Piyush Goyal presented the interim budget for the year 2019-20

Piyush Goyal presented the interim budget for the year 2019-20

On friday, the interim Finance Minister Piyush Goyal was presented the 'interim budget 2019' in Lok Sabha. Finance minister Arun jately was in US for medical treatment. So Piyush Goyal was appointed as interim finance minister on jan 23. 

The Union Budget Speech 2019 was begun at 11.00 AM. Piyush Goyal starting his budget speech with speed recovery wishes for the former Finance Minister Arun jately.

Tax exemption to individual taxpayers with annual income upto Rs 5 lakhs and tax exemption for the individuals with gross income upto Rs 6.5 lakhs if they make investments in provident funds and prescribed equities. "Around three crore middle class taxpayers will get tax exemption due to this measure,"Piyush Goyal said

Tax exemption for two houses. Earlier, who owned two houses want to pay tax for second house.

Tax deduction for salaried persons raised from Rs 40,000 to Rs 50,000. 

Increased allocation for Rashtriya Gokul Mission to Rs 750 cr in current year.

TDS threshold rental income raised from Rs 1.8 lakhs to Rs 2.4 lakhs.

For Indian filmakers, Single window clearance to be made available for filmmaking. For film privacy, anit-camcording provision to be introduced for Cinematography Act. 

Two percent interest subvention for animal husbandry, fisheries and farmers.

"Urgent action needed to increase hydrocarbon production to decrease imports; change in bidding procedure and exploration procedure being implemented," Piyush Goyal said

"The government has proposed to increase the allocation for northeast region to Rs 58,166 cr this year. It will be a 21 percent rise over the previous year," Piyush Goyal said.

Under Pradhan Mantri Kisan Samman Nidhi scheme, farmers with less than 2 hectares land, each will receive an amount of Rs 6,000 per year to their bank accounts directly. This 6,000 Rs will be given in three installments. (Rs 2000 per installment)

Mega Pension Yojana, namely Pradhan Mantri Shram Yogi Mandhan, a pension scheme for unorganised sector workers with monthly income upto Rs 15,000 will be given the monthly pension of Rs 3,000 with contribution of Rs 100 per month after they reach 60yrs of age.

He said, "Within next two years, the assessment of all tax returns should be done electronically without any personal interface. Direct tax collections from Rs 6.38 lakhs cr in 2013-14 to almost Rs 12 lakhs cr; tax base up from 3.79 crore to 6.85 crore. All income tax returns will be processed within 24 hours".