Missed the Budget? Here’s all you need to know in two minutes

By: |
February 2, 2019 3:53 PM

Finance Minister Piyush Goyal presented the last Budget of the Narendra Modi government ahead of upcoming Lok Sabha polls on Friday, which was full of election goodies for farmers, middle-class, homebuyers, and labourers.

Budget 2019: The sops-loaded Interim Budget, businesses said, are potential game changers for the economy, consumer spending, and economic growth.Budget 2019: Finance Minister Piyush Goyal presented the last Budget of the Narendra Modi government ahead of upcoming Lok Sabha polls on Friday.

Budget 2019: Finance Minister Piyush Goyal presented the last Budget of the Narendra Modi government ahead of upcoming Lok Sabha polls on Friday, which was full of election goodies for farmers, middle-class, homebuyers, and labourers. However, if you missed the Budget speech, here are major highlights in a nutshell.

Individuals:

In a surprise announcement, Goyal gave the much-awaited tax relief to the middle-class by exempting income up to Rs 5 lakh per annum. He also increased the standard deduction limit increased by Rs 10,000 to 50,000.

Farmers:

After the poll debacle in three heartland states, the government tried to woo voters by announcing Rs 6,000 per year income support to marginal and small farmers with less than 2 hectares of land. under PM-KISAN. Moreover, agriculture and fisheries sector also got 2% subvention under Kisan Credit Card and further 3% on timely repayment.

Homebuyers:

The government also announced rollover of capital gains allowed for two houses as one-time benefit up to a gain of Rs 2 crore.

SMEs and Traders:

Goyal also announced that an increase in sourcing requirements from SMEs by government enterprises by 25%, of which 3% to be sourced from women-owned SMSs.

Women:

Asha and Anganwadi workers’ honorarium has been increased by about 50% for all categories. The government also announced that it will extend the coverage under Ujjwala to 8 crore from present 6 crore.

Builders:

The government extended the exemption on levy of the tax for unsold inventories from one-year t two years. Moreover, Section 80IBA benefits were also extended for one more year for affordable housing projects approved by March 31, 2020.

Unorganised workers:

The government announced to provide Rs 3,000 monthly pension after the age of 60 under PM Shram Yogi Maandhan.

Rural workers:

The government made higher allocation for MGNREGA of Rs 60,000 crore. For Prime Minister Gram Sadak Yojana, the government allocated Rs 19,000 crore, a 20% increase on-year.

Small savers:

Goyal also announced TDS exemption on interest income from Rs 10,000 to 40,000. For self-occupied house, income tax exemption on notional rent on the second house has been given.

Do you know What is Finance Bill, Short Term Capital Gains Tax, Fiscal Policy in India, Section 80C of Income Tax Act 1961, Expenditure Budget? FE Knowledge Desk explains each of these and more in detail at Financial Express Explained. Also get Live BSE/NSE Stock Prices, latest NAV of Mutual Funds, Best equity funds, Top Gainers, Top Losers on Financial Express. Don’t forget to try our free Income Tax Calculator tool.

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