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Budget 2019: Piyush Goyal woos middle class with tax cuts, farmers with sops and more

| Updated: Friday, February 1, 2019, 14:58 [IST]

New Delhi, Feb 1: Finance Minister Piyush Goyal on 1 February presented Narendra Modi government's sixth and final Budget, which was an interim one, keeping up with established tradition. This was the last Budget of the BJP-led NDA government ahead of the General Election.

Budget 2019 LIVE: Piyush Goyal presents Interim Budget

The Budget will seek Parliament's nod for spending for four months till a new government is sworn-in.

Goyal announced big cheer for the salaried and middle-class taxpayers. In a huge boost, taxpayers with income up to Rs 5 lakh will get full rebate, standard deduction was raised by Rs 10,000, capital gains benefit for those selling a house property and reinvesting the proceeds, huge jump of Rs 30,000 in the threshold for TDS on bank interest and income from post office investments.

Even the TDS threshold on rental income was hiked substantially from Rs 1.8 lakh to Rs 2.4 lakh, thereby giving relief to landlords.

A big income support scheme for farmers by the name of Pradhan Mantri Kisan Samman Nidhi, a pension scheme for unorganised workers called Pradhan Mantri Shram Yogi Mandhan, financial support for cos and fisheries are the key highlights of the big budget push towards rural and poor.

In his speech in Lok Sabha, finance minister Piyush Goyal announced annual support of Rs 6000 per year for farmers holding land below 2 hectares. The gratuity limit has been pegged at Rs 30 lakh. There is a 2% interest subvention for farmers engaged in fisheries and animal husbandry. On the jobs front, the finance minister said that a fast-growing economy is creating jobs based on EPFO data and that sectors like solar have created lakhs of jobs.

Here are the highlights:

Newest First Oldest First

2:22 PM, 1 Feb

“Those sitting in AC rooms cannot understand the plight of the small farmers. Keeping this in mind, we have introduced Pradhan Mantri Kisan Samman Nidhi scheme. This is a historic decision,” Piyush Goyal said.

2:22 PM, 1 Feb

Finance Minister Piyush Goyal said that the budget touched lives of people from every section. He also said that the previous governments have only taken such major steps to better the lives of farmers in words but never implemented them.

12:51 PM, 1 Feb

TDS limit hiked from Rs 10,000 to Rs 40,000 on Post-Office savings.

12:49 PM, 1 Feb

Finance Minister Piyush Goyal says that this country is changing due to the "josh" (enthusiasm) of the people. Goyal concludes his Budget speech with the quote, " Ek paav rakhta hun, hazaar raahein phoot padti hai." which literally means one step opens up a thousand roads.

12:49 PM, 1 Feb

Finance Minister Piyush Goyal says this is not just an interim budget, "ye desh ka vikas yatra ka madhyam hai (It's the route to country's development)." He says that benefits under Sec 80(i)BA being extended for one more year, for all housing projects approved till end of 2019-20.

12:48 PM, 1 Feb

All interest income above Rs 40,000 from bank deposits will now get taxed, and not Rs 10,000. There will be no tax on notional rent on second self-occupied house and no TDS on house rent up to Rs 2.4 lakh, says Piyush Goyal.

12:48 PM, 1 Feb

Those with income up to Rs 5 lakh and another Rs 1.5 lakh in investments totalling Rs 6.5 lakh will have to pay no tax. The move is set to benefit nearly Rs 3 crore middle class income earners.

12:47 PM, 1 Feb

No tax on notional rent on second self-occupied house and no tds on house rent up to Rs 2.4 lakh

12:45 PM, 1 Feb

“Benefit of rollover of capital tax gains to be increased from investment in one residential house to that in two residential houses, for a taxpayer having capital gains up to 2 crore rupees; can be exercised once in a lifetime. India became one common market with implementation of GST,” finance minister Goyal said.

12:39 PM, 1 Feb

TDS threshold on interest on bank and post office deposits raised from 10,000 to 40,000 rupees. Income tax will be levied on second self-occupied house, announces Piyush Goyal.

12:37 PM, 1 Feb

Standard deduction has also been raised to Rs 50,000 from Rs 40,000

12:37 PM, 1 Feb

So those with income up to Rs 5 lakh and another Rs 1.5 lakh in investments totalling Rs 6.5 lakh will have to pay no tax. Will benefit nearly Rs 3 crore middle class income earners

12:34 PM, 1 Feb

Finance Minister Piyush Goyal proposed to increase income tax exception limit to Rs 5 lakh. For the current financial year, the income tax slabs will be the same.

12:30 PM, 1 Feb

Goyal thanks taxpayers for their contribution toward the well being of the society and providing basic amenities to the poor. "The tax you pay will provide healthcare to 50 crore brothers, sisters and children," he says

12:30 PM, 1 Feb

Confident of reaching Rs 80,000 Cr divestment target

12:27 PM, 1 Feb

Expenditure target for FY20 is at Rs 27.84 lakh crore and FY20 fiscal deficit target is at 3.4%

12:27 PM, 1 Feb

Expenditure target for FY20 at Rs 27.84 lakh cr: FM Goyal

12:27 PM, 1 Feb

Fiscal deficit for the year 2019-20 has been pegged at 3.3 percent. "We could have clocked fiscal deficit at 3.4 percent but we have provided Rs 20,000 crore for farmer aid in this year and Rs 75,000 crore for the next year," Piyush Goyal says.

12:25 PM, 1 Feb

“India will lead the world in transport through electric vehicle (EV) and energy storage devices”, FM said.

12:25 PM, 1 Feb

Placing an Indian astronaut in space by 2022 is also a part of Vision 2030

12:23 PM, 1 Feb

The finance minister said that making India pollution-free is the government’s vision. “This India will drive on electric vehicles, India will lead the world in energy efficiency and use of renewable energy. Increasing employment opportunities in rural areas,” Piyush Goyal said.

12:23 PM, 1 Feb

To build a DigitalIndia that reaches every citizen, our youth will lead us in this, by creating innumerable startups and jobs. Build a quality science-based education sector.

12:22 PM, 1 Feb

Electric vehicles a key part of govt's vision for 2030: FM

12:22 PM, 1 Feb

In September 2017, PM Modi had exhorted Indians to "resolve" and "vow" to "contribute positively" to society ahead of 2022, when India celebrates its 75th year of Independence. In the budget, Piyush Goyal has extended that to explain what Modi's vision for India till 2030.

12:17 PM, 1 Feb

We are poised to become a 5 trillion dollar economy in the next 5 years and we aspire to become a 10 trillion dollar economy in the next 8 years

12:17 PM, 1 Feb

18% increase in direct tax collections in 2017-18, 1.06 crore people included in the tax base. Also, more than 1 crore people filed IT returns for the first time, after demonetisation

12:16 PM, 1 Feb

Committed to eliminating the scourge of black money; anti-black money measures taken have brought an undisclosed income of about 1.30 lakh crore rupees to the fore; 3.38 lakh shell companies were deregistered

12:16 PM, 1 Feb

GST collections in January 2019 has crossed Rs 1 lakh crore

12:16 PM, 1 Feb

GST has been continuously reduced resulting in relief of Rs 80,000 crore rupees to the consumers

12:16 PM, 1 Feb

Speaking on Demonetisation while reading out Budget speech, Finance Minister Piyush Goyal says that the noteban was a drive against black money. "we are committed. There are anti-black money measuresin place," he says.

6:58 AM, 1 Feb

The NDA government assumed office in May 2014 and presented a Budget for financial year 2014-15 followed by Budgets for financial years 2015-16, 2016-17, 2017-18 and 2018-19. It can't present a sixth full Budget because financial year 2019-20 would commence on April 1, 2019, and continue till March 31, 2020, whereas the tenure of the government would end on May 26, 2019

6:59 AM, 1 Feb

The session is expected to be stormy with the government planning some big-ticket announcements in the Interim Budget to be presented by interim Finance Minister Piyush Goyal besides pushing the controversial Citizenship Amendment Bill in the Rajya Sabha after it was passed by the Lok Sabha in the last session.

6:59 AM, 1 Feb

While it is widely expected that Income tax concessions for individuals, a farm relief package, support for small businesses and possible populist spending measures may be part of the Budget, there will be no Economic Survey detailing the state of the economy.

6:59 AM, 1 Feb

The PM was urged not to pass any controversial bills during this session. He was told that only bills on which there is unanimity should be passed.

7:01 AM, 1 Feb

The Prime Minister at an all party meet on Thursday assured the opposition that an interim budget would be presented. This was conveyed by leader of the opposition in the Rajya Sabha Ghulam Nabi Azad.

8:22 AM, 1 Feb

Prime Minister Narendra Modi's government is expected to try and shore up its political support with big ticket farm giveaways and tax cuts for the middle class in its Union budget today, months before elections.

8:23 AM, 1 Feb

Last year, Narendra Modi-led government scrapped a colonial-era tradition of presenting the Budget at the end of February and it is now presented on February 1, so as to allow Parliamentary approvals to be completed before the start of the next financial year

8:33 AM, 1 Feb

FM Piyush Goyal will present Interim Budget amidst a lot of hopes

8:46 AM, 1 Feb

Piyush Goyal arrives at the Ministry of Finance. He will present interim Budget 2019-20 in the Parliament today

Delhi: Piyush Goyal arrives at the Ministry of Finance. He will present interim Budget 2019-20 in the Parliament today. #Budget2019 pic.twitter.com/fHQMwkSXc1
— ANI (@ANI) 1 February 2019

8:53 AM, 1 Feb

Union Cabinet to meet ahead of the Budget 2019 presentation in the Parliament today

9:08 AM, 1 Feb

Copies of Budget 2019 brought to Parliament complex in green bags

9:16 AM, 1 Feb

Finance Minister Piyush Goyal leaves North Block and he is heading for Parliament now

9:16 AM, 1 Feb

Sensex opens at 36311.74; Nifty opens at 10851.35

9:18 AM, 1 Feb

Piyush Goyal will present interim Budget 2019-20 in the Parliament at 11am today

9:29 AM, 1 Feb

Union Minister of Parliamentary Affairs Narendra Singh Tomar hints that the Budget 2019 could be "for the poor" says 'Sabka Saath, Sabka Vikas' has been our government's mantra and it will reflect in the Budget.

9:29 AM, 1 Feb

The printed copies of Budget 2019-20 being security checked by sniffer dog

Delhi: The printed copies of #Budget 2019-20 being security checked by sniffer dog pic.twitter.com/McqnCegoQ6
— ANI (@ANI) February 1, 2019

9:32 AM, 1 Feb

The Indian rupee opened higher at 71 per dollar on Friday against previous close 71.08.

9:33 AM, 1 Feb

In the pre-open session, 30-share Sensex trades at 36,311.74, 55.05 points higher. Yes Bank, Power Grid, Mahindra & Mahindra, Bajaj Finance, SBI and NTPC are the major gainers on the BSE.

9:34 AM, 1 Feb

Telugu Desam Party’s Jayadev Galla, who had moved the no-confidence motion against the Narendra Modi government last year, hopes that Budget 2019 will have something in store for Andhra Pradesh.

The #Budget2019 will be presented by the Finance Minister today in the #Parliament. Hope the promises made to the 5 Cr people of #AndhraPradesh get priority. Or will this Centre cover up the self inflicted injuries through this #BandAid Budget ?? pic.twitter.com/SDttAewzNx
— Jay Galla (@JayGalla) February 1, 2019

9:38 AM, 1 Feb

The printed copies of Budget 2019-20 being security checked in Parliament premises

9:56 AM, 1 Feb

Finance Minister Piyush Goyal on his way to the Parliament after briefing President Ram Nath Kovind

Delhi: Finance Minister Piyush Goyal on his way to the Parliament after briefing President Ram Nath Kovind #Budget2019 pic.twitter.com/GQreYUidFi
— ANI (@ANI) February 1, 2019

9:57 AM, 1 Feb

Finance Minister Piyush Goyal calls on President Ram Nath Kovind at Rashtrapati Bhavan before presenting the Union Budget

9:58 AM, 1 Feb

Finance Minister Piyush Goyal arrives at the Parliament with the Budget briefcase. Following the Cabinet meeting, he will present the interim #Budget 2019-20 at 11 am

Delhi: Finance Minister Piyush Goyal arrives at the Parliament with the #Budget briefcase. Following the Cabinet meeting, he will present the interim #Budget 2019-20 at 11 am pic.twitter.com/HvUSI61DJI
— ANI (@ANI) February 1, 2019

10:09 AM, 1 Feb

Manoj Sinha, Minister of State for Railways said,''The way the government has increased the investment in railways, from installing CCTV cameras to WiFi, I believe further investment in railways will certainly be increased.''

10:12 AM, 1 Feb

Here's what Akilesh Yadav has to say about the budget

जब हर क्षेत्र में देश गया घट
तो क्या करोगे ला कर बजट

तैयार हो जाइए आनेवाला है झूठ का पुलिंदा जिसमें ‘सच’ को छोड़कर सब कुछ होगा...
— Akhilesh Yadav (@yadavakhilesh) February 1, 2019

10:30 AM, 1 Feb

Government's sixth budget will also be for the farmers, it will empower them, says Radha Mohan Singh

10:30 AM, 1 Feb

PM Narendra Modi arrives in Parliament; cabinet meeting ahead of Budget presentation to start shortly

PM @narendramodi arrives in #Parliament; Cabinet meeting ahead of presentation of #Budget2019 to start shortly pic.twitter.com/w0QSIR6Uue
— PIB India (@PIB_India) February 1, 2019

10:34 AM, 1 Feb

Mocking Modi government, P Chidambaram said,''The demonetisation year was the best year of growth (8.2%) under Mr Modi. So, let's have another round of demonetisation. This time let's demonetise Rs 100 notes.''

10:35 AM, 1 Feb

They'll try to introduce populist schemes in the Budget keeping an eye on Lok Sabha polls, says Congress leader Mallikarjun Kharge

10:36 AM, 1 Feb

Union Ministers Sushma Swaraj, Rajnath Singh, and Ravi Shankar Prasad arrive at the Parliament. Following the Cabinet meeting, Piyush Goyal will present the interim Budget 2019-20 at 11 am

Delhi: Union Ministers Sushma Swaraj, Rajnath Singh, and Ravi Shankar Prasad arrive at the Parliament. Following the Cabinet meeting, Piyush Goyal will present the interim Budget 2019-20 at 11 am #Budget2019 pic.twitter.com/aVBOgDXKVK
— ANI (@ANI) February 1, 2019

Farm relief package itself could run to at least Rs. 1 lakh crore ($14.04 billion)
Set to earmark about Rs. 1.8 lakh crore for food subsidies in the fiscal year
Expected to waive premium for taking insurance policy for food crops
Proposal for waiving interest on crop loans for farmers who pay on time

Divestment

Target of about $11 billion from state asset sales in FY 2019-20
Potential stake sales via IPOs include Telecommunications Consultants India, Indian Railways' subsidiaries IRCTC, RailTel Corp India and National Seeds Corp
Metals
Gold - Speculation around a duty cut
Health
Budget allocation for health is likely to increase by 5 per cent from a year ago
Taxes
An anticipated corporate tax rate cut to 25 per cent from 30 per cent may be put on hold until after the elections
Higher tax exemptions for the middle class and for small businesses anticipated
Banks
Discount of 2 percentage points on loans for businesses with annual sales of less than Rs. 5 crore; government to compensate banks for the costs
Rs. 4,000 crore-rupee capital infusion for public-sector general insurers

Autos

Reduction of goods and services tax (GST) on electric vehicles and batteries

IT/Telecom

Better digital infrastructure in rural areas
Abolition of the angel tax to boost start-ups
Exemption from GST for spectrum and licence fee payouts, reduction in spectrum fees and cuts in import duty on telecom equipment (currently at 20 per cent)