{"id":209209,"date":"2019-02-01T18:30:49","date_gmt":"2019-02-01T13:00:49","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=209209"},"modified":"2019-02-01T18:32:09","modified_gmt":"2019-02-01T13:02:09","slug":"interim-budget-2019-2020-major-highlights","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2019\/02\/01\/interim-budget-2019-2020-major-highlights\/","title":{"rendered":"Interim Budget 2019-2020 &#8212; Major Highlights"},"content":{"rendered":"<p style=\"text-align: justify;\">The key highlights of the Interim Budget 2019-20 presented by the Union Minister for Finance, Corporate Affairs, Railways &amp; Coal, Shri Piyush Goyal\u00a0in Parliament today are as follows:<\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000080;\"><strong>\u00a0<\/strong><strong>New Announcements<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #800080;\"><u><strong>Farmers<\/strong><\/u><\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li>12 crore small and marginal farmers to be provided with an assured yearly income of Rs. 6000 per annum under PM-KISAN<\/li>\n<\/ul>\n<p style=\"text-align: justify;\">\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 o\u00a0\u00a0\u00a0Outlay of Rs. 75,000 crore for FY 2019-20 with additional Rs. 20,000 crore in RE 2018-19<\/p>\n<ul style=\"text-align: justify;\">\n<li>\u00a0Outlay for Rashtriya Gokul mission increased to Rs 750 crore<\/li>\n<li>\u00a0Rashtriya Kamdhenu Ayog\u00a0 to be setup for sustainable genetic up-gradation of the Cow resources<\/li>\n<li>New separate Department of Fisheries for welfare of 1.5 crore fishermen<\/li>\n<li>2% interest subvention to Farmers for Animal husbandry and Fisheries activities; additional 3% in case of timely repayment.<\/li>\n<li>Interest subvention of 2% during disaster will now be provided for the entire period of re-schedulement of loan.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"color: #800080;\"><u><strong>Labour<\/strong><\/u><\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li>Pradhan Mantri Shram Yogi Maandhan scheme to ensure fixed monthly pension to 10 crore unorganized sector workers<\/li>\n<\/ul>\n<p style=\"text-align: justify;\">\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 o\u00a0\u00a0\u00a0Rs 3000 per month after 60 years of age with an affordable contribution of only Rs 100\/55 per month<\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #800080;\"><u><strong>Health<\/strong><\/u><\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li>22<sup>nd<\/sup>\u00a0AIIMS to be setup in Haryana<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"color: #800080;\"><u><strong>MGNREGA<\/strong><\/u><\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li>Rs. 60, 000 crore allocation for MGNREGA in BE 2019-20<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"color: #800080;\"><u><strong>Direct Tax proposals<\/strong><\/u><\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li>Income upto Rs. 5 lakh exempted from Income Tax<\/li>\n<li>More than Rs. 23,000 crore tax relief to 3 crore middle class taxpayers<\/li>\n<li>\u00a0Standard Deduction to be raised to Rs. 50,000 from Rs. 40,000<\/li>\n<li>TDS threshold to be raised from Rs. 10,000 to Rs. 40,000 on interest earned on bank\/post office deposits<\/li>\n<li>\u00a0Existing rates of income tax to continue<\/li>\n<li>Tax exempted on notional rent on a second self-occupied house<\/li>\n<li>Housing and real estate sector to get boost-<\/li>\n<\/ul>\n<p style=\"text-align: justify;\">\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0o\u00a0\u00a0\u00a0TDS threshold for deduction of tax on rent to be increased from Rs. 1,80,000 to Rs. 2,40,000<\/p>\n<p style=\"text-align: justify;\">\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0o\u00a0\u00a0\u00a0Benefit of rollover of capital gains increased from investment in one residential house to two residential houses for capital gains up to Rs. 2 crore.<\/p>\n<p style=\"text-align: justify;\">\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0o\u00a0\u00a0\u00a0Tax benefits for affordable housing extended till 31st March, 2020 under Section 80-IBA of Income Tax Act<\/p>\n<p style=\"text-align: justify;\">\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0o\u00a0\u00a0\u00a0Tax exemption period on notional rent, on unsold inventories, extended from one year to two years<\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #800080;\"><u><strong>Fiscal Programme<\/strong><\/u><\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li>Fiscal deficit pegged at 3.4% of GDP for 2019-20<\/li>\n<li>Target of 3% of fiscal deficit to be achieved by 2020-21.<\/li>\n<li>Fiscal deficit brought down to 3.4% in 2018-19 RE from almost 6% seven years ago<\/li>\n<li>Total expenditure increased by over 13% to Rs.27,84,200 crore in 2019-20 BE<\/li>\n<li>Capital Expenditure for 2019-20 BE estimated at Rs. 3,36,292 crore<\/li>\n<li>Centrally Sponsored Schemes (CSS) allocation increased to Rs. 3,27,679 crore in BE 2019-20<\/li>\n<li>National Education Mission allocation increased by about 20% to Rs. 38,572 crore in BE 2019-20<\/li>\n<li>\u00a0Allocation for Integrated Child Development Scheme (ICDS) increased by over 18% to Rs. 27,584 crore in BE 2019-20<\/li>\n<li>Substantial increase in allocation for the Scheduled Castes and Scheduled Tribes &#8211;<\/li>\n<\/ul>\n<p style=\"text-align: justify;\">\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 o\u00a0\u00a0\u00a0Allocation for SCs increased by 35.6% &#8211; from Rs. 56,619 crore in BE 2018-19 to Rs. 76,801 crore in BE for 2019-20<\/p>\n<p style=\"text-align: justify;\">\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 o\u00a0\u00a0\u00a0Allocation for the STs increased by 28% &#8211; from 39,135 crore in BE 2018-19 to Rs. 50,086 crore in 2019-20 BE<\/p>\n<ul style=\"text-align: justify;\">\n<li>Government confident of achieving the disinvestment target of 80,000 crore<\/li>\n<li>Focus now on debt consolidation along with fiscal deficit consolidation programme<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"color: #800080;\"><u><strong>Poor and Backward Classes<\/strong><\/u><\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li>\u201cFirst right on the resources of country is that of the poor\u201d: FM<\/li>\n<li>\u00a025% additional seats in educational institutions to meet the 10% reservation for the poor<\/li>\n<li>Targeted expenditure to bridge urban-rural divide &amp; to improve quality of life in villages<\/li>\n<li>All willing households to be provided electricity connections by March 2019<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"color: #800080;\"><u><strong>North East<\/strong><\/u><\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li>Allocation to be increased by 21% to Rs. 58,166 crore in 2019-20 BE over 2018-19 BE<\/li>\n<li>Arunachal Pradesh came on the air map recently<\/li>\n<li>Meghalaya, Tripura and Mizoram came on India\u2019s rail map for the first time<\/li>\n<li>Container cargo movement through improved navigation capacity of the Brahmaputra<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"color: #800080;\"><u><strong>Vulnerable sections<\/strong><\/u><\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li>A new committee under NITI Ayog to identify all the remaining De-notified nomadic and semi-nomadic tribes.<\/li>\n<li>New Welfare development Board under Ministry of social justice and empowerment for development and welfare of De-notified nomadic and semi-nomadic tribes<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"color: #800080;\"><u><strong>Defence<\/strong><\/u><\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li>Defence budget to cross Rs 3,00,000 crore for the first time ever<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"color: #800080;\"><u><strong>Railways<\/strong><\/u><\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li>Capital support of Rs.64,587 crore proposed in 2019-20 (BE) from the budget<\/li>\n<li>Overall capital expenditure programme to be of Rs. 1,58,658 crore<\/li>\n<li>Operating Ratio expected to improve from 98.4% in 2017-18<\/li>\n<\/ul>\n<p style=\"text-align: justify;\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0to 96.2% in 2018-19 (RE) and<\/p>\n<p style=\"text-align: justify;\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0to 95% in 2019- 20 (BE)<\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #800080;\"><u><strong>Entertainment Industry<\/strong><\/u><\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li>Indian filmmakers\u00a0 to get access to Single window clearance as well for ease of shooting films<\/li>\n<li>Regulatory provisions to rely more on self-declaration<\/li>\n<li>To introduce anti-camcording provisions in the Cinematograph Act to control piracy<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"color: #800080;\"><u><strong>MSME and Traders<\/strong><\/u><\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li>2% interest subvention on an incremental loan of\u00a0 Rs 1 crore for GST registered SMEs<\/li>\n<li>Atleast 3% of the 25% sourcing for the Government undertakings will be from women-owned SMEs<\/li>\n<li>Renewed Focus on Internal trade; DIPP renamed to Department for Promotion of Industries and Internal trade<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"color: #800080;\"><strong>\u00a0<\/strong><u><strong>Digital Villages<\/strong><\/u><\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li>The Government to make 1 lakh villages into Digital Villages over next five years.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\">Detailed Budget&#8211;<a href=\"http:\/\/pib.nic.in\/PressReleseDetail.aspx?PRID=1562145\">Notification<\/a><\/p>\n<p style=\"text-align: right;\">Ministry of Finance<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The key highlights of the Interim Budget 2019-20 presented by the Union Minister for Finance, Corporate Affairs, Railways &amp; Coal, Shri Piyush <\/p>\n","protected":false},"author":8808,"featured_media":209218,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,1193],"tags":[],"class_list":["post-209209","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-notifications"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.4 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Interim Budget 2019-2020 -- Major Highlights | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.scconline.com\/blog\/post\/2019\/02\/01\/interim-budget-2019-2020-major-highlights\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Interim Budget 2019-2020 -- Major Highlights\" \/>\n<meta property=\"og:description\" content=\"The key highlights of the Interim Budget 2019-20 presented by the Union Minister for Finance, Corporate Affairs, Railways &amp; 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