For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

Key Highlights Of The Union Budget 2019-20

|

Finance Minister Nirmala Sitharaman has delivered her first budget. It seems to be an all inclusive budget catering to every segment. It also seems to be an aspiration budget whether it for the youth, women, farmers, investors or entrepreneurs. Here are some key highlights of Union Budget 2019-20.

No changes in personal income tax rate

There are no changes in the personal income tax rate. However, the super rich will need to pay tax. There will be a 3% surcharge on incomes of Rs. 2 crores per year, and 7% surcharge on income above Rs. 5 crores.

Key Highlights Of The Union Budget 2019-20
 

Additional benefits on affordable housing home loans

The budget 2019-20 has offered an additional Rs 1.50 lakh deduction for interest on home loans taken up to 31 March 2020. This is in addition to the current tax benefits of Rs 2.5 lakhs per year. However, one would need to study the more finer details.

2% TDS on cash withdrawals of Rs 1 crores a year

There would be a TDS of Rs 1 crores that would be applicable on cash withdrawal of Rs 1 crores a year.

Tax benefits on loan for electrical vehicles

There would be a tax benefit on loans taken for electrical vehicles, where interest to the tune of Rs 1.5 lakhs has been paid during the financial year. This would be a good move to enable and push clean sources of fuel.

Corporate tax benefits

Corporates with an annual turnover of Rs 400 crores and below would pay a reduced corporate tax of 25 per cent.

Benefits for NRIs

To provide NRIs seamless investment to Indian equities, NRI portfolio investment route to be merged with foreign portfolio investment route. Apart from this they will also be issued Aadhar Cards, even if they are 180 days outside India.

Pension benefits for shop owners

Pension benefits will be offered to 3 crore shop owners with annual turnover of less than Rs 1.5 crore under a new scheme called Pradhan Mantri Karam Yogi Man Dhan Scheme.

Benefits for MSMEs

Loans of upto Rs 1 crore in 29 minutes and Rs 350 crore has been allocated in FY20 for all GST registered MSMEs on fresh or incremental loans.

Education

 

"India has a potential to become a hub of higher education. I propose to start a program 'Study in India', this would focus on bringing foreign students to India in our higher educational systems", FM Nirmala Sitharaman said.

Infrastructure

A Comprehensive restructuring of National Highways Programme to be done, to ensure creation of National Highways Grid of desirable capacity.

1.95 crore houses proposed to be provided with toilets

1.95 crore houses proposed to be provided with toilets, electrictiy and gas. DBT platform has reduced completion of houses from 314 days FY16 to 114 days in FY18.

Banking sector

The Finance Minister has granted Rs 70,000 crores for public sector Banking NPAs reduced by Rs 1 lakh crores last year. Provision coverage ratio is at the highest.

Rs 70,000 crores for bank capitalization.

The Finance Minister has allocated Rs 70,000 crores for bank recapitalization. The Banking NPAs reduced by Rs 1 lakh crores last year.

GoodReturns.in

Company Search
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more