Key Highlights of Union Budget 2019-20
Finance minister Nirmala Sitharaman is presenting Narendra Modi government’s 2.0 First Budget. Below are Key Highlights of Union Budget 2019.
25% tax for all companies with annual turnover of Rs 400 crore. Currently, the lower tax rate of 25% is applicable to firms with annual turnover of Rs 250 crore. I propose to widen this to all companies with annual turnover of up to Rs 400 crore. This will cover 99.3% of all companies.
Budget 2019: No change in income-tax slabs proposed
Additional income tax deduction of up to Rs. 1.5 lakhs is proposed on payment of interest on loan taken to purchase electronic vehicles
Lower GST rate on electric vehicle from 12% to 5% is proposed before GST Council
Excise duty on fuel hiked by 1 rupee
FM proposes increase in custom duty on gold and other products
Additional deduction of Rs. 1.50 lakh for interest paid on home loan is proposed
Increase in surcharge for those earning Rs 5 crore and above
To resolve the issue of Angel Tax the startups and investors who file requisite declarations will not be subjected to any kind of scrutiny in respect of valuation of share premium. A mechanism of e-verification will be put in place and with this, the funds raised by startups will not require any tax scrutiny.
Adhaar card can be used instead of PAN for filing of ITR, FM proposed
Relaxed norms for set off and carry forward of losses for start-ups have been proposed
FM proposed TDS of 2% on cash withdrawal of Rs. 1 crore in a year from bank account
Prefilled income Tax Returns to be made available for tax payers
Annual Global Investors’ Meet to be organized in India, using National Investment and Infrastructure Fund(NIIF) as the anchor to get key sets of global players to come and invest in India
Ease of Doing Business to be extended to Farmers also
It’s right time to consider increasing minimum public shareholding in the
listed companies, I have asked SEBI to consider raising the current threshold of 25% to 35%
Interoperability of RBI depositories and SEBI depositories necessary for seamlesss transfer of treasury bills; govt. will take necessary measures in this regard in consultation with RBI and SEBI
Government has given a massive push to all forms of physical connectivity via
- PMGSY
- Industrial corridors
- Dedicated freight corridors
- Bharatmala
- Sagarmala
- Jal Marg vikas
- UDAN schemes
Govt will invite suggestions for further opening up of FDI in aviation sector, media, animation AVGC and insurance sectors in consultation with all stakeholders. 100% FDI will be permitted for insurance intermediaries.
Credit Guarantee Enhancement Corporation will be set up in 2019-20, action plan to deepen markets for long-term bonds with specific focus on infra sector to be put in place
Pension benefit to be extended to around 3 crore retail traders and shopkeepers with an annual turnover less than 1.5 crores under Pradhan Mantri Karam Yogi Man Dhan Scheme
Online portal for ease of access to credit of up to Rs 1 crore within 59 minutes for MSMEs
Several reforms would be undertaken to promote rental housing, current rental laws are archaic as they do not address lessor-lessee relationships fairly
More investment needed in Infrastructure, Digital economy etc. It is estimated that railway infra will need investment of Rs 50 lakh crore between 2018 and 2030. Given expenditure is Rs 1.4-1.6 lakh crore per annum.
More focus on Air and Water Travels.
FAME II scheme aims to encourage faster adoption of electric vehicles by right incentives and charging infra
The Indian economy will grow to become a $3 trillion economy this year and $5 trillion economy over the next 5 years.
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