Union budget 2019 is the last budget represented by the NDA government before the Lok Sabha elections. Everyone is waiting for what Piyush Goyal has in his budget briefcase. If you are the one who is also looking for the union budget 2019 then here you will get some live updates own Union budget 2019. It will be represented by Piyush Goyal at 11:00 a.m.
It is the sixth and the final budget represented by Narendra Modi’s government. Let us have a look at a few points that have been included in the speech of the Piyush Goyal.
- RERA has helped people to buy properties both residential as well as a commercial with transparency because of the transparency created by RERA in the real estate sector.
- Approximately 3 Lakh crore rupees have been recovered in the favor of the banks.
- Piyush Goyal thanks all the citizens of India for a taking a part in Swachh Bharat Abhiyan.
- Piyush Goyal said that the government has embarked rupees 1.7 Lakh Crore so that no any Indian need to sleep without food.
- Lots of efforts have been made to give representation to those who are weakly backward.
- Efforts have been made to improve the quality of the villagers.
- Sanitation coverage has been given to approximate 98 percent of villagers.
- Piyush Goyal recounted all the initiatives taken for Indian economic growth.
- AIIMS will be set up in Haryana soon.
- The medicines cost has been reduced and lakhs of people get the benefit of the same.
- Through the Saubhaagya scheme, the government has provided free electricity.
- The capital expenditure is Rs. 3.36,292 Lakh Crore.
- 76,800 Crore is in the budget for the welfare of the SCs and STs for 2019-20.
- Earlier the Copex was Rs. 1.48 lakh Crore, now it has increased to Rs. 1.59 Lakh Crore Rs.
- Piyush Goyal says, under the scheme Skill India, more than 1 Crore youth has been trained so that they can earn a livelihood.
- Piyush Goyal says, under the Mudra Yojana, the loan of 15.56 Crore Rs. Has been distributed.
- The cost of voice calls and data is the lowest when compared to the world’s other countries.
- In the next five years, we will be poised to become economy of 5 trillion dollars and in the next 8 years, it would be 10 trillion dollars.
- The defense budget has been increased to Rs. 3 Lakh Crore Rs.
- The farmers who are affected by the severe natural disasters will continue to get the 2% subvention benefits and if they repay their loan on time then addition 3% subvention will be provided to the farmers.
- 53 Crore houses have been constructed in between 2014-18 under the PM Awas Yojana.
- The farmers who hold less than 2 hectares of land, will be avail to get Rs. 6,000 per year which will be given to them in three installments.
- Under Mega pension Yojana, 3,000 Rs, the monthly pension will be provided in addition with the Rs. 100 per month for the workers of the unorganized sectors with an age of 60 and more years.
- Pension Facility will be provided to the people who are earning not more than 15000 per month. A guaranteed sum of Rs 3000 a month will be given to them after the age of 60.
- There is an increase of 20 Lakhs in Gratuity limit.
- An amount of Rs 750 Crores has been fixed to safeguard the cows under the Rashtriya Gokul Yojana. Furthermore an isolated sector will be made by the government for the fish culture.
Income tax changes
Latest changes made in income tax slab
|Income slab||Super senior citizens (age above 80 years)||Senior citizens (Age between 60 to 80 years)||An individual whose age is less than 60 years|
|0 to 2,50,000 Rs.||No tax||No tax||No tax|
|Rs. 2,50,001 to Rs. 3,00,000||No tax||No tax||5%|
|Rs. 3,00,001 to Rs. 5,00,000||No tax||5%||5%|
|Rs. 5,00,001 to Rs. 10,00,000||20%||20%||20%|
|Rs. 10,00,001 and above than this||30%||30%||30%|
Here, you can see that there are no changes in the tax slab still you don’t need to pay any tax because you will get tax deduction of Rs. 12,500 Rs under section 87A.
- An individual taxpayer will get a full tax rebate on an annual income of Rs. 5 Lakh. In case, if a person invests in provident funds and in prescribed equities then the one don’t need to pay tax up to the income of Rs. 6.5 Lakh. Earlier the tax exemption was just Rs. 2.5 Lakh. This has brought smiles on the faces of the middle-class peoples.
- Another key point of this budget is that taxpayers will be able to pay their taxes electronically and it will be processed in a day.
- The new tax rules will be applied from the next financial year.
- It will take almost two years to do all the income tax system electronically.