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Budget 2019 What to mark important for UPSC 2019



Budget 2019 Key Point

Economy

  • Current account deficit (CAD) likely to be 2.5 per cent of GDP

  • Fiscal deficit brought down to 3.4% in FY19.

  • Inflation in December 2018 down to 2.19%

  • Capital expenditure for FY20 set at Rs 3.36 lakh crore

  • Expenditure target for FY20 set at Rs 27.84 lakh crore

Tax

  • Full tax rebate for Individual taxpayers with income upto Rs 5 lakh

  • No Tax in making investment in provident funds and prescribed equities for People with gross income upto 6.5 lakh

  • All income tax returns will now be processed in 24 hours and refunds will be issued simultaneously.

  • Within next 2 years, all assessment of returns to be done electronically

  • TDS threshold on rental income raised from Rs. 1.8 lakh to Rs. 2.4 lakh

  • TDS threshold on interest on bank,post office deposit raised to 40,000

  • Standard deduction raised from Rs 40,000 to Rs 50,000

  • No tax on notional rent on second self-occupied house

  • Capital Gainsexemption under Section 54 will be available on two house properties

  • Thebenefits under Sec 80 (i) BA being extended for one more year, for all housing projects approved till end of 2019-20.

GST

  • Most items of daily use under 0-5% tax slab

  • Businesses with less than₹ 5 crore annual turnover, comprising over 90% of GST payers, will be allowed to return quarterly returns

  • Mega Pension Scheme

  • Government launches Mega Pension Scheme,Pradhan Mantri Shram Yogi Mandhan, for social security coverage of unorganised labour. The Unorganised labour will get ₹3,000 per month after the age of 60 Pensioners will have to contribute Rs 100 per month and the Government will contribute equally in pension accounts under this scheme.

Farmers

  • Farmers severely affected by severe natural calamities to get 2 per cent interest subvention and additional 3 percent interest subvention if loans are repaid in time

  • Two percent interest subsidy to be given to farmers involved in animal husbandry activities through Kisaan Credit Card scheme.

  • Govt to create separate department of fisheries


    • 2% interest subvention for animal husbandry & fisheries farmers

    • PM Kisan Samman Nidhi:₹75,000 crore of budgetary allocation. Farmers owing 2 hectares land will get Rs 6,000 per year – to be transferred annually in three installments

    For Workers

    • Employees’ State Insurance eligibility cover limit has been raised to₹21,000 per month from ₹15,000 per month

    • Workers who suffer grievous injuries will receive₹6 lakh from ₹ 5 lakh through Employee Provident Fund Organisation (EPFO)

    • Gratuity limit increased from₹10 lakh to ₹ 30 lakh

    MNREGA

    • ₹60,000 crore allocated to MNREGA

    • MSME

    • GST registered MSME units to get 2 per cent interest subvention on loan of Rs 1 crore

    • Education

    • ₹38,572 crore allocated for the National Education Mission

    Society

    • Rs 76,800 crore allocated for welfare of Scheduled Castes (SCs) and Scheduled Tribes (STs)

    • Centre will implement special strategy for uplift of nomadictribes

    • 1 lakh digital villages to be set up soon

    • Allocation for North Eastern states increases to 21%,amounting to Rs 58,166 crores.

    • Sanction of 15.56 lakh loans amounting Rs 7.23 lakh crore under the Mudra scheme.

    • Economically weak given 10% quota

    Pradhan Mantri Gram Sadak Yojana

    • ₹19000 crore allocated for Gram Sadak Yojana

    Railways

    • Capital expenditure raised to Rs 64,586 crore in FY20 from Rs 53,060 crore in FY19

    • Defence

    • Defence Budget increasesto over Rs 3 lakh crore for the financial year 2019-20

    Rashtriya Gokul Yojana for protection of cows

    • ₹750 crore allocated under Rashtriya Gokul Yojana for protection of cows.

    • ‘Rashtriya Kamdhenu Aayog‘ to be set up for implementation of policies and schemes for welfare of cows.

    PM Ujjwala Yojana

    • Total of 8 crore LPG connection to be distributed by next year

    Medical

    • AnotherAll India Institutes of Medical Sciences (AIIMS) to be set up in Haryana (this would be the 22nd AIIMS in the country)

    For Filmmakers

    • Single window clearance to be made available for film-makers to ease shooting of films.In order to combat film piracy, Anti-camcording provision to be introduced to Cinematography Act.

    Artificial Intelligence

    • National Centre for Artificial Intelligence under consideration. NationalAI portal to be developed soon.

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