Major Point of Union Budget As presented by Union Minister Of finance 2019 (Part –A)
> Economy from $ 1.85 trillion in 2014 to $2.7 trillion and expected to reach $3 trillion in 2019 itself.
> National Education Policy:-To Changes in school higher education.
> Stand up India to continue till 2025.
> 95% of India has become open defection free.
> Exclusive start up India programme on DD News.
> Study in India programme to bring foreign students to India.
> Ease of doing business and ease of living apply to Farmers as well.
> 80 livelihood biz incubators, 20 tech biz incubators to be set up in fy 19-20.
> FM focused on need to “Zero Budget farming”.
> 96 million toilets built since 2016 under swach Bharat.
> 5 million Houses to be constructed under PMAY from fy20 to fy22.
> 100% FDI in insurance intermediaries.
> SEBI asked to consider increasing public shareholding from 25% to 35%.
> FDI were robust in fy19 rising 6% from the previous year.
> MSME has proposed loans of up to Rs 1Crore in 59 minutes.
> NPA of commercial banks has been reduced by over Rs 1 lakh crore in last one year and recovered 4 lakh crore through IBC.
> PSU banks to get Rs 70000 crore boost for credit improvement.
> Fundamentally sound NBFCs to keep getting funding from RBI.
> RBI will take over housing finance company from national housing board.
> 1 lakh loan to WOMEN under interest subvention scheme.
Part –B of Union Budget 2019.
> Our external debt to GDP is lowest globally below 5%.
> No need to pay tax on income less than Rs 5 lakh.
> Direct tax revenue has grown 78% from 2014 to 2019.
> Additional 1.5 lakh income tax deduction on loan taken for purchase of EVs.
> Now 25% of corporate tax which was applicable till turnover up to 250 crore has not been extended till 400 crore. So now only 0.7% of companies remain outside of this 25% limit.
> To resolve angel tax issue, start-ups and investors who file declarations will not be subject to scrutiny on valuation premium. A mechanism of e-verification will be put in place and with this funds raised by start-up will not require any tax scrutiny.
> Additional deduction of 1.5 lakhs Rs on loan taken under affordable housing.
> To discourage cash transaction, there would be 2% TDS on cash withdrawal from bank exceeding Rs 1 crore in a financial year. Businesses with turnover 50 crore will have to use electronic mode of payments with no charges on those transaction as same would be absorbed by Bank & RBI.
> More than 120 crore Indians have AADHAR now. PAN and AADHAR are interchangeable and AADHAR can be used for verification with no requirement of PAN.
> Effective income tax increases of 3% for those earning Rs 2-5 crore by way of increase in surcharge on taxes.
> Import of defence equipment not manufactured in India is exempt from customs duty.
> Taxpayer with an annual turnover of less than 5 crore will have to file one quarterly GST return.
> Custom duty of GOLD and other other precious metal increased by 2.5% to 12.5%.
Compiled by CA Minish Mishra on the basis of FM presentation in Parliament.
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