2.
Income Tax
slabs will remain the same for FY 2019-20.
3.
No tax on
notional rent of second Self-occupied House under “Income from House Property”
i.e. up to two self-occupied house properties to be considered for exemption.
4.
Tax Rebate
Limit under 87A increased from Rs. 3.5 lakhs to Rs. 5 lakhs for
taxpayers. The maximum limit of the tax rebate increased to Rs.12,500 from the
present limit of Rs. 2,500.
6.
Standard
Deduction for the salaried class increased from Rs 40,000 to Rs 50,000.
7.
Section 54
exemption now available on the second house property, provided the capital
gains is less than or equal to Rs. 2 crores – to be availed only once
in a lifetime.
8.
Tax
proposals 2019-2020 at a glance for Businesses, MSME & Real
estate
9.
Benefits
under Section 80-IBA to be extended for one more year – to the housing
projects approved till 31 March 2020.
10.
Period of
exemption from levy of tax on notional rent, on unsold inventories is extended
from one year to two years, starting from the end of the year in which the
project is completed.
11.
SMEs with
earnings below Rs 5 Crores will soon file GST returns only
once in 3 months.
12.
MSMEs and
Traders to note that GST Registered SME units will get 2%
interest rebate on an incremental loan of Rs. 1 Crore.
13.
The
requirement of sourcing from SMEs by Government enterprises has been
increased to 25% with 3% reserved for women-owned SMEs.
14.
A scheme of
‘Business loans up to Rs. 1 crore in 59 minutes’ will be implemented.
15.
Limit to
deduct TDS on Rent under Section 194I has been increased from Rs
1,80,000 to Rs. 2,40,000.
16.
Measures
for the poor and backward class
17.
60,000 crores are
being allocated for MGNREGA in Budget Expenditure 2019-20. Additional
amount would be provided if required.
18.
Women
Empowerment
19.
Providing
cleaner fuel for rural women – out of the 8 crores promised free LPG
connections, 6 crore is already delivered under Ujjwala Yojana and
remaining will be deliveredin the coming year.
20.
More than
7,000 beneficiaries of PM Mudra Yojana are women. 15.56 crore loans
of ₹7.23 lakh crore disbursed
under MUDRA Yojana.
21.
Benefits of
maternity leave of 26 week have provided support to women.
22.
Banking
Reforms & Insolvency and Bankruptcy Code (IBC)
23.
Outstanding
loans of public sector banks increased from Rs 18 lakh crore to
Rs 52 lakh crore. Under the clean banking initiative, the 4R approach
i.e. Recognition, Resolution, Recapitalisation and Reforms is being
followed.
24.
3 banks
namely Bank of India, Bank of Maharashtra and Oriental Bank of Commerce are out
of Prompt Corrective Action (PCA)
25.
8 public
sector banks still remain within PCA framework which imposes
restrictions on lending and expansion.
26.
IBC has
instituted a resolution-friendly mechanism to speed-up recovery of NPAs.
Consequently, Rs 3 lakh crore has already been recovered to this
effect.
27.
A sum of Rs
2.6 lakh crore has been directed towards recapitalisation of
Public Sector Banks (PSBs).
28.
Amalgamation
of banks in place to avail economies of scale, better capital and wider
geographical coverage.
29.
Positive
disruptions in Pension Sector
30.
Benefits to
10 crore workers in the unorganised sector as part of the
Mega Pension Yojana.
31.
Contribute
Rs. 55-100 per month and govt will contribute the same – to get Rs. 3000
pension monthly post 60.
32.
Over Rs.
35,000 crore has been allocated under the ‘One Rank One Pension’
scheme for Defence personnel.
33.
Rs.
500 crore allotted for pension schemes for individuals in other
sectors.
34.
NPS rules
amended in December are implemented – with increased Government contribution
from 10% to 14%.
35.
Agriculture
Reforms
36.
Minimum
Support Price (MSP) fixed at 50% more than the cost for all the 22 crops.
37.
Pradhan Mantri Kisan Samman Nidhi (PM-kisan)
to benefit around 12 crore small and marginal farmers with a direct
income support of Rs 6000 annually. Rs 75,000 crore has been
allocated towards this.
38.
The amount
of interest subvention has been doubled and crop loans to farmers increased to
Rs 11.68 lakh crore.
39.
Allocation
for Rashtriya Gokul Mission increased to Rs 750 crore. Rashtriya Kamdhenu Aayog has
been established to genetically upgrade cow resources.
40.
Under Kisan Credit
Card scheme, farmers pursuing animal husbandry and fisheries will get 2%
interest subvention. An additional 3% interest subvention will be provided for
timely loan repayment.
41.
Under
National Disaster Relief Fund (NDRF), farmers affected by natural calamities
will get 2% interest subvention. A prompt repayment incentive of 3% will be
given for entire loan reschedulement period.
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