Interim Finance Minister Piyush Goyal on Friday, 1 February, presented the interim Budget 2019.
Among major announcements, a full income tax exemption has been announced for those earning upto Rs 5 lakh annually. A direct income support for small farmers and a pension scheme for workers in the unorganised sector have also been announced.
The Budget will seek Parliament's approval for spending for four months till a new government is sworn in.
The Budget session began on 31 January and will end on 13 February. This is the last session of the 16th Lok Sabha before general elections 2019.
- Piyush Goyal announced those earning upto Rs 5 lakh annually are exempt from income tax
- Farmers holding land upto 2 hectares will receive Rs 6,000 annually as direct income support under PM Kisan Scheme
- Pradhan Mantri Shram Yogi Maan Dhan Yojana announced for unorganised sector workers earning under Rs 15,000 per month
Budget 2019: Piyush Goyal Announces Further Tax Exemptions
Individuals with gross income up to Rs 6.5 lakh will not need to pay any tax if they make investments in provident funds and prescribed equities, says Piyush Goyal
TDS Threshold Increased On House Rent
No TDS on house rent upto Rs 2.4 lakh annually, says Piyush Goyal
Budget 2019: TDS Limit Raised on Savings
TDS limit raised from 10,000 to 40,000 on bank savings and post office savings in Budget 2019
Standard Deduction Limit Raised
The standard deduction limit has been raised from Rs 40,000 to Rs 50,000 for salaried class.