Friday, February 1, 2019

Top 21 Highlighted Points of Financial Budget 2019 : Tax Relief for Income Up To Rs.5 Lakhs, Interest Income Up to Rs.40000 Made Tax Free & Many More

Top 21 Highlighted Points of Financial Budget 2019 : Tax Relief for Income Up To Rs.5 Lakhs, Interest Income Up to Rs.40000 Made Tax Free & Many More: Union Finance Minister Mr. Piyush Goyal presented the most awaited financial budget today on February 1st, 2019. Several amazing announcements have been done on the eve of budget presentation including tax relaxation benefits for the individuals having the annual income of 5 lakhs, increasing the interest range laid by the banks and post offices up to Rs.40000, Rs.6000 income for farmers etc to name a few.
Budget 2019 Highlights - Top 21 Best Points
Budget 2019 Highlights
Without being more explanatory, let us have look upon the budget 2019 highlights with the following list of best points:-

1. Government has decided to relax the middle class families by making them exempted from the tax whose income is less than Rs. 5 lakhs every single year.

2. Standard deduction was previously Rs.40000 which has now been increased to Rs.50000 for salaried class individuals.

3. Individuals who opt for investing in PPFs, LIC or other prescribed equities will get an additional tax relaxation reaching to a net calculated amount of Rs.6.5 lakhs. The sum total of 6.5 lakhs will therefore be considered exempted from paying the tax every single financial year.

4. Budget 2019  even proved beneficial for TDS threshold included under the home rent issues. It got increased from Rs.1.8 lakhs to Rs.2.4 lakhs.

5. Post offices and banks will not be able to charge interest laid upon the people's savings using the fixed deposits or other concerned saving plans. Previously, it was Rs.10000 which has now been increased to Rs.40000 in this budget session.

6. Capital gains exemptions now now be applicable for 2 house properties. Utilizing the possibilities under section 54, it can now be available up to Rs. 2 crore for the individuals. 

7. An important announcement regarding income tax returns has been done during the budget session 2019. All the income tax returns will now be processed within 24 hours and the calculated returns will be paid immediately after submission. 

8. Without any further intervention of officials, nearly within the next two years, all the assessment based processes and IT returns will be processed electronically using the specially prepared tax system. This will improve the accuracy level with time saving techniques.

9. Small and marginal farmers will now get Rs.6000 support every single year.

10. All the farmers who are having about 2 hectares of land will now be provided Rs.6000 every single year in three calculated and equal installments. This strategy will be made effective from December 2018 onwards.

11. Kamdhenu scheme will now be made fully functional for animal husbandry. 

12. Provision of 2% interest subvention will now be made available to all the country's farmers who are habitual in earning their living using animal husbandry, fishing etc using kisaan credit cards.

13. Provision to introduce the ways for reducing GST by group of ministers. 

14. Provision for direct tax collections has been raised from Rs.6.38 lakh crore in 2013-14 to approximately Rs.12 lakh crore for the good sake of the concerned. 

15. Businesses which are gaining Rs 5 crore turnover will now be allowed to file quarterly returns. This approach focuses the government's attitude towards promoting and supporting the smaller businesses to grow unconditionally.

16. Data has been presented by the honorable minister in which it has been shown that the GST collections in January 2019 has crossed Rs.1 lakh crore. 

17. Provision of Rs.3000 every single pension for unorganized sector workers.

19. Rs.60000 crore has been allocated to MGNREGA and Rs.190000 crore has been allocated for the immediate construction of rural roads under Gram Sadak Yojna.

20. Defense budget has now been increased to 3 lakh crore with an assurance to provide additional supports as well if needed.  

21. Provision to build up 1 lakh digital villages with all the essential digital amenities. 

All the above mentioned points are the best attractions and highlights of Budget 2019 session. Most importantly, India is now projected to to touch the target of becoming a $5 trillion economy in the upcoming 5 years and $10 trillion economy in the coming eight years. Overall the budget was targeted in the good will of middle class family along with dedicated focus on new business setups as well. It was really an awesome financial budget which will definitely win the people's trust all over the country. 

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