Budget 2019:

So here are some top announcements made by Finance Minister Piyush Goyal in Union Budget:

• Individual taxpayers having annual income up to Rs 5 lakh will get full tax rebate
• Individuals with gross income up to Rs 6.5 lakh will not need to pay any tax, if they make investments in provident funds and prescribed equities.
• MNREGA allocation has been set at Rs 60,000 crore to create employment opportunities.
• Vande Bharat Express will provide speed, service and safety to citizens and will give boost to Make in India, said FM Piyush Goyal
• Piyush Goyal enhanced defence budget beyond Rs 3 lakh crore
• The FM also announced launch of Pradhan Mantri Shram Yogi Mandhan (PMSYM) scheme to provide unorganised workers an assured monthly pension of Rs 3,000 after 60 years of age.
• Further, there was an announcement of setting up of Rashtriya Kamdhenu Aayog to enhance productivity of cows
• Goyal also spoke of a new scheme in the agriculture sector which will entail payment of Rs 6,000 annually to each of the 12 crore marginal farmers in the country. The scheme named as Pradhan Mantri Kisan Samman Nidhi will involve an annual outlay of Rs 75,000 crore.
• Piyush Goyal said the benefit of the rollover of capital tax gains would increase from investment in one residential house to that in two residential houses, for a taxpayer having capital gains up to Rs 2 crore. This can be exercised once in a lifetime, Piyush Goyal said.
• Notional rent on unsold real estate inventory. Tax to be levied after 2 years from date of completion of project. Previously, it was 1 year.
• No tax if rent is up to Rs 2.4 lakh.
• Benefits under Sec 80(i)BA being extended for 1 more year, for housing projects approved till 2019-20 end
• TDS threshold on interest on bank, post office deposits raised from Rs 10,000 to Rs 40,000: Piyush Goyal
• Standard tax deduction for salaried persons raised from Rs 40,000 to Rs 50,000
• Goyal said to make life better for people living in remote areas, the government has enhanced allocation under Pradhan Mantri Gram Sadak Yojana (PMGSY) to Rs 19,000 crore from Rs 15,500 crore in the revised estimate for 2018-19.