Budget 2019 to benefit middle class, No tax up to earning of 5 lakhs
India’s first full-time female Union Finance Minister Nirmala Sitharaman presented the Union Budget for the year 2019. In an almost 2 hour of the presentation she made some important announcements which will make a direct impact on people’s lives. She said that India will become a $3 trillion economy by the end of this year.
Here are the 10 things you should know about Budget 2019 which will directly affect your life.
- PAN card and Aadhar Card are interchangeable to file the Income Tax returns which mean either of them can be used to file ITR.
- No Change in Income tax Slabs. Zero tax on up to Rs 2.5 lakhs income, 5% up to Rs 5 lakhs which amounts to Rs 12,500. The government announced an income tax rebate up to Rs 12,500 under section 87A which was Rs 2500 earlier.
- Finance Minister said those earning more should contribute more. She increased 3 % surcharge on taxable income between Rs 2 crore to 5 crores and 7 % on for those individuals who earn more than 5 crores.
- Increase in import duty on Gold which will make it costlier for buyers.
- Increase in Excise duty on petrol and diesel which may result in an increased rate of fuels.
- The government will reduce custom duty on few raw materials to encourage domestic manufacturing like fuels of the nuclear power plant, wool fibres, ethylene di-chloride, propylene oxide, amorphous alloy ribbon, cobalt matte, naphtha and more.
- NRI to get Aadhaar Card on arrival without waiting for 180 days.
- Big FDI push in the new budget. 110% FDI in Insurance Intermediates, a proposal for more FDI in aviation, FDI in media to be opened further.
- The new budget put farmers in focus encouraging them for cooperative dairying, Zero Budget farming will be expanded.
- Roads Infrastructure will get a mega boost. 1,25,000 KM road will be upgraded, 30,000 KM road will be built using Green Tech, Bharat Mala Phase 2 will be launched.
Have a news story, an interesting write-up or simply a suggestion? Write to us at firstname.lastname@example.org