Budget highlights 2019: Big income tax bonanza for middle class & more
Interim Finance Minister Piyush Goyal unveiled the Budget in Parliament today. ETMarkets compiles the highlights that may matter to you.
11.02 am: Finance Minister Piyush Goyal rises to present Budget 2019.
11.04 am: People of India gave strong mandate to our government: Piyush Goyal
11.05 am: Have been able to restore the image of the country: FM
11.05 am: Prepared the foundation for sustainable growth and progress: Piyush Goyal
11.05 am: India is marching towards growth and prosperity
11.06 am: We are the fastest growing economy in the world: FM
11.07 am: We have achieved the fastest growth since the economic reforms: FM
11.07 am: FY19 fiscal deficit seen at 3.4% of GDP: FM
11.07 am: FY19 CAD seen at 2.5% of GDP: FM
11.08 am: FY19 fiscal deficit seen at 3.4% of GDP: FM
11.09 am: Contained double-digit inflation & restored fiscal balance: FM
11.10 am: We had the temerity to tell the RBI to review questionable lending practices: FM
11.10 am: Defaulting managements now are either paying up or exiting their businesses: FM
11.11 am: Conducted transparent auction of natural resources including coal, spectrum: FM
11.12 am: India has achieved over 98% of rural sanitation coverage.
11.11 am: Spent Rs 2.6 lakh crore in recapitalization of PSU Banks.
11.12 am: BoI, BoM and OBC are out of PCA framework.
11.12 am: Expect other banks to soon exit PCA.
11.13 am: Most FDI came through the automatic route.
11.13 am: Bank mergers done to get economies
11.13 am: Recover Rs 3 lakh crore via IBC process.
11.15 am: India attracted $239 billion FDI in last 5 years
11.17 am: Rs 60,000 crore for MNREGA for FY20
11.18 am: Will provide more if needed for MNREGA in FY20.
11.19 am: Rs 19000 crore allocated for Pradhan Mantri Gram Sadak Yojana.
11.21 am: 10 lakh people have benefitted from Ayushman Bharat
11.22 am: Have constructed 1.53 lakh houses under PM housing plan.
11.22 am: To set up 22nd AIIMS in Haryana
11.23am: Government has for the first time ever hiked MSPs by 50 per cent for all 22 crops.
11.24 am: Need for providing structured income support for farmers.
11.25 am: Rs 6,000 per year income support for marginal farmers.
11.26 am: To create PM Kisaan Fund for small, medium farmers.
11.26 am: 12 crore farmer families to benefit from Kisaan scheme.
11.27 am: Kisaan scheme to transfer Rs 6000 per year to small farmers.
11.27 am: Income support for farmers holding less than 2 hectares land.
11.28 am: Animal husbandry, fishery sector allocation increased to Rs 750 crore in FY19
11.29 am: Income support to be transferred directly to farmer accounts.
11.30 am: 1st installment of Rs 2,000 to be given to farmers soon.
11.30 am: In case of timely repayment of loan by farmer, additional 3 per cent interest subvention.
11.30 am: ESI cover limit has been increased to Rs 21,000.
11.32 am: EPFO data shows formaliation of economy, job creation.
11.32 am: New pension scheme has been liberalised, increased government contribution to 14%
11.33 am: Jobs are created when there is high growth.
11.34 am: NDA increased MSP to fulfil its aim of doubling farm income.
11.34 am: To set up Rashtriya Kamdhenu Aayog.
11.35 am: 2% upfront interest subvention to farmers Struck by Natural Disasters.
11.35 am: Separate department of fisheries to be created.
11.36 am : 1.56 crore loans has been disbursed under Mudra Yojana.
11.37 am: Income support scheme to cost Rs 75,000 crore per year.
11.39 am: Government has increased tax-free gratuity from Rs 10 lakh to Rs 20 lakh.
11.42 am: India has become the second largest hub of startups.
11.43 am: Job seeker has become job creator.
11.43 am: The government aims to build a Digital India that reaches every citizen by creating innumerable startups and jobs.
11.44 am: The government will set up a welfare development board to help implement development programmes for nomadic and semi-nomadic communities.
11.44 am: Announces 8 crore credit free LPG connection under Ujjwala Yojana.
11.44 am: Governent to allocate Rs 500 crore to mega pension scheme.
11.44 am: Rs 15.56 crore loans has been disbursed under MUDRA Yojana.
11.45 am: Defence outlay at Rs 3 lakh crore in FY20.
11.47 am: 75 per cent of woman beneficiaries under PM MudraYojana, 26 weeks of maternity leave and Pradhan Mantri Matritva Yojana, are all empowering women.
11.50 am: Today India is the fastest highway developer in the whole world.
11.50 am: No unmanned rail crossing left in broadgauge network: FM
11.51 am: Infrastructure is the backbone of any country's development.
11.51 am: Allocated Rs 64,587 crore for Railways in FY20.
11.51 am: Railway operating ratio seen 96.20 per cent in FY19 and 95 per cent in FY20.
11.52 am: Monthly mobile data consumption has increased 50 times in last five years.
11.53 am: Urgent need to increase production of biofuels, hydrocarbons in India.
11.56 am: Will set up 1 lakh digital villages in the next 5 years.
11.56 am: National programme on artificial intelligence has been envisaged.
11.57 am: India's installed solar power generation capacity has grown 10 times in the country.
11.58 am: Tax collection increased to Rs 12 lakh crore this year from Rs 6.38 lakh crore in 2014.
11.59 am: All returns to be processed in 24 hours and refund simultaneously.
11.59 am: Verification and assessment, scrutiny of tax return application will be anonimised by technology.
12.02 pm: Reducing tax burden on middle class a priority.
12.06 pm: Single window clearance for Indian film-maker.
12.07 pm: 34 crore Jan Dhan Yojana accounts opened in last five years.
12.09 pm: State revenues are improving.
12.10 pm: January GST collection mopped up to Rs 1.03 lakh crore. Average GST collection at Rs 97,100 crore in FY19.
12.11 pm: GST council will take steps to reduce tax burden on home-buyers.
12.11 pm: The government implemented the GST, which is undoubtedly the biggest taxation reform since Independence.
12.11 pm: Most daily-use items are now under 0-5 per cent tax slab under GST.
12.12 pm: More than 1 crore people filed income tax after demonetisation.
12.12 pm: Prime Minister Narendra Modi has laid down foundation for the growth and development of India for many years to come.
12.13 pm: India is poised to become a $5 trillion in next five years and $10 trillion economy in eight years: FM
12.17 pm: The government is committed to eliminating the ills of black money.
12.17 pm: Anti-black money measures taken by government in the last year have uncovered undisclosed income of Rs 1.3 lakh crore.
12.17 pm: India is now on the way to become global manufacturing hub including automobile, medicine, manufacturing etc: FM
12.19 pm: Government to focus on building physical and social infra for ease of living.
12.22 pm: DTC report is coming on Feb 28. If govt has enough time after that, it might make an announcement.
12.26 pm: Confident of crossing divestment target of Rs 80,000 crore this year.
12.26 pm: FY20 Capex at Rs 3.36 lakh crore.
12.27 pm: Fiscal deficit target for FY20 at 3.4 per cent.
12.28 pm: Government aims to bring for debt-GDP ratio to 40 per cent by FY24-25.
12.30 pm: Propose to reduce tax burden on middle dlass tax payers. Individual having Rs 5,00,000 annual income will get full tax rebate.
12.33 pm: Gross income up to Rs 6.50 lakh will not attract tax if you have specific investment in instruments like PF etc.
12.34 pm: 3 crore middle class tax payers to gain.
12.34 pm: For salaried deduction standard deduction has been raised to Rs 50,000 from Rs 40,000 earlier.
12.35 pm: No TDS up to interest of Rs 40,000 from banks.
12.36 pm: No income tax on notional rent on 2nd self occupied home.
12.36 pm: Capital gains benefit allowed on second houses in select cases.
12.37 pm: Income tax exemption on new realty projects registered up to 2020.
11.02 am: Finance Minister Piyush Goyal rises to present Budget 2019.
11.04 am: People of India gave strong mandate to our government: Piyush Goyal
11.05 am: Have been able to restore the image of the country: FM
11.05 am: Prepared the foundation for sustainable growth and progress: Piyush Goyal
11.05 am: India is marching towards growth and prosperity
11.06 am: We are the fastest growing economy in the world: FM
11.07 am: We have achieved the fastest growth since the economic reforms: FM
11.07 am: FY19 fiscal deficit seen at 3.4% of GDP: FM
11.07 am: FY19 CAD seen at 2.5% of GDP: FM
11.08 am: FY19 fiscal deficit seen at 3.4% of GDP: FM
11.09 am: Contained double-digit inflation & restored fiscal balance: FM
11.10 am: We had the temerity to tell the RBI to review questionable lending practices: FM
11.10 am: Defaulting managements now are either paying up or exiting their businesses: FM
11.11 am: Conducted transparent auction of natural resources including coal, spectrum: FM
11.12 am: India has achieved over 98% of rural sanitation coverage.
11.11 am: Spent Rs 2.6 lakh crore in recapitalization of PSU Banks.
11.12 am: BoI, BoM and OBC are out of PCA framework.
11.12 am: Expect other banks to soon exit PCA.
11.13 am: Most FDI came through the automatic route.
11.13 am: Bank mergers done to get economies
11.13 am: Recover Rs 3 lakh crore via IBC process.
11.15 am: India attracted $239 billion FDI in last 5 years
11.17 am: Rs 60,000 crore for MNREGA for FY20
11.18 am: Will provide more if needed for MNREGA in FY20.
11.19 am: Rs 19000 crore allocated for Pradhan Mantri Gram Sadak Yojana.
11.21 am: 10 lakh people have benefitted from Ayushman Bharat
11.22 am: Have constructed 1.53 lakh houses under PM housing plan.
11.22 am: To set up 22nd AIIMS in Haryana
11.23am: Government has for the first time ever hiked MSPs by 50 per cent for all 22 crops.
11.24 am: Need for providing structured income support for farmers.
11.25 am: Rs 6,000 per year income support for marginal farmers.
11.26 am: To create PM Kisaan Fund for small, medium farmers.
11.26 am: 12 crore farmer families to benefit from Kisaan scheme.
11.27 am: Kisaan scheme to transfer Rs 6000 per year to small farmers.
11.27 am: Income support for farmers holding less than 2 hectares land.
11.28 am: Animal husbandry, fishery sector allocation increased to Rs 750 crore in FY19
11.29 am: Income support to be transferred directly to farmer accounts.
11.30 am: 1st installment of Rs 2,000 to be given to farmers soon.
11.30 am: In case of timely repayment of loan by farmer, additional 3 per cent interest subvention.
11.30 am: ESI cover limit has been increased to Rs 21,000.
11.32 am: EPFO data shows formaliation of economy, job creation.
11.32 am: New pension scheme has been liberalised, increased government contribution to 14%
11.33 am: Jobs are created when there is high growth.
11.34 am: NDA increased MSP to fulfil its aim of doubling farm income.
11.34 am: To set up Rashtriya Kamdhenu Aayog.
11.35 am: 2% upfront interest subvention to farmers Struck by Natural Disasters.
11.35 am: Separate department of fisheries to be created.
11.36 am : 1.56 crore loans has been disbursed under Mudra Yojana.
11.37 am: Income support scheme to cost Rs 75,000 crore per year.
11.39 am: Government has increased tax-free gratuity from Rs 10 lakh to Rs 20 lakh.
11.42 am: India has become the second largest hub of startups.
11.43 am: Job seeker has become job creator.
11.43 am: The government aims to build a Digital India that reaches every citizen by creating innumerable startups and jobs.
11.44 am: The government will set up a welfare development board to help implement development programmes for nomadic and semi-nomadic communities.
11.44 am: Announces 8 crore credit free LPG connection under Ujjwala Yojana.
11.44 am: Governent to allocate Rs 500 crore to mega pension scheme.
11.44 am: Rs 15.56 crore loans has been disbursed under MUDRA Yojana.
11.45 am: Defence outlay at Rs 3 lakh crore in FY20.
11.47 am: 75 per cent of woman beneficiaries under PM MudraYojana, 26 weeks of maternity leave and Pradhan Mantri Matritva Yojana, are all empowering women.
11.50 am: Today India is the fastest highway developer in the whole world.
11.50 am: No unmanned rail crossing left in broadgauge network: FM
11.51 am: Infrastructure is the backbone of any country's development.
11.51 am: Allocated Rs 64,587 crore for Railways in FY20.
11.51 am: Railway operating ratio seen 96.20 per cent in FY19 and 95 per cent in FY20.
11.52 am: Monthly mobile data consumption has increased 50 times in last five years.
11.53 am: Urgent need to increase production of biofuels, hydrocarbons in India.
11.56 am: Will set up 1 lakh digital villages in the next 5 years.
11.56 am: National programme on artificial intelligence has been envisaged.
11.57 am: India's installed solar power generation capacity has grown 10 times in the country.
11.58 am: Tax collection increased to Rs 12 lakh crore this year from Rs 6.38 lakh crore in 2014.
11.59 am: All returns to be processed in 24 hours and refund simultaneously.
11.59 am: Verification and assessment, scrutiny of tax return application will be anonimised by technology.
12.02 pm: Reducing tax burden on middle class a priority.
12.06 pm: Single window clearance for Indian film-maker.
12.07 pm: 34 crore Jan Dhan Yojana accounts opened in last five years.
12.09 pm: State revenues are improving.
12.10 pm: January GST collection mopped up to Rs 1.03 lakh crore. Average GST collection at Rs 97,100 crore in FY19.
12.11 pm: GST council will take steps to reduce tax burden on home-buyers.
12.11 pm: The government implemented the GST, which is undoubtedly the biggest taxation reform since Independence.
12.11 pm: Most daily-use items are now under 0-5 per cent tax slab under GST.
12.12 pm: More than 1 crore people filed income tax after demonetisation.
12.12 pm: Prime Minister Narendra Modi has laid down foundation for the growth and development of India for many years to come.
12.13 pm: India is poised to become a $5 trillion in next five years and $10 trillion economy in eight years: FM
12.17 pm: The government is committed to eliminating the ills of black money.
12.17 pm: Anti-black money measures taken by government in the last year have uncovered undisclosed income of Rs 1.3 lakh crore.
12.17 pm: India is now on the way to become global manufacturing hub including automobile, medicine, manufacturing etc: FM
12.19 pm: Government to focus on building physical and social infra for ease of living.
12.22 pm: DTC report is coming on Feb 28. If govt has enough time after that, it might make an announcement.
12.26 pm: Confident of crossing divestment target of Rs 80,000 crore this year.
12.26 pm: FY20 Capex at Rs 3.36 lakh crore.
12.27 pm: Fiscal deficit target for FY20 at 3.4 per cent.
12.28 pm: Government aims to bring for debt-GDP ratio to 40 per cent by FY24-25.
12.30 pm: Propose to reduce tax burden on middle dlass tax payers. Individual having Rs 5,00,000 annual income will get full tax rebate.
12.33 pm: Gross income up to Rs 6.50 lakh will not attract tax if you have specific investment in instruments like PF etc.
12.34 pm: 3 crore middle class tax payers to gain.
12.34 pm: For salaried deduction standard deduction has been raised to Rs 50,000 from Rs 40,000 earlier.
12.35 pm: No TDS up to interest of Rs 40,000 from banks.
12.36 pm: No income tax on notional rent on 2nd self occupied home.
12.36 pm: Capital gains benefit allowed on second houses in select cases.
12.37 pm: Income tax exemption on new realty projects registered up to 2020.
