02/02/2019
*TAXCONNECT : BUDGET LIVE*
1. FM says govt has removed policy paralysis. India back on track
2. Move towards New India with houses for all, toilets, doubling farmers income, etc
3. Avg Inflation down to 4.6%. If inflation would not have been controlled families would have been spending 35-40% more on basic amenities today.
4. Fiscal deficit 3.4%
5. CAD down also
6. Asset quality reviews undertaken and RBI directed to review all loans including big businesses. 3L crores already recovered.
8. RERA also implemented.
9. Swatch Bharat Mission- 98% Rural sanitization achieved.
10. Reservations for poor added keeping SCST reservations intact.
11. Govt has ensured reducing rural and urban divide.
12. 1.53 cr new houses constructed
13. Pradhan Mantra Gram Sadak Yojana allocation is set at Rs 19,000 crores.
14. MGNREGA allocation has been set at Rs 60000 cr for Fy 19-20
15. Ayushman bharat has provided medical treatment to 50 cr people.
16. 100% electrification by March '19
17. Ayushman Bharat will help poor save 3000 cr
18. Doubled farmers income- Says goyal
19. MSP over 50% of the cost for ensuring farmer's income doubled.
20. Mahatma Gandhi National Rural Employment Guarantee program’s allocation increased by Rs 5000 crore to Rs 60,000 crore
21. 2-5% interest subvention for farmers stuck by Natural Disaters
22. ESI eligibility increased from 15000 to 21000
23. New Pension Scheme - employee's contribution is 10%, government's contribution increased from 10% to 14%.
24. Mega pension yojna to be launched
25. Electricity for all household a reality by March 2019 - FM quoted.
26. Gratuity payment limit has been increased from Rs 10 lakh to Rs 20 lakh
27. Set up welfare development board for nomadic and semi nomadic community
28. Cleaner fuel to transform the life of women in rural area
29. Over 1 cr youth trend under PM kaushal vikas yojana
30. Job Seekers have become job creators says Goyal
31. 3% tax benefit on women owned MSMEs
32. Workers who receive grievous injuries will now get Rs 6 lakh from Rs 2.5 lakh through EPFO
33. Allocation for NE 58K crores over last budget estimates
34. 1L digital villages in 5 years
35. Single window clearance for Entertainment industry available to domestic houses also.
36. TAX collection increased to 12L cr.
37. 80% growth in tax filers
38. 99.54% of all returns accepted without scrutiny
39. IT returns to be processed in 24 hours & refunds to be processed at the same time
40. In next 2 years only online assessments
41. Exemption of GST increased to 40L
42. Small service providers having TO upto 50 l can opt for composition scheme @6%
43. GST revenue 97100 cr PM as compared to 89000 cr last year.
44. GST - Companies with turnover below 5 crores to have quarterly return facility.
45. No Change in Income Tax Exemption limits
46. 2019-20 Fiscal deficit poised at 3.4%. Mainly due to support to farmers.
47. Govt. Expenditure rises by 13% approx to 27L crores approx
48. 19-20 - Capex estimated 3.36L Crores
49. 38K crores for education
50. SCST allocation 19-20 - 76K crores. Increase of 35%
*TAXCONNECT : BUDGET LIVE TAX PROPOSALS*
51. IT Individuals - FULL TAX REBATE up to income of 5 LAKHS
52. With investments us 80C - 6.5 L exemption
53. Standard deduction raised to 50K from 40K For salary earners
54. Deemed income from rent from HOUSE PROPERTY - Exempt for 2 houses now.
55. TDS ON INT RAISED TO 40K FROM 10K
56. TDS ON RENT INCREASED TO 2.4L From 1.8L
57. ROLL OVER OF CG INCREASED US 54 TO 2 RESIDENTIAL HOUSES UPTO CG OF 2 CRS. - To be availed once innlifetime
58. 81 IBA Benefit extended for 1 more year.
59. REAL ESTATE - IT on Notional rent time limit increased to 2 years from 1 yr.
