Interim Budget 2019-20: Key highlights of FM Piyush Goyal’s Budget speech

Here are the key highlights from Finance Minister Piyush Goyal Interim Budget 2019-20:

Taxes changes
– No income tax for income up to Rs 6.5 lakh (Rs 5 lakh + Rs 1.5 lakh under 80C of the Income Tax Act)

– Full tax rebate for income up to Rs 5 lakh per annum
– No tax on notional rent on second self-occupied house
– Capital Gains exemption under Section 54 to be available on two house properties
– Tax benefit of Rs 18,500 crore given to three crore middle-class taxpayers
– Standard deduction raised to Rs 50,000 from Rs 40,000
– TDS limit hiked from Rs 10,000 to Rs 40,000 on post-office savings

– Group of Ministers looking at ways to ease GST burden on homebuyers

Economy
 FY20 fiscal deficit target set at 3.4 percent

– Expenditure target for FY20 set at Rs 27.84 lakh crore
– Capital expenditure for FY20 set at Rs 3.36 lakh crore

– FY19 fiscal deficit pegged at 3.4 percent of GDP; current account deficit at 2.5 percent of GDP

Farmers

– Farmers with less than two hectares to be offered Rs 6,000 per year as direct transfer under PM Kisaan Samman Nidhi. The benefit will be transferred directly into the bank account of beneficiary farmers in three instalments of Rs 2,000 each. Around 12 crore farmers to benefit from the scheme. This scheme will cost the government around Rs 75,000 crore

– Mahatma Gandhi National Rural Employment Guarantee program’s allocation increased by Rs 5,000 crore to Rs 60,000 crore for FY20

– Farmers struck by natural calamities will now receive 2-5 percent interest subvention under insurance scheme

– Two percent interest subsidy to be given to farmers involved in animal husbandry activities via kisaan credit card scheme. An additional three percent subsidy will be paid on timely payment of loans

– Government announces setting up of Rashtriya Kamdhenu Aayog to

enhance productivity of cows

Workers

– The monthly pension of Rs 3,000 for workers in the unorganised sector to be paid out after retirement. Pension scheme to benefit 10 crore workers in the unorganised sector. Those who join at 18 years of age will have to contribute a mere Rs 55 per month. The government will contribute equal matching share in the pension account. This scheme will cost the government Rs 500 crore

– Employees’ State Insurance eligibility cover limit has been raised to Rs 21,000 per month from Rs 15,000 per month

– Gratuity limit increased from Rs 10 lakh to Rs 30 lakh

– Workers who suffer grievous injuries will now receive Rs 6 lakh from Rs 2.5 lakh through the Employee Provident Fund Organisation (EPFO)

Homebuyers:

The government also announced rollover of capital gains allowed for two houses as one-time benefit up to a gain of Rs 2 crore.

Women:

Asha and Anganwadi workers’ honorarium has been increased by about 50% for all categories. The government also announced that it will extend the coverage under Ujjwala to 8 crores from present 6 crores.

SMEs and Traders:

Goyal also announced that an increase in sourcing requirements from SMEs by government enterprises by 25%, of which 3% to be sourced from women-owned SMSs.

Builders:

The government extended the exemption on levy of the tax for unsold inventories from one-year to two years. Moreover, Section 80IBA benefits were also extended for one more year for affordable housing projects approved by March 31, 2020.

Small savers:

Goyal also announced TDS exemption on interest income from Rs 10,000 to 40,000. For the self-occupied house, income tax exemption on notional rent on the second house has been given.

Rural infrastructure

– Pradhan Mantra Gram Sadak Yojana allocation set at Rs 19,000 crore, the same as FY19

Education

– Rs 38,572 crore allocated for the National Education Mission

Medical

Another All India Institutes of Medical Sciences to be set up in Haryana

Society
– Rs 76,800 crore allocated for the welfare of Scheduled Castes (SCs) and Scheduled Tribes (STs)

– Centre to implement a special strategy for the uplift of nomadic tribes

Filmmakers

– Single window clearance for film-makers. Anti-camcording provision to be introduced to the Cinematography Act to combat film privacy

Railways

– Railway capital expenditure raised to Rs 64,586 crore in FY20 from Rs 53,060 crore in FY19

Defence

– Defence budget for FY20 raised to Rs 3 lakh crore

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20 Thoughts to “Interim Budget 2019-20: Key highlights of FM Piyush Goyal’s Budget speech”

  1. madhu

    what benefits are there for senior citizens?

  2. JAY

    Thanks for information

  3. surajmal Basantlal Jain

    it is very good Budget

  4. Vilasrao Ghode

    Good Budget for all indian people…

    Lot of thanks Modi Saheb

  5. Dr. D. P. Singh

    *(9/10 Mark’s are to this financial budget
    (2019-20).
    * I never enjoy such budget in my 38 years.
    * Very weaker section of society will
    get pension of Rs. 3000/- after 60 year after just paying nearly Rs. 55 to 100 per month.
    * Sh. Narendra Bhai Modi is unique PM. I wish he should govern India at least up to years 2029.

  6. S.k. mishra

    Good approach in aspect to growth in long term. .

  7. Lalit Gupta/

    Very much Growth budget. This is step to prove our Respected PM , Modi’s vision. Long live our PM , under whose guidance our Nation is growing after ill managing politically affairs of our country under Nehru led regime. Bravo PG and NaMo.

  8. Dr. P K Hota

    I don’t know, from where the TRAI offials got the ideas that the present configuration will give the customers a cost-effective plan. For example, whatever plan I was having earlier, now I am going pay at least RS.1500/- extra for viewing less numbers of channels out of those. TRAI has just passed a dictatorial order without taking any consideration towards consumers’ choice. Now , nobody can even ask for an annual pack. One has to recharge every month. If given choice, I would prefer the earlier method.

  9. Periyasamy

    Excellent and appreciate this announcement for FY20

  10. Snehashree c k

    Really proud to you

  11. Coll Prsmod Kumar( Retd)

    Every thing is looking rosy but what about announcement on actual OROP to Defence personnel.

  12. D B YADAV

    Very good budget Pradhan Sewak Ji.

  13. shaik malik Ahmed

    This is india? ?? All corruption. The common mab not getting benefits. The small private sectors like shops and daily wise Labours only running this budget. And they always nothing they get help.the all government sector’s and private limited companies people getting benefits they all are a community thay can do straiks and all. Still india in wrost condition I am not happy to see this budget. I am a common man no one asking me about my country budget.

  14. Chandra

    Good thought. Faver to middle family

  15. Suvarna Kondabattula

    I am extremely satisfied with the interim budget 2019-20. But, what about those middle aged, educated unemployed women or educated housewives. They cannot have a job neither in Government sectors, nor in Private sectors due to the factor of age discrimination. Nearly 70% of Middle aged, educated unemployed women suffering from jobless.

    I request to the government to seriously look into for the above matter.

  16. Shashi

    Kindly send cost of each channel or group channel. Kindly send free channel list also by which an individual can choose their choice according to his ability.

  17. Varghese

    ESI coverage is already Rs 21000.This budget has nothing to do with it.
    Gratuity was already Rs 20 lac not 10 lacs under POG Act.

  18. Mahendra Rao K

    There is no remarks for EPF95 pensioners rise the monthly pension for RS. 3000/- from less than RS 1,000/-. Please announce before election. This is for appel. Since we are retired in middle age know crossed 60 year’s. Regards

  19. Faizan

    Absolutely nothing for me in this budget. Which means i am not getting any advantage based on these highlights.

  20. Vijayan Nair M

    A sarvashleshi ( which touches all sectors of people). NAMO budget

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