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Important Highlights of Union Budget 2019

Union Budget 2019-20 was presented in the parliament today by Union Finance Minister Nirmala Sitharaman. “Indian economy will grow to become 3 trillion dollar economy this year,” the 59-year-old Union Minister said in the budget speech. “Gaon, Gareeb aur Kisan” focal point of all programs,” she added. There will be no income tax for income less than Rs. 5 lakh a year. Electric vehicles, affordable houses have become cheaper. Petrol, diesel, imported gold and precious metals, imported paper and paper products including printed books, CCTV cameras, imported cashew kernels and cigarettes have become expensive in this Union Budget 2019. Among the union budget highlights is that Aadhaar will be issued for NRIs with Indian passports after arrival without a mandatory waiting period.

Here are the highlights of the Union Budget:

  1. PAN and Aadhaar will become interchangeable. You can use your Aadhaar number to file your I-T Returns soon.

  2. ₹5 lakh minimum limit announced for taxpayers. In view of rising income levels, those in the ₹2-5 crore and ₹5 crore-and-above brackets will see an increase in effective tax rate by 3% and 7%, respectively.

  3. GST rate on electric vehicles proposed to be lowered to 5%. Additional income tax deduction of ₹1.5 lakh on interest on loans taken to purchase electric vehicles.

  4. Additional deduction of ₹1.5 lakh on loans up to March 31, 2020, for buying affordable houses, giving ₹ 7 lakh benefit to home buyers. 

  5. Proposal to provide Aadhaar cards for NRIs with Indian passports, after their arrival in India, with no waiting period.

  6. ₹20 coin coming up.

  7. Excise duty on fuel hiked by ₹1.

  8. To resolve the angel tax issue, startups will not be subject to any scrutiny with respect to valuation. Funds raised by startups will not require any scrutiny by the I-T department.

  9. TDS of 2% on cash withdrawals exceeding ₹1 crore in a year from bank accounts, to discourage business payments in cash.

  10. Period of exemption for capital gains arising from the sale of the house for investment in startups to be extended to March 31, 2021.

  11. ₹70,000 crore in recapitalization for public sector banks. 

  12. ₹1.05 lakh crore disinvestment target for the year.

  13. TV channel to be launched for promoting startups and to help matchmaking for funds.

  14. New national educational policy hopes to transform Indian education into one of the best in the world, with focus on bringing in foreign students.

  15. ₹50 lakh crores proposed for Railway infrastructure.

  16. By 2022, the 75th year of Independence, every single rural family, except those who are unwilling to take the connection, will have electricity and clean cooking facility.

  17. Stress on zero-budget farming, which is a form of gardening as a self-sustainable practice, with minimum external intervention. 

  18. The pension benefit will be extended to 3 crore retail traders under PM Karam Yogi Maan Dhan Scheme. It requires only Aadhaar numbers and bank accounts.

  19. ₹1 crore worth of loans proposed to MSMEs.

  20. Investment by FIIs and FDIs in debt securities in infrastructure debt funds to be allowed. Minimum public shareholding in listed companies can be increased from 25% to 35%.

  21. Global Investors Meet to happen in India.