Highlights of Union Budget 2019-20

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.

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Personal Income Tax Slab & Benefits:Budget 2014-15

Budget 2014-2015: Taxpayers have some reason to smile… 

The following is the gist of most important announcements presented by the Finance Minister Mr. Arun Jaitley in his maiden Budget speech on Thursday 10th Jul 2014:

 # Tax Rate is not changed compared to last budget 2013-14 (i.e., 0% as minimum, 10%,20% and 30% as maximum slab rate is maintained)

# Personal Income Tax exemption limit is increased by Rs 50,000/- (from Rs. 2 Lacs to 2.5 Lacs) for individual taxpayers below the age of 60 years irrespective of men or women. The individual tax exemption limit of Rs 2.5 lac has no gender segregation.

# Personal Income Tax exemption limit is raised by Rs 50,000/- (from Rs. 2.5 Lacs to 3 Lacs) also for individual senior citizens in the range of 60 to 80 years of age.

# As a big push towards to small savings among people, Investment limit under Section 80C instruments has been increased from Rs 1 Lac to Rs 1.5 Lacs which will encourage long term savings among people. This will result in a savings of Rs 5,000 per year for individuals.

# Public Provident Fund (PPF) deposit limit has also been increased to Rs 1.5 Lacs per annum from Rs. 1 Lac per annum.

# To revitalize investments into realty sector, the cap on interest on home loan with respect to self occupied house property has been raised from Rs 1.5 Lacs to Rs 2 Lacs.

# Proposal to reintroduce Kisan Vikas Patra (KVP) which was discontinued from Dec 2011 was one of the major encouragement towards long term saving habits;

# A special National Savings Certificate scheme for parents with the objective of saving for the purpose of education and marriage of the girl child was announced;

# Tax benefits to continue in the Rajiv Gandhi Equity Savings Scheme (RGESS) under section 80CCG which can be claimed as tax benefit for a period of three years;

# Skill India, a national multi skill school program to be launched to develop, train the skills of the youth towards employability and entrepreneur skills;

The below table will compare the tax slab for Individual Tax Payers with previous budget of 2013-14 and current budget of 2014-15:

Individual Income Tax Slab 2014-2015 comparison with 2013-2014

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What's gone up and down: Union Budget 2014-2015

The Finance Minister of India, Arun Jaitley presented his maiden Union Budget 2014-2015 on Thursday 10th Jul 2014.

Following is a brief list which will display which product/item gets costlier or cheaper (what goes up and what goes down) according to current tax proposals at budget 2014-2015:

What goes up (Achche Din) 

# Cigarettes / Cigars

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Highlights of Interim Budget 2014-15

On Monday 17th Feb 2014,  Finance Minister P Chidambaram presented the Interim Budget for the year 2014 in Parliament focusing mainly on indirect tax, expenditure details & achievement of UPA Government in these 10 years tenure;

Here is  the list of major highlights pertaining to Indian Interim Budget 2014-2015:

1) The fiscal deficit for 2013-14 has been contained at 4.6 percent (below the red line of 4.8 percent) and the revenue deficit stood at 3.3 percent.
2) Eight (8) National Investment and Manufacturing Zones (NIMZ) have been announced along Delhi Mumbai Industrial Corridor (DMIC). Nine (9) Projects had been approved by the DMIC trust.
3) Three (3) more Industrial Corridors connecting Chennai and Bengaluru, Amritsar and Kolkata
& Bengaluru and Mumbai are under different stages of preparatory works.

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Individuals' Tax Burden Good or Bad: Budget 2012-13 Analysis

Is Budget 2012-13 a Blessing or Curse for Individual Tax Payers?

As informed in earlier post of Personal Income Tax Slab:Budget 2012-13, Personal Income tax exemption limit raised to Rs 2,00,000 from Rs 1,80,000 by just Rs 20,000; 10 % tax rate for Rs 2 - 5 Lakhs income bracket; 20 % tax rate for Rs 5 - 10 Lakhs income bracket and 30 % tax rate for income above Rs 10 Lakhs;

There seems to be a small benefit on tax burden based on the above but the overall budget analysis will shed you some light on whether it is a savings or tax burden for individuals;

Positive / Benefits of Budget 2012-13 Analysis for Individuals

First let's look at the blessings / benefits (positive) of Budget 2012-13, as below will be

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Personal Income Tax Slab:Budget 2012-13

Income Tax Burden has to come down a bit but not much as Personal income tax exemption limit raised from Rs 1,80,000 to Rs 2,00,000 by just Rs 20,000 only; 10 per cent tax slab will be applied for 2 lakhs-Rs 5 lakhs income bracket; 20 per cent tax slab applied for Rs 5 lakhs-Rs 10 lakhs income bracket and 30 per cent tax slab will be applied for income beyond Rs 10,00,000;

To have a clear idea & understanding, The Income Tax slabs announced by

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Highlights of Budget 2012-13: Key Proposals

Finance Minister Mr. Pranab Mukherjee presented his seventh Union Budget for the year 2012-13 on Friday, 16 March 2012 11:00 Am. While commencing his speech, Mr Pranab Mukherjee, FM said that for the Indian economy, this financial year of 2012 was "a year of recovery interrupted" which means that it was time to make tough decisions. So what has Finance Minister proposed in this Indian Union Budget 2012-13.

In Continuation to the post of What's gone up and down:Union Budget 2012-13, Here are some of the key proposals, features & highlights of the Union Budget 2012-13 presented in the Parliament on Friday, 16 March 2012.

#      Fiscal deficits targeted at 5.1 percent of GDP in 2012-13 as against 5.9 percent of GDP in 2011-12;

#      Central Government debt at 45.5 per cent of GDP.   

#      Total Expenditure in 2012-13 budgeted at

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What's gone up and down :Union Budget 2012-13

Ups and Downs of Union Budget 2012-13

Here is the bullet point list where you can find out what's gone up due to tax rate hike and what's gone down due to tax rate reduction after the Union Budget presentation for 2012-13 by Finance Minister Pranab Mukherjee on Friday, 16 March 2012 11:00 Am. . .

WHAT’S GOING UP

      #      Consumer Electronics product like Air-conditioners (ACs) , Refrigerators, Washing machine and Microwave ovens

      #      Gold, Platinum, Diamond, Emerald and Ruby Jewellery

      #      Large Luxury cars

      #      Sport Utility Vehicles ( SUVs )

      #      Air travel

      #      Cigarettes

      #      Hand-rolled Bidis (Beedies)

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