Finance Minister Smt. Nirmala Sitharaman presented the maiden budget 2019-20 of newly formed Modi 2.0 government on Friday 5th Jul 2019 which was good for middle class.
She mentioned the budget was presented with 10 years vision in mind. Below are the 16 key takeaways and highlights of Union Budget 2019-20:
1) Indian Economy to achieve 3 Trillion Dollar Economy by 2019-20 and most likely to achieve as 5 Trillion Economy in few years. This would be great achievement.
2) Startup India Scheme to be continued till 2025. New programmes to be exclusively introduced for start-ups on DD Channel.
3) The plan is to provide piped water across Indian households by 2024 by consolidating nation's scattered resources to control India's rising water shortage.
4) Aviation industry to be infused with foreign direct investment to benefit the Aviation companies.
5) Government plans to levy TDS of 2 percent tax on withdrawal of over ₹ 1 crore in a year from bank to discourage cash payment and encourage digital payment.
6) PAN & Aadhaar will become soon become interchangeable to file your IT returns so no need of applying PAN separately.
7) Stock exchanges to be enabled to allow AA rated bonds as collateral securities.
8) There is no change in income tax slabs, rates and ₹ 5 lakh minimum limit announced for individual income taxpayers during last budget. But higher rates are proposed to ₹ 2-5 crore income brackets with increase in effective tax rate by 3% and ₹5 crore and above brackets will see increase in effective tax rate by 7%.
9) Proposal to provide Aadhaar cards for NRIs with Indian passports on their arrival in India with out waiting period of 180 days.
10) Surcharge for individual tax payers having taxable income from ₹ 2 crores to ₹ 5 crores to be increased from 15% to 18%
11) Surcharge for individual tax payers having taxable income from ₹ 5 crores to ₹ 10 crores to be increased from 15% to 22%
12) Interest deduction on housing loan under Section 80EE increased to ₹ 3.5 lacs (additional ₹ 1.5 lacs) for home loans taken on self-occupied house property by 31/03/2020, for the houses with the cost of ₹ 45 lacs will be eligible for this benefit.
13) Corporate tax with annual turnover of up to ₹ 400 crore instead of ₹ 250 crore slashed to 25 per cent from a current rate of 30 per cent.
14) Know Your Customer (KYC) norms for Foreign Investors to be made more investor friendly.
15) Gifts of any kind like shares, property, vouchers, cash etc exceeding ₹ 50,000 made to anyone apart from the specified relatives or blood relatives would be taxed in the hands of the NRI, except if a double taxation treaty prohibits the same.
16) ₹ 20 coin is proposed to be in use soon.
These are the Highlights of Union Budget 2019-20 and Key Takeaways of Budget 2019-20.
She mentioned the budget was presented with 10 years vision in mind. Below are the 16 key takeaways and highlights of Union Budget 2019-20:
1) Indian Economy to achieve 3 Trillion Dollar Economy by 2019-20 and most likely to achieve as 5 Trillion Economy in few years. This would be great achievement.
2) Startup India Scheme to be continued till 2025. New programmes to be exclusively introduced for start-ups on DD Channel.
3) The plan is to provide piped water across Indian households by 2024 by consolidating nation's scattered resources to control India's rising water shortage.
4) Aviation industry to be infused with foreign direct investment to benefit the Aviation companies.
5) Government plans to levy TDS of 2 percent tax on withdrawal of over ₹ 1 crore in a year from bank to discourage cash payment and encourage digital payment.
6) PAN & Aadhaar will become soon become interchangeable to file your IT returns so no need of applying PAN separately.
7) Stock exchanges to be enabled to allow AA rated bonds as collateral securities.
8) There is no change in income tax slabs, rates and ₹ 5 lakh minimum limit announced for individual income taxpayers during last budget. But higher rates are proposed to ₹ 2-5 crore income brackets with increase in effective tax rate by 3% and ₹5 crore and above brackets will see increase in effective tax rate by 7%.
9) Proposal to provide Aadhaar cards for NRIs with Indian passports on their arrival in India with out waiting period of 180 days.
10) Surcharge for individual tax payers having taxable income from ₹ 2 crores to ₹ 5 crores to be increased from 15% to 18%
11) Surcharge for individual tax payers having taxable income from ₹ 5 crores to ₹ 10 crores to be increased from 15% to 22%
12) Interest deduction on housing loan under Section 80EE increased to ₹ 3.5 lacs (additional ₹ 1.5 lacs) for home loans taken on self-occupied house property by 31/03/2020, for the houses with the cost of ₹ 45 lacs will be eligible for this benefit.
13) Corporate tax with annual turnover of up to ₹ 400 crore instead of ₹ 250 crore slashed to 25 per cent from a current rate of 30 per cent.
14) Know Your Customer (KYC) norms for Foreign Investors to be made more investor friendly.
15) Gifts of any kind like shares, property, vouchers, cash etc exceeding ₹ 50,000 made to anyone apart from the specified relatives or blood relatives would be taxed in the hands of the NRI, except if a double taxation treaty prohibits the same.
16) ₹ 20 coin is proposed to be in use soon.
These are the Highlights of Union Budget 2019-20 and Key Takeaways of Budget 2019-20.
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