The Interim budget of 2019 was presented today in the parliament by BJP Union Railway Minister Piyush Goyal in the absence of Arun Jaitley (Finance Minister) due to his treatment.
The highlights of the budget were:
1. No income tax for income up to Rs. 5 lakh. Individuals with gross income of up to 6.5 lakhs need not pay the taxes if they make investments in provident funds or prescribed equities.
(Minister later clarified that slabs will remain and this is applicable only to people with income less than 5 Lakhs)
2. Package of Rs. 6000 yearly for each farmer who has less than 2-hectare land.
3. Plans of One lakh digital villages in the next five years.
4. I-T processing of returns to be done in 24 hours.
5. Vande Bharat Express, the semi high-speed train to be launched soon.
6. National Artificial Intelligence portal to be developed soon
7. Single-window clearance for film-makers
8. Pams to hike the gratuity limit from Rs. 10 lakh to Rs. 20 lakh from the next financial year.
9. The government announced a pension scheme for the workers in the unorganized sector with a monthly income of up to Rs. 15,000. An assured monthly pension of Rs.3,000 after they retire at 60
10. All farmers affected by severe natural calamities will get 2% interest subvention and additional 3% interest subvention upon timely repayment