Top 10 findings of the Budget 2019 announced by Nirmala Sitharaman

Budget 2019
Budget 2019

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.

  1. PAN card and Aadhar Card are interchangeable to file the Income Tax returns which mean either of them can be used to file ITR.
  2. 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.
  3. 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.
  4. Increase in import duty on Gold which will make it costlier for buyers.
  5. Increase in Excise duty on petrol and diesel which may result in an increased rate of fuels.
  6. 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.
  7. NRI to get Aadhaar Card on arrival without waiting for 180 days.
  8. 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.
  9. The new budget put farmers in focus encouraging them for cooperative dairying, Zero Budget farming will be expanded.
  10. 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.

Read more – Budget 2019: Nirmala Sitharaman breaks British- era tradition, carries red folder instead of briefcase

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