Budget 2019: Income tax limit increased to ₹5 lakh from 2.5 lakh

Finance Minister Piyush Goyal said, “No TDS on house rent upto ₹2.4 lakh annually, TDS limit raised from 10,000 to 40,000 on bank savings and post office savings in Budget 2019.”

Piyush Goyal announced that individual taxpayers with income upto ₹5 lakh will be receive full tax rebate.

₹750 crore have been allocated in the interim Budget under Rashtriya Gokul Yojana for the protection of cows and will create a separate department for fisheries.

Finance Minister Piyush Goyal said, “We are poised to become a $5 trillion economy in the next 5 years and we aspire to become a $10 trillion economy in the next 8 years.”

He also stated that there was an 18% increase in the direct tax collections in 2017-18 and 1.06 crore people were included in the tax base. He said that more than 1 crore people filed IT returns for the first time, after demonetisation in 2016.

Direct tax collections have been increased from ₹6.38 lakh crore in 2013-14 to almost ₹12 lakh crore, said Piyush Goyal in the Budget presentation. He also said that the tax base is up from ₹3.79 crore to ₹6.85 crore.

He said that GST is probably the biggest taxation reform implemented since Independence; with tax consolidation, India became one common market; inter-state movements became faster through e-way bills, improving Ease of Doing Business.

He said that the GST collection in January 2019 crossed ₹1 lakh crore.

A single window clearance for filmmaking to be made available to filmmakers, anti-camcording provision to also to be introduced to Cinematography Act to fight piracy

Allocation for the north eastern region has been proposed to be increased to ₹58,166 crore.

Finance Minister Piyush Goyal claims, “Our soldiers are our pride and honour; 'One Rank One Pension', which was pending for the last 40 years, has been implemented by us. We have already disbursed ₹35,000 crore for our soldiers under it. A substantial hike in military service pay has been announced.”

FM Piyush Goyal said, “To ensure cleaner fuel and health assurance, we embarked upon Pradhan Mantri Ujjwala Yojana, a programme to give 8 crore free LPG connections to rural households, 6 crore connections have been given already.”

He also said, “2.5 cr families were without electricity in 2014; we have provided power to almost all families.”

He stated that the construction of roads tripled under the Pradhan Mantri Gram Sadak Yojana.

FM Piyush Goyal said, “A pension scheme is being launched called Pradhan Mantri Shram Yogi Mandhan, to provide assured monthly pension of 3000 rupees per month, with the contribution of 100 rupees per month, for workers in unorganized sector after 60 years of age.”

He said, “Gratuity limit increased from 10 lakh to 30 lakh rupees.”

Finance Minister Piyush Goyal says, “Instead of rescheduling of crop loans, the farmers severely affected by natural calamities will get 2% interest subvention and additional 3% interest subvention upon timely repayment.”

Finance Minister Piyush Goyal said, “For the welfare of farmers and for doubling their income, historic decision was taken to increase MSP by 1.5 times the production cost for all 22 crops.”

He said, “Under the Pradhan Mantri Kisan Samman Nidhi, 6000 rupees per year for each farmer, in three instalments, to be transferred directly to farmers' bank accounts, for farmers with less than 2 hectares landholding.”

This come up to be ₹500 per month for farmers under the scheme.

Finance Minister Piyush Goyal said, “Ayushman Bharat the world's largest healthcare programme was launched to provide medical care to almost 50 crore people, resulting in 3,000 crore savings by poor families.”

Finance Minister Piyush Goyal says, “If we had not controlled inflation our families would have been spending 35-40% more on daily use items.”

He also said that the government has initiated efforts for full representation of the economically weak backward classes, by giving them reservation in jobs and education.

Finance Minister Piyush Goyal states, “As a tribute to Mahatma Gandhi, world’s largest behavioural change movement Swachh Bharat initiated; more than 98% rural sanitation coverage has been achieved; more than 5.45 lakh villages declared ODF.”

Finance Minister Piyush Goyal begins his interim Budget speech with a promise of new India. He states that the government has worked towards building a new India free of terrorism, casteism, nepotism and corruption. He also promised doubling farmers income by 2022.

Finance Minister Piyush Goyal in budget speech says, “Inflation in December 2018 was 2.1%. Fiscal deficit has been brought down to 3.4% in the revised estimate of 2018-19.”

"Inflation is a hidden and unfair tax; from 10.1% during 2009-14, we have broken the back of back-breaking inflation," said Piyush Goyal

Finance Minister, Piyush Goyal said, "I can confidently say, India is solidly back on track and marching towards growth and prosperity". He says restoring fiscal balance and controlling inflation has led to stability in economy.

Finance Minister Piyush Goyal rises to present the interim Budget 2019-20 at the Parliament in New Delhi. He begins his budget speech.

Congress leader Manish Tewari said, “Since morning, Govt sources have been sending budget pointers to media houses, now if these pointers are there in FM's speech then it tantamounts to a leak. It would be a serious issue of breach of secrecy”

Prime Minister Narendra Modi led Union Cabinet has approved the interim Budget 2019-20.

Telugu Desam Party MPs dress in black to protest against the Modi government ahead of the presentation of the interim Budget 2019. They are protesting in Parliament demanding special category status for Andhra Pradesh.

“They'll try to introduce populist schemes in the Budget keeping an eye on Lok Sabha polls. Budgets they've presented so far haven’t really benefited general public. Only ‘Jumlas’ will come out today. They've only 4 months when will they implement the schemes?,” said Congress MP Mallikarjun Kharge

Finance Minister Piyush Goyal arrives at Parliament with Budget briefcase after briefing President Ram Nath Kovind at Rashtrapati Bhavan. He will present the interim Budget 2019-20 at 11 am.

The rupee on Friday depreciated by 9 paise to 71.17 in early trade on the forex market amid strengthening of the American currency and caution ahead of interim budget.

Forex traders said strengthening of the US dollar against some currencies overseas, focus on interim budget and rising crude oil prices weighed on the local unit.

The current government is set to present its last Budget on Friday, which is expected to have major announcements to support the farm sector and spur consumption.

The BSE benchmark Sensex Friday jumped over 100 points ahead of the Budget presentation by Finance Minister Piyush Goyal amid heavy buying by foreign portfolio investors. Sensex currently at 36,408.13

The 30-share index was trading 119.01 points, or 0.33 per cent, higher at 36,375.70.

Similarly, the 50-share NSE Nifty rose 34.15, or 0.32 per cent, to 10,865.10.

Domestic market, however, will continue to be volatile ahead of the interim budget which will be announced on Friday, traders said.

The rupee, meanwhile, was depreciated by 8 paise against US dollar to 71.16.

Finance Minister Piyush Goyal will present the Modi government's sixth and final Budget on February 1, 2019. The budget for the fiscal year 2019-20, will be an interim one, keeping up with established tradition as Lok Sabha elections are due later this year.

The Budget documents will contain revenue and expenditure projections for the entire 2019-20 fiscal year beginning 1 April, but a 'Vote on Account' will seek Parliament nod for the expenditure side. While it is widely expected that the interim budget may contain tax sops and a certain package for the farm sector, there will be no Economic Survey detailing the state of the economy