Highlights of the tabled Interim Budget 2019-20

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

The Budget documents contained revenue and expenditure projections for the entire fiscal year, beginning from April 1, but a 'Vote on Account' was sought as the Parliament had to pass it for the expenditure side. While it was widely focused on tax sops and a certain package for the farm sector, there was no Economic Survey detailing the state of the economy.

Highlights of Interim Budget for 2019-20:

Tax

1. Within 2 years, tax assessment will be done electronically

2. IT returns processing in just 24 hours

3. Minimum 14% revenue of GST to states by Central government

4. Custom duty abolished from 36 Capital Goods

5. Recommendations to GST Council for reducing GST rates for home buyers

6. Full rebate up to ₹5 lakh annual income after all deductions

7. Standard deduction increased from ₹40,000 to ₹50,000

8. Exemption on tax on second self-occupied house

9. Ceiling Limit of TDS u/s 194A increased from ₹10,000 to ₹40,000 for women

10. Ceiling Limit of TDS u/s 194I increased from ₹180,000 to ₹240,000

11. Capital tax Benefit u/s 54 increased from investment in one residential house to two residential houses.

12. Benefit u/s 80IB increased to one more year i.e. 2020

13. Benefit given to unsold inventory increased from one year to two years

Other Areas

14. State share increased to 42%

15. PCA restriction abolished from 3 major banks

16. 2 lakh seats will increase for the reservation of 10%

17. ₹60,000 crore for MGNREGA

18. ₹1.7 lakh crore to ensure food for all

19. 22nd AIIMS to open in Haryana

20. Approval has to be given to PM Kisan Yojana

21. ₹6,000 per annum to be given to every farmer having up to 2 hectare land. Applicable from September 2018. Amount will be transferred in 3 installments

22. National 'kamdhenu ayog' for cows. ₹750 crore for National Gokul Mission

23. 2% interest subvention for farmers pursuing animal husbandry. Creation of separate department for fisheries.

24. 2% interest subvention for farmers affected by natural calamities and additional 3% interest subvention for timely payment.

25. free gratuity limit increased to ₹20 lakh from ₹10 lakh

26. Bonus will be applicable for workers earning ₹21,000 monthly

27. Pradhan Mantri Shram Yogi Mandhan will provide assured monthly pension of ₹3,000 with contribution of ₹100 per month for workers in unorganized sector after 60 years of age.

28. Our government delivered 6 crore free LPG connections under Ujjawala scheme

29. 2% interest relief for MSME GST registered person

30. 26 weeks of Maternity Leave to empower the women

31. More than ₹3 lakh crore for defence

32. One lakh digital villages in next 5 years

33. Single window for approval of Indian filmmakers.