Budget 2019: Farmer income scheme, pension plan top highlights

Budget 2019: Farmer income scheme, pension plan top highlights

Budget 2019: Farmer income scheme, pension plan top highlights

Finance Minister Piyush Goyal on Friday presented the Interim Budget 2019-20 in Lok Sabha during Budget Session of Parliament. This affects farmers owning up to two hectares of land, who will receive ₹ 6,000 as direct income support every year.

- TDS threshold on interest on bank and post office deposits raised from 10,000 to 40,000 rupees.

As per the current tax slabs, those earning between Rs 2.5-5 lakh a year had to pay 5% Income Tax, Rs 5-10 lakh a year at 20% and over Rs 10 Lakh a year at 30%. The benefit of roll-over of capital gains has been proposed to be increased from investment in one residential house to two residential houses for a taxpayer having capital gains up to ₹2 crore.

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PM Modi said that there has always been a demand to exempt those with annual income up to Rs 5 lakh and Modi government fulfilled it. For people earning more than Rs 5 lakh annually, the "old" tax rates will continue. This initiative is likely to benefit 12 crore small and marginal farmers, at an estimated cost of Rs 75,000 crore. Also, they will be exempted from additional deductions of up to Rs 2 lakh on interest on homes loans, education loans, etc. "If the return filed or taxable income is Rs 5 lakh, then their tax liability will be nil because we will be giving a rebate of the total tax which is due on Rs 5 lakh of taxable income".

Further, standard deduction has been raised from Rs 40,000 to Rs 50,000, which will benefit 30 million salaried individuals.

This is the election year and there was a fair bit of debate on what the 2019 Budget would look like - the build-up to February 1 had some expectations of tweaks and reliefs for the salaried tax payers especially the middle class. This was introduced previous year after being abolished in the Finance Act 2005.

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