Finance Minister Piyush Goyal presented the interim Budget of the year 2019 in the Parliament this morning. Here are some of the key announcements made in Budget 2019.
1) Income tax limit for individuals has been raised up to 5 lakhs.
2) Individuals with a gross income of up to Rs. 6.5 lakhs need not pay any tax if they invest in provident funds and prescribed equities.
3) Standard tax deduction for salaried employees raised from Rs. 40,000 to Rs.50,000.
4) Farmers who have up to 2 hectares of land will get Rs. 6000 as income per year in three equal monthly installments, effective from December 1st, 2018.
5) Unorganized sector workers with up to Rs.15,000 of income, to get Rs.3000 of pension per month along with a contribution of Rs.100 per month after the age of 60 under the scheme PM Shramyogi Maan Dhan Yojana.
6) Rs. 60,000 crores to be allocated for the MNREGA scheme.
7) Eight crores of free LPG connections to be provided to the needy under the UJJWALA YOJANA.
8) 3% tax benefit for women-owned MSMEs.
9) Farmers affected by various natural calamities to get 2% of interest subvention and an additional 3% interest subvention upon timely repayment.
10) 2% interest subvention for farmers pursuing animal husbandry.
It may be noted that the stock market showed a positive trend post the interim budget. While Sensex closed at 36,469.43 points, NIFTY called it a day at 10,893.65 points.