Major Highlights of Union Budget 2019: Dear Exam Pundit die-hard followers, we all knew that Our Financial Minister has presented the Union Budget 2019-20 on 6th July 2019. This is the First Budget of PM Modi Government’s in his second tenure. Here we have given the Key Features of Union Budget 2019 India in PDF which was very important for General Awareness Section for all competitive exams. Aspirants can download this Major Highlights of Union Budget 2019 PDF and use it for the preparation.
Major Highlights of Union Budget 2019 | Key Features of Budget 2019-20 India PDF
In General Awareness part of competitive exams we can see minimum 2 to 3 questions from the highlights of union budget 2019 India. We Exam Pundit Team have given the Important Key Features of Union Budget 2019-20 PDF.
Direct Taxes – Union Budget Highlights 2019:
- Income tax returns now can be filed with Aadhar also. Now Aadhar Card can be used wherever PAN is required.
- Income Tax Returns will be Pre-filled tax with details of incomes and deductions. Govt. Will collect Information from Banks, Stock exchanges, mutual funds etc.
- Faceless e-assessment will be launched.
- Individuals purchasing House ( valued up to Rs. 45 lakh ), will get an tax benefit of up to Rs. 1.5 lakhs for interest paid on housing loans taken up to 31st March, 2020
- To increase the use of Electric Vehicles, Govt to give additional tax benefit on purchasing Electric Vehicle. Buyers will get additional tax benefit of 1,50,000 for interest paid in Electric Vehicle Loans.
- For companies with annual turnover up to Rs. 400 crore, 25% Tax rate reduced.
- Individuals having taxable income from Rs. 2 crore to Rs. 5 crore and Rs. 5 crore and above will have to pay more Surcharge.
Startups – Highlights of Union Budget 2019-20 PDF:
- To encourage startups, Capital gains will be exempted from sale of residential house for Investment in Startup.
- All the Start-ups and Investors filing requisite declarations and providing information in their returns not to be subjected to any kind of scrutiny in respect of valuations of share premiums.
- Income Tax Department won’t conduct any scrutiny for the funds raised by start-ups and in valuation of shares issued to Category-II Alternative Investment Funds.
- Relaxation of conditions for carry forward and set off of losses.
Indirect Taxation – Major Highlights of Budget 2019:
- Basic Customs Duty increased on cashew kernels, PVC, tiles, auto parts, marble slabs, optical fibre cable, CCTV camera etc.
- Exemptions to various kinds of papers withdrawn.
- 5% Basic Custom Duty -imposed on imported books.
- Defense equipment not manufactured in India exempted from basic customs duty.
- Export duty rationalised on raw and semi-finished leather.
- Increase in Special Additional Excise Duty and Road and Infrastructure Cess each by Rs. 1 per litre on petrol and diesel
- Custom duty on gold and other precious metals increased from 10 to 12.5 %.
Banking and Financial Sector – Budget 2019 India Highlights
- Public Sectors Banks to be provided with Rs. 70,000 crore.
- Reforms to be undertaken to strengthen governance in PSBs.
- Return of regulatory authority from NHB to RBI proposed, over the housing finance sector.
- 100 lakh crore investment in infrastructure to be done over the next five years.
- Reduction in Net Owned Fund requirement from Rs. 5,000 crore to Rs. 1,000 crore proposed
Digital Payments – Highlights of Union Budget 2019 India:
- In a particular year, if cash withdrawal exceeds Rs 1 Crore, 2% TDS will be levied
- Companies with annual turnover more than Rs. 50 crore will require to offer digital payments at very low cost to promote Digital India.
Towards a 5 Trillion Dollar Economy – Budget 2019 India Highlights:
- Government aspires to make India a 5 trillion dollar economy.
- Under Pradhan Mantri Karam Yogi Maandhan Scheme, Pension benefits to about three crore retail traders & small shopkeepers with annual turnover less than Rs. 1.5 crore.
- For FY 2019-20, Rs 350 crore allocated for 2% interest subvention to all GST-registered MSMEs, under the Interest Subvention Scheme for MSMEs.
- 50 lakh crore investment proposed in Railway Infrastructure during 2018-2030.
- In Part – III of Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles Scheme, Budget of Rs. 10,000 crore is allocated.
- Govt to set up Credit Guarantee Enhancement Corporation in 2019-2020.
- Minimum public shareholding in the listed companies from 25% to 35% is proposed
- 100% FDI Proposed in Insurance Sector.
- Statutory limit for FPI investment in a company is proposed to be increased from 24% to sectoral foreign investment limit.
- Cumulative resources garnered through new financial instruments like Infrastructure Investment Trusts (InvITs), Real Estate Investment Trusts (REITs) as well as models like Toll-Operate-Transfer (ToT) exceed Rs. 24,000 crore.
For Grameen Bharat / Rural India – Union Budget 2019 Highlights:
- To ensure 24*7 Electricity and provide clean cooking facility, Govt set target to provide all such services to all willing rural families by 2022.
- Under, Pradhan Mantri Awas Yojana – Gramin (PMAY-G), Eligible beneficiaries to be provided 1.95 crore houses with amenities like toilets, electricity and LPG connections during its second phase (2019-20 to 2021-22).
- Department of Fisheries to provide a robust fisheries management framework through Pradhan Mantri MatsyaSampada Yojana – PMMSY
- Under Pradhan Mantri Gram Sadak Yojna, 1,25,000 kilometers of road length to be upgraded over the next five years with an estimated cost of Rs. 80,250 crore.
- Scheme of Fund for Upgradation and Regeneration of Traditional Industries‟ (SFURTI) proposed. 100 new clusters to be setup during 2019-20 with special focus on Bamboo, Honey and Khadi, enabling 50,000 artisans to join the economic value chain.
- Scheme for Promotion of Innovation, Rural Industry and Entrepreneurship‟ (ASPIRE) consolidated
- To ensure economies of scale for farmers, 10,000 new Farmer Producer Organizations will be formed.
India’s Water Security – Union Budget 2019 PDF Download:
- New Jal Shakti Mantralaya to look at the management of our water resources and water supply in an integrated and holistic manner
- Jal Jeevan Mission to achieve Har Ghar Jal (piped water supply) to all rural households by 2024
- 1592 critical and over exploited Blocks spread across 256 District being identified for the Jal Shakti Abhiyan.
Shahree Bharat/Urban India – Key Features of Budget 2019 PDF
- Under PMAY, Over 81 lakh houses with an investment of about Rs. 4.83 lakh crore sanctioned of which construction started in about 47 lakh houses.
- More than 95% of cities declared Open Defecation Free (ODF).
- To mark Gandhiji’s 150th birth anniversary, the RashtriyaSwachhta Kendra will be inaugurated at Gandhi Darshan, Rajghat.
- Gandhipedia to be developed by National Council for Science Museums to sensitize youth and society about positive Gandhian values
Youth – Budget Highlights 2019:
- New National Education Policy to be brought which proposes better governance.
- National Research Foundation (NRF) proposed to fund, coordinate and promote research in the country.
- 400 crore will be provided for “World Class Institutions”, for FY 2019-20.
- Study in India program proposed to bring foreign students to study in Indian higher educational institutions.
- Draft legislation to set up Higher Education Commission of India (HECI), to be presented.
- National Sports Education Board for development of sportspersons to be set up under Khelo India, to popularize sports at all levels
- A television program proposed exclusively for and by start-ups, within the DD bouquet of channels.
- Stand-Up India Scheme to be continued for the period of 2020-25. The Banks to provide financial assistance for demand based businesses.
Women Empowerment – 2019-20 Budget Highlights:
- Women SHG interest subvention program proposed to be expanded to all districts.
- Overdraft of Rs. 5,000 to be allowed for every verified women SHG member having a Jan Dhan Bank Account.
- One woman per SHG to be eligible for a loan up to Rs. 1 lakh under MUDRA Scheme.
India’s Soft Power – highlights of Union Budget 2019-20 PDF:
- Proposal to consider issuing Aadhaar Card for NRIs with Indian Passports on their arrival without waiting for 180 days.
- Revamp of Indian Development Assistance Scheme (IDEAS) proposed.
- 17 iconic Tourism Sites being developed into model world class tourist destinations
Central Public Sector Enterprises (CPSEs) – Major Highlights of Budget 2019:
- Target of Rs. 1, 05,000 crore of disinvestment receipts set for the FY 2019-20.
- Government to consider going to an appropriate level below 51% in PSUs where the government control is still to be retained, on case to case basis.
- To meet public shareholding norms of 25% for all listed PSUs and raise the foreign shareholding limits to maximum permissible sector limits for all PSU companies which are part of Emerging Market Index.
- Raise a part of its gross borrowing program
Major Highlights of Union Budget 2019 – Click Here to Download
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