allocation for north eastern states increases to 21%.
  • Direct tax collection at 12 lakh Cr INR in FY19 from 6.30 INR Lakh Cr in 2014.
  • Average monthly tax collection in current year under GST is Rs 97,000 crore per month.
  • Anti-black money measures have brought undisclosed income of Rs 1.3 lakh crore back in circulation.
  • Allocation for the north eastern region has been proposed to be increased to Rs 58,166 crore.

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February 3, 2019

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