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Budget 2019 highlights: Income tax rebate for individuals earning up to Rs 5 lakh/year

The Interim Budget was presented for the year 2019-20 in the Parliament, where the Central Government launched a proclamation of announcements for the farmers, the unorganized sector workers and the job seekers.

An announcement was made for the Prime Minister Kisan Samman Nidhi, which will help the small and marginal farmers to get assistance of Rs. 6 thousand per annum for the farmers having around two hectares of land. This scheme will be deemed effective from December Under this, the amount of help will be deposited directly in the account of farmers through DBT. This will benefit about 12 crore families of farmers. This will burdening the government treasury by 75 thousand crores annually.

The budget is also providing a huge relief to the job seekers, where taxes on personal income up to Rs 5 lakh has been completely exempted. Gratuity has been increased to 20 lakh rupees for the salary class workers and workers in the unorganized sector. By increasing the margin of tax exemption in personal income, 3 crore taxpayers will get tax benefits of up to 18 thousand 500 crores. No tax will be allowed on personal income up to Rs 6.50 lakh invested in various investment options. Standard deduction for salaried class has been increased from 40 thousand rupees to 50 thousand rupees.

For the financial year 2019-20, the defense budget has been increased by Rs. Three lakh crores, which is a record till date. 19 thousand crores of rupees have been alloted for rural roads development this year. Apart from this, the government will form a Kamdhenu scheme for the welfare of cows. 750 crore will be given for this scheme.

(Internat Photo)