Coverfox.com
  • Insurance
    • Car
      • Car Insurance
      • Companies
      • Third party car insurance
      • Comprehensive car insurance
      • Car insurance calculator
      • New car insurance
      • Zero Dep Car Insurance
      • Buy Car Insurance
      • Compare Car Insurance
      • Car Insurance Articles
      • Cashless Garages
    • Bike
      • Two Wheeler Insurance
      • Two Wheeler Insurance Companies
      • Two Wheeler Insurance Claim
      • Two Wheeler premium Calculator
      • Third party Bike insurance
      • Multiyear Bike Insurance
      • Bike Insurance Articles
    • Health
      • Health Insurance
      • Companies
      • Mediclaim Policy
      • Individual Health Insurance plans
      • Critical illness insurance
      • Senior citizen health insurance
      • Arogya sanjeevani policy
      • Health Insurance Articles
      • Network Hospitals
    • Term
      • Term Insurance
      • Companies
      • Life insurance
      • Life Insurance calculator
      • Term Insurance calculator
      • Life Insurance Plans
      • 1 crore term insurance
      • Compare Term Insurance
      • Buy Term Insurance
      • Term Insurance Renewals
      • Term Insurance Articles
      • Life Insurance Articles
  • About Coverfox
    • About us
    • Insurance Blog
  • Claims
  • Contact us
  • Login

Interim Union Budget 2019

Click here to read about the full budget for the financial year 2019-20 presented by finance minister Nirmala Sitharaman on 5th July 2019.

Budget Overview

Finance Minister Mr Piyush Goyal presented the Interim Union Budget 2019-20 in the parliament in the absence of Mr Arun Jaitely. Quoting government’s achievements, the honourable Finance Minister said, “We have prepared the foundation for sustainable progress and prosperity for our people; we are moving towards realizing the dream of New India by 2022.”

In order to provide relief to the major section of the population, Piyush Goyal announced, “Individuals with gross income of up to 6.5 lakh rupees will not need to pay any tax if they make investments in provident funds and prescribed equities. Around 3 crore middle-class taxpayers will get tax exemption due to this measure."

He also said that so far 10 lakh people have been treated under Ayushman Bharat Scheme so far. During the period of 2014 -2018 under the Pradhan Mantri Awas Yojana, 1.53 lakh houses were constructed. Piyush Goyal said Direct tax collection has risen to Rs. 12 Lakh crore from its previous Rs. 6.38 lakh crore in 2013-14. The tax base has gone up to Rs 6.85 crore from its previous Rs 3.79 crore. 99.54% returns have been accepted without any scrutiny. In January 2019, GST collections have crossed 1 lakh crore rupees.

He also said, “We controlled double-digit inflation. Inflation is a hidden and unfair tax; from 10.1% during 2009-14, inflation in December 2018 was just 2.1%. We have broken the back of back-breaking inflation." Speaking about the future of the country, Piyush Goyal said, “We are poised to become a 5 trillion dollar economy in the next five years, we aspire to become a 10 trillion dollar economy in the next eight years."

He also quoted, “GST is undoubtedly the biggest taxation reform implemented since Independence; through tax consolidation, India became one common market; inter-state movements became faster through e-way bills, improving Ease of Doing Business.” On the black money front, finance minister Piyush Goyal said, “We are committed to eliminating the scourge of black money. Anti-black money measures taken have brought an undisclosed income of about 1.30 lakh crore rupees to the fore and 1 crore people filed IT return for the first time after demonetisation.”

He also said, “3.38 lakh shell companies were deregistered. We have recovered Rs 3 lakh crore through Insolvency and Bankruptcy Code. Government expects banks on the Central Bank's Prompt Corrective Action list to be removed soon.”

Highlights of the Interim Budget 2019-20 from Finance Ministers Budget Speech

  • Tax

    • No tax on income till Rs 5 lakh for individual taxpayers
    • Standard tax deduction limit raised to Rs. 50,000 rupees from Rs. 40,000 for salaried persons.
    • TDS Threshold on rental income and home rent raised from 1.8 lakh to 2.4 lakh rupees.
    • Individuals with gross income up to 6.5 lakh rupees will not need to pay any tax on investing in provident funds and prescribed equities.
    • Interest income earned from post offices and banks up to Rs 40,000 made tax-free
    • Capital gains tax exemptions under Section 54 will be available up to Rs 2 crore.
    • Capital gains exemption will now be available on 2 house properties
    • Notional rent from unsold houses from current 1 year will be extended to 2 years
  • Other Tax Related Measures Announced

    • Income Tax returns to be processed within 24 hours and will be paid immediately.
    • Almost all assessments and verifications of IT returns will be done electronically by an anonymised tax system without any intervention by officials within nearly two years.
  • For Farmers
    • Assured income support of Rs. 6,000 per year for small and marginal farmers.
    • Farmers will get Rs 6,000 per year in three equal instalments who have up to 2 hectares of lands effective from December 1, 2018.
    • Farmers will get 2% interest subvention if affected by natural calamities. Additional 3% interest subvention to be given upon timely repayment.
    • Farmers who pursue animal husbandry, fisheries jobs through Kisaan credit cards will get 2% interest subvention.
    • Kamdhenu scheme for animal husbandry.
  • Sops for workers
    • Rs 3,000 per year pension for unorganised sector workers.
    • New Pradhan Mantri Shram Yogi Maandhan Yojana for unorganised sector workers having income up to Rs 15,000 per month. Beneficiaries under this scheme will get Rs 3,000 per month pension with a contribution of Rs 100 per month after the retirement.
    • Tax-Free Gratuity limit increased for workers to Rs. 30 lakh from Rs. 10 lakh.
  • Rural Sector
    • Rs 60,000 crore allocated for MNREGA Scheme.
    • Rs 19,000 allocated under Gram Sadak Yojana for construction of rural roads.
  • Defence Budget
    • Defence budget increased to over Rs 3 lakh crore.
    • Govt also said it will provide additional funds for Defence if needed.
  • Railways
    • Railway's operating ratio seen 96.2% in FY19 Vs 95% FY20.
    • Railway capex for FY20 set at record Rs 1.6 lakh crore
  • Film Industry
    • A single window clearance system for Indian filmmakers.
    • Anti-camcording provision to be introduced to the Cinematography Act to combat film privacy.
  • Social Schemes
    • Govt to build 1 lakh digital villages
    • For doubling income of farmers and their welfare, MSP increased by 1.5 times the production cost for all 22 crops.
    • Pradhan Mantri Ujjwala Yojana, to give 8 crore free LPG connections to rural households under this scheme 6 crore connections have already been given.
    • Committee to be set up under NITI Aayog for denotified nomadic & semi-nomadic communities.

Click here to read about the full budget for the financial year 2019-20 presented by finance minister Nirmala Sitharaman on 5th July 2019.

Close
icon Highlights Of Union Budget 2019
  • Secure
  • Licensed By
  • Payment Options
  • Car Insurance
  • Bike Insurance
  • Motor Insurance
  • Car Insurance Premium Calculator
  • Family Health Insurance
  • Senior Citizens Insurance
  • Group Insurance
  • Corona Rakshak Policy
  • Corona Kavach Policy
  • Super Topup Plan
  • Term Insurance
  • ULIP
  • e-Term Plan
  • 1 Cr Term Insurance
  • कार इन्शुरन्स
  • टू व्हीलर इंश्योरेंस
  • टर्म इंश्योरेंस
  • हेल्थ इंश्योरेंस
  • मेडिक्लेम पॉलिसी
  • Learn About Insurance
  • Network Hospitals
  • Cashless Garages
  • Get Android App
  • Get iOS App
  • Learn
  • About Us
  • Contact Us
  • Careers
  • Sitemap
  • FAQs
Connect with us
Become a Partner
Become a Coverdrive POS Agent

Coverfox Insurance Broking Pvt. Ltd. : C Wing, 6111-6118, 6th Floor, Oberoi Garden Estate, Chandivali Farm Road, Chandivali, Andheri (East), Mumbai - 400072

Licence No. 478 , IRDA Direct Broker Code: IRDA/ DB 556/ 13 , Valid till: 26/12/2025, CIN: U66000MH2013PTC243810

  • Shipping & Delivery Policy
  • Privacy Policy
  • Legal Policies
  • Cancellation & Refund
  • Terms & Conditions
Copyright © 2025 Coverfox.com. All Rights Reserved