Union Budget 2019

  • FM concludes Budget speech with a Hindi quote: Ek paav rakhta hun, hazaar raahein phoot padti hai, meaning one step opens up a thousand roads.
  • No tax on notional rent on second self-occupied house and no tds on house rent up to Rs 2.4 lakh. FM adds, This is not just a budget but lays out the path to progress of the country
  • TDS threshold on rental income raised from 1.8 lakh to 2.4 lakh rupees: FM
  • That’s all the middle-class, rather many upper-middle-class people were looking forwards to. If you have the right investments then people earning upto 9 lakhs may not have to pay any tax.
  • Individuals with gross income up to 6.5 lakh rupees will not need to pay any tax if they make investments in provident funds and prescribed equities
  • FM raises standard deduction raised from Rs 40,000 to Rs 50,000.
  • All interest income above Rs 40,000 from bank deposits will now get taxed and not Rs 10,000: Piyush
  • No tax on notional rent on second house: Piyush
  • The tax you pay will provide healthcare to 50 crore brothers, sisters and children: FM
  • Some benefits must therefore also be passed on the middle class tax payers. Keeping this in view I propose to reduce the tax burden on tax payers. The salary earners, pensioners and senior citizens should not wait to get clarity on their taxes: FM
  • Relief for middle class tax payers as salaried class with 5 lakh annual income given full rebate
    • Piyush: India will lead the world in transport through electric vehicle (EV) and energy storage device
    • FM: More than 1 crore people filed IT returns for the first time, after #demonetization
    • We are poised to become a 5 trillion dollar economy in the next 5 years and we aspire to become a 10 trillion dollar economy in the next 8 years: FM
    • Cost of data and voice calls in India is now possibly the lowest in the world; mobile and mobile part manufacturing companies have increased from 2 to 268: Piyush
    • Electric vehicles is a national security necessity. Crude import is a security threat as well. So, India needs to take a leap asap.
    • The government is laying out the vision for the most important dimensions for the next 10 years to make India a Rs 10 lakh crore economy and enhance ease of living including development of roads, railways, seaports, health, among other things.
    • Demonetisation Wiped out black money: Piyush
    • FM: We are poised to become Rs 5 lakh crore in the next 5 years
    • No hope for working class: Despite high speculation, no changes in tax slabs and no investment incentives for salaried investors and tax payers
    • FM’s talk on anti-Blackmoney measures met with boos from the opposition
    • More savings for common man as gratuity limit raised to 20 lakhs
    • FM: GST burden on homebuyers to reduce. So we have requested the GST Council to set up a group of ministers who will now work out how to reduce the burden on homebuyers.
    • Piyush: 99.54% returns have been accepted without any scrutiny
    • Within next 2 years, almost all income tax verification and assessment of returns selected for scrutiny will be done electronically. Anonymous back office without any interface between tax paper and IT officials.
    • Most items of daily use are now in the 0-5% slab making GST beneficial for the middle class
    • Lower income tax burden and no direct dealing with the tax man in a couple of years.
    • FM: Reducing tax for the middle class has been our priority
    • Out Govt implemented GST the biggest taxation reforms. India became one common market: FM
    • Digital scrutiny of tax files. IT returns will be processed same day and refund simultaneously: FM
    • FM hints at Simplification of direct tax system
    • Indian filmmakers will now get single window clearance for shoot: FM
    • FM: Indian Railways operating ratio to improve to 95% for 2019-20 from 96.2% in 2018-19.The operating ratio of Railways is seen at 96.2% in FY19 and 95% in FY20.

    1. India has achieved over 98% rural sanitation coverage.
    2. 5.45 lakh villages declared #ODF
    3. #SwachhBharat now a national movement

    • Piyush: Our commitment to promote renewable energy is reflected in our initiative to set up International Solar Alliance; installed solar generation capacity has increased 10 times in last five years; lakhs of new jobs being created by the sector
    • Installed solar generation capacity in India increased by 10 times in the last 5 years.