India’s Union Budget (2019-20)/ Finance Bill, 2019 has been presented by MoF Sh. Piyush Goyal in the Parliament, today (i.e. on 01/02/2019):
Tax proposals made by the Finance Minister Sh. Piyush Goyal in the Interim Budget 2019 have mainly focussed to provide much awaited relief to middle class. Public, Media and Professionals are all appreciating the Budget 2019 as a progressive budget for small taxpayers (middle class) since the proposed measures would provide immediate relief to small taxpayers and benefit the salaried taxpayers with enhanced take home pay.
Lower/ Middle Class, Pensioners, Senior Citizens those who are mainly dependent on rental/ pension/ interest income, have benefited the most with enhanced tax free income, enhanced threshold for TDS on Rent/ Interest.
Direct Tax Proposals made in the Budget 2019 (FY 2019-20/ AY 2020-21) mainly includes i) full tax rebate for individual taxpayers having total income up to Rs. 5 lacs, ii) enhanced standard deduction (from Rs.40,000 to Rs. 50,000), iii) allowing self-occupation of two residential house properties without tax liability for notional rental income of second property, iv) increase in threshold for TDS on interest from bank/post office deposits (from Rs.10,000 to Rs.40,000), v) increase in threshold for TDS on rent (from Rs.1,80,000 to Rs.2,40,000), vi) allowing investment in two residential houses for claiming capital gains exemption under section 54, etc.
All the documents related to Budget 2019 speech/ proposals have been uploaded by GoI at https://www.indiabudget.gov.in/:
i) Key to Budget Documents
ii) Budget Speech
iii) Budget at a Glance
iv) Annual Financial Statement
v) Finance Bill
vi) Receipt Budget
vii) Expenditure Budget
viii) The Macro Economic Framework Statement
ix) Medium Term Fiscal Policy/ Fiscal Policy Strategy Statement
x) Implementation of Budget Announcements 2018-2019