Finance Minister Piyush Goyal and Prime Minister Narendra Modi delivered sixers on every ball at the Union Budget in Lok Sabha on February 1st. The moment NDA benches were waiting for was the finance minister Piyush Goyal’s interim budget for 2019-20. As soon as the proposal was delivered loud table-thumping followed.
It is to be heard that the government has brought down average inflation to 4.6%, lower than the inflation during the tenure of any other previous government. This year’s budget was truly for the middle-class. Few of the highlights are:
- Individual taxpayers with annual income up to 5 lakh rupees will get the rebate. Previously it was 2.5 lakh.
- Individuals with gross income up to 6.5 lakh rupees will not pay any tax if they make investments in funds like provident funds and equities.
- Salaries persons raised from 40,00 rupees to 50,000 rupees.
- 10-30 lakh rupees limit increased for Gratuity.
- TDS on interest income from a deposit in banks and post-office up to Rs 40,000.
- Benefits under Sec 80(i)BA being extended for one more year, for all housing projects approved until the end of 2019-2020.
