Full Income Tax Rebate For Those Earning Upto Rs 5 Lakh Annually
Piyush Goyal outside Parliament on Friday, 1 February
Piyush Goyal outside Parliament on Friday, 1 February(Photo Courtesy: PTI)

Full Income Tax Rebate For Those Earning Upto Rs 5 Lakh Annually

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.

Snapshotclose

  • 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

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What is an Interim Budget?

Interim Budget is presented by the incumbent government in its last year in office, with the general elections due to be held during the upcoming financial year.

This Budget is not for the entire year but for a short period of time, that is, the transitory period between two governments.

By practice, the interim Budget does not contain major policy decisions that is likely to affect the expenditure of the next government. However, if the interim Budget is presented before the announcement of dates of the general election, the government is free to announce any policy decisions through it.

Also Read : What is An Interim Budget? And What Will Modi Govt Do in Theirs?

Budget Will Be Interim, Finance Ministry Responds Amid Speculations

The Finance Ministry, on 30 January, clarified that the Budget to be presented by the government will be an Interim Budget.

The clarification comes following media reports and speculation that the central government was set to announce a Full Budget ahead of the Lok Sabha elections in the country.

Also Read : Budget Will Be Interim, Clarifies Finance Ministry Amid Confusion

Piyush Goyal Arrives at Ministry of Finance Office Ahead of Interim Budget

Piyush Goyal arrives at the Ministry of Finance.

Piyush Goyal arrives at the Ministry of Finance.
Piyush Goyal arrives at the Ministry of Finance.
(Photo: ANI)

Union Cabinet To Meet Ahead of Budget Session

Union Cabinet will meet before the Budget presentation in the Parliament today.

Copies of Budget Reach Parliament

Copies of interim Budget have been brought to the Parliament complex.

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Piyush Goyal Leaves for Parliament to Present the Interim Budget

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'Sabka Saath, Sabka Vikas' Will Reflect Today: Narendra Singh Tomar

Union Minister Narendra Singh Tomar said that the government’s agenda of ‘sabka saath, sabka vikas’ will reflect in the interim Budget.

Sabka Saath, Sabka Vikas has been our government's mantra and it will reflect in the Budget,” he said.

Security Officials Inspect Budget Copies in Parliament Complex

The printed copies of interim Budget are being security checked inside the Parliament complex.

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Don't Expect Much From the Budget: Yogendra Yadav

Farmers’ activist Yogendra Yadav said that he does not expect much from the government’s interim Budget for farmers.

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Piyush Goyal Meets President Kovind

Piyush Goyal meets President Ram Nath Kovind ahead of presenting interim Budget.

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Piyush Goyal Enroute Parliament After Meeting President

Piyush Goyal is on his way to the Parliament after briefing President Ram Nath Kovind.

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Piyush Goyal Arrives At Parliament to Present Budget

Piyush Goyal arrives at Parliament to present Modi government’s interim Budget.

Piyush Goyal arrives at Parliament to present Modi government’s interim Budget.
Piyush Goyal arrives at Parliament to present Modi government’s interim Budget.
(Photo: ANI)
KEY EVENT

Markets Open Higher, Rupee Opens Flat Ahead of Budget 2019

Sensex opens higher at 36,311.74 points, Nifty opens at 10,851.35 points ahead of Budget presentation.

Rupee opened flat at 71.10 per dollar against yesterday's close of 71.08.

KEY EVENT

'Expect Govt to Increase Investment in Railways': Manoj Sinha

Manoj Sinha, Minister of State for Railways said that he expects the government to further increase investment in railways.

“The way the government has increased the investment in railways, from installing CCTV cameras to WiFi, I believe further investment in railways will certainly be increased,” he said.

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Sensex Goes Further Up By 151.44 Points Ahead of Interim Budget

Sensex rises by 151.44 points, currently at 36,408.13.

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'This Will Be a Budget For the Farmers': Union Minister for Agriculture

Union Minister of Agriculture and Farmers' Welfare Radha Mohan Singh said that like the previous Budgets of the NDA government, this Budget too will be for the farmers.

“ The last five budgets have been dedicated to the farmers, the government's sixth budget will also be for the farmers, it will empower them.” he said.

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Sushma Swaraj, Rajnath Singh, Ravi Shankar Prasad Arrive at Parliament

Union ministers Sushma Swaraj, Rajnath Singh and Ravi Shankar Prasad arrive at the Parliament ahead of the interim Budget presentation.

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KEY EVENT

'Budget Will Be Presented Keeping in Mind LS Polls': Mallikarjun Kharge

Congress leader Mallikarjun Kharge said that the interim Budget will be presented by the Modi government keeping in mind the upcoming Lok Sabha polls.

“They'll try to introduce populist schemes in the Budget keeping an eye on Lok Sabha polls. Budgets they've presented so far haven’t really benefitted general public. Only ‘Jumlas’ will come out today. They have only four months, when will they implement the schemes?” he said.

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TDP MPs Protest Outside Parliament

Telugu Desam Party (TDP) MPs dress in black to protest against the central government ahead of the presentation of the interim Budget. They are protesting in Parliament premises demanding special category status for Andhra Pradesh.

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Cabinet Approves Interim Budget

The Cabinet has approved the Interim Budget 2019-20, reports news agency ANI.

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Piyush Goyal Presents Budget

Finance Minister Presenting Interim Budget 2019-20

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Economy Stable and Growing Fast: Piyush Goyal

Piyush Goyal says restoring fiscal balance and controlling inflation has led to stability in economy

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Fiscal Deficit Target for 2018-19 is 3.4%

Piyush Goyal says the revised fiscal deficit target for 2018-19 is 3.4 percent

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Current Account Deficit To Be Contained At 2.5%

Presenting Budget 2019, Goyal says current account deficit will be contained at 2.5% of GDP in 2018-19

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FM Highlights Success of IBC

The government has recovered Rs 3 lakh crore under Insolvency and Bankruptcy Code, says Piyush Goyal

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Budget 2019: Piyush Goyal Speaks on Bank Recapitalisation

Goyal says Rs 2.6 lakh crore has been spent in bank recapitalisation of PSBs

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Budget 2019: Rs 1.7 Lakh Crore Spent On Cheap Foodgrains

FM says the government has spent Rs 1.7 lakh crore to provide cheap foodgrains to poor

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Budget 2019: Piyush Goyal Announces MNREGA Allocation

Rs 60,000 crore has been allocated for MNREGA scheme in Budget 2019, says Piyush Goyal

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Budget 2019: Gram Sadak Yojana Allocation Announced

Rs 19,000 crore allocated for Pradhan Mantri Gram Sadak Yojana in Budget 2019

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PM Kisan Scheme Announced

Farmers holding land upto 2 hectares will receive Rs 6,000 annually as direct income support

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Budget 2019: PM Kisan Scheme To Be rolled Out From 1 December, 2018

The scheme that will provide small farmers Rs 6,000 in three installments will roll out from 1 December, 2018

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PM Kisan Scheme Will Benefit 12 Crore farmers

This initiative will benefit 12 crore small and marginal farmers, at an estimated cost of Rs. 75,000 crore, says Piyush Goyal

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Budget 2019: Interest Subvention For Farmers

2- 5 percent Interest Subvention announced for farmers hit with natural calamity

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Budget 2019: Widening of KCC Scheme

All farmers will now be under Kisan Credit Card scheme, says Piyush Goyal

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Pradhan Mantri Shram Yogi Maan Dhan Yojana Announced

Pradhan Mantri Shram Yogi Maan Dhan Yojana announced for unorganised sector workers earning under Rs 15,000 per month. These individuals will receive Rs 3,000 per month after the retirement age of 60.

KEY EVENT

Defence Budget Above Rs 3 Lakh Crore

More than Rs 3 lakh crore has been allocated for defence sector in Budget 2019, says Piyush Goyal

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Committee For Nomadic Communities

A committee will be set up under Niti Aayog for nomadic communities, says Piyush Goyal

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Budget 2019: Rs 35,000 Crore Disbursed Towards OROP

Modi Government has disbursed Rs 35,000 crore towards One Rank One Pension, says Piyush Goyal

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Budget 2019: Allocation For Railways Announced

Piyush Goyal announces Rs 64,587 crore allocation for railways in FY20

KEY EVENT

Budget 2019: Digital Village Pitch By Govt

Piyush Goyal says government will set up 1 lakh digital villages in the next 5 years

KEY EVENT

Budget 2019: FM Highlights Jan Dhan Success

More than 34 crore bank accounts have been opened under Jan Dhan scheme since its launch, says Piyush Goyal

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Income Tax Returns and Refunds To Be Completed Within 24 Hours

All income tax returns and refunds to be completed within 24 hours, Piyush Goyal says.

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Budget 2019: Direct Tax Collections Up, Says Goyal

Direct tax collections increased from Rs 6.38 lakh crore in 2013-14 to almost Rs 12 lakh crore, says Piyush Goyal

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Budget 2019: Gratuity Limit Increased

Piyush Goyal announces that gratuity payment limit has been increased from Rs 10 lakh to Rs 20 lakh

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Budget 2019: Piyush Goyal Highlights Success of Demonetisation

Rs 1.3 lakh crore of undisclosed income came to system due to demonetisation, says Piyush Goyal

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We Will Become Rs 5 Trillion Economy in 5 Years, Says Goyal

India will become a Rs 5 trillion economy in 5 years and Rs 10 trillion economy in 8 years after that , says Goyal

KEY EVENT

Piyush Goyal Announces Total Budget Estimate For FY20

Total budget estimate for 2019-20 announced at Rs 27.84 lakh crore

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Budget 2019: Complete Tax Exemption For Those earning Up To Rs 5 Lakh

Piyush Goyal announces full tax rebate for those individual taxpayers earning upto Rs 5 lakh annually.

KEY EVENT

Standard Deduction Limit Raised

The standard deduction limit has been raised from Rs 40,000 to Rs 50,000 for salaried class.

KEY EVENT

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

KEY EVENT

TDS Threshold Increased On House Rent

No TDS on house rent upto Rs 2.4 lakh annually, says Piyush Goyal

KEY EVENT

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

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