Budget 2019 India preparations begin! Industry bodies start compiling recommendations

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New Delhi | Published: May 14, 2019 3:18:48 PM

Budget 2019 India date, analysis, summary, highlights, income tax slab: Before every Union Budget, industry bodies and key players put forward their suggestions on direct and indirect taxes pertaining to the several sectors.

budget 2019 INDIAIndia Budget 2019-20 is likely to be presented in July, once the newly elected government is formed after the Lok Sabha elections 2019.

Budget 2019 India preparations begin! The industry body, the Federation of Indian Chambers of Commerce & Industry (FICCI), has started preparing recommendations for the upcoming Budget 2019, which will be the first budget of the newly elected government. According to an IANS report, the Finance Ministry has sent communications to various industry bodies, seeking suggestions for the upcoming Budget, which is expected sometime in July. Sources in FICCI told Financial Express Online that the industry body has started working on recommendations for Union Budget 2019, but did not confirm if the activity had started based on some communication from the Finance Ministry.

Budget 2019 India date

Before every Union Budget, industry bodies and key players put forward their suggestions on direct and indirect taxes pertaining to the several sectors. As per reports, India Budget 2019-20 is likely to be presented in July, once the newly elected government is formed after the Lok Sabha elections 2019. Lok Sabha election result will come out on May 23 as the seven-phased general elections for the largest democracy in the world are ending on May 19.

Budget 2019 India analysis, summary, highlights, income tax slab

Like every election year, 2019 has two union budgets. This year on February 1, the Narendra Modi government presented an interim budget ahead of the Lok Sabha Elections. The main highlights of the interim budget were the Modi government’s populist measures towards farmers and middle class. Under PM-KISAN, the government stated farmers would be provided income support of Rs 6,000 per annum in three instalments of Rs 2,000 each. Under KCC, people involving in animal husbandry and fisheries were provided interest subvention of 2 per cent. They will get an additional 3 per cent for timely repayment.

For the social security of the people engaging in the unorganized sector, the central government announced Pradhan Mantri Shram-Yogi Maandhan scheme in interim budget 2019 under which monthly pension of Rs 3,000 will go to the bank accounts of the eligible workers.

For the middle class, interim budget 2019 offers relief in the income tax structure. A full income tax rebate was given to people having taxable income up to Rs 5 lakh. Apart from this, the standard deduction for salaried employees was increased from Rs 40,000 to Rs 50,000.

In the absence of Arun Jaitley, Railway Minister Piyush Goyal tabled the interim budget in Parliament and made the budget speech.

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