HIGHLIGHTS OF BUDGET 2019

Tax
1. Within 2 years, Tax assessment will
be done electronically
2. IT returns processing in just 24
hours
3. Minimum 14% revenue of GST to states
by Central Govt.
4. Custom duty has abolished from 36
Capital Goods
5. Recommendations to GST council for
reducing GST rates for home buyers
6. Full Tax rebate upto 5 lakh annual
income after all deductions.
7. Standard deduction has increase from
40000 to 50000
8. Exempt on tax on second self-occupied
house
9. Ceiling Limit of TDS u/s 194A has
increased from 10000 to 40000
10.Ceiling Limit of TDS u/s 194I has
increased from 180000 to 240000
11. Capital tax Benefit u/s 54 has
increased from investment in one
residential house to two residential
houses.
12. Benefit u/s 80IB has increased to
one more year i.e. 2020
13. Benefit has given to unsold
inventory has increased to one year
to two years.
Other Areas
14. State share has increased to 42%
15. PCA restriction has abolished from 3
major banks
16. 2 lakhs seats will increase for the
reservation of 10%
17. 60000 crores for manrega
18. 1.7 Lakh crore to ensure food for
all
19. 22nd AIIMS has to be opened in
Haryana
20. Approval has to be given to PM Kisan
Yojana
21. Rs. 6000 per annum has to be given
to every farmer having upto 2
hectare land. Applicable from Sept
2018. Amount will be transferred in
3 installments
22. National kamdhenu ayog for cows.
Rs. 750 crores for National Gokul
Mission
23. 2% interest subvention for farmers
pursuing animal husbandry and also
create separate department for
fisheries.
24. 2% interest subvention for farmers
affected by natural calamities and
additional 3% interest subvention
for timely payment.
25. Tax free Gratuity limit increase to
20 Lakhs from 10 Lakhs
26. Bonus will be applicable for workers
earning 21000 monthly
27. The scheme, called Pradhan Mantri
Shram Yogi Mandhan, will provide
assured monthly pension of Rs. 3,000
with contribution of Rs. 100 per
month for workers in unorganized
sector after 60 years of age.
28. Our government delivered 6 crores
free LPG connections under Ujjawala
scheme
29. 2% interest relief for MSME GST
registered person
30. 26 weeks of Maternity Leaves to
empower the women
31. More than 3 Lakhs crores for defence
32. One lakh digital villages in next 5
years
33. Single window for approval of India
film makers