The Finance Minister Nirmala Sitharaman has presented the Union Budget 2019. Minimum Government with Maximum Governance is the keyword. As India moves towards becoming the 5th largest economy overtaking the UK, this is the need of the hour.
The Union Budget 2019 has a serious focus on the Insurance Sector, Aviation and MSMEs. There’s also a pension for retail traders and shopkeepers, who have annual turnover of less than Rs 1.5 crores, called Pradhan Mantri Karam Yogi Man Dhan Scheme. This scheme would benefit 3 crore retail traders and shopkeepers.
India is now a major space power. A public sector enterprise has been incorporated to tap the benefits of R&D, which had been carried out by ISRO. With New Space India Limited (NSIL), our nation is now going commercial in space.
There is also a major focus on electricity and clean cooking fuel for the rural masses. Gaon (village), Garib (poor) and Kisan (Farmers) must contribute to the growth of the Nation. The Finance Minister has made a major commitment. Power and LPG for all households by 2022. Water for all citizens is a major priority. Har Ghar Jal Mantra for all villages by 2020. This could solve the water problem in India.
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Let’s take a look at what the Finance Minister has promised in the Personal Finance Space.
This is a budget for home buyers who seek an affordable home. The Finance Minister knows this. She has announced a tax deduction of Rs 1.5 Lakhs on home loan interest paid towards home loan, on property value up to Rs 45 Lakhs. If you are buying an affordable house, you can enjoy a tax deduction up to Rs 3.5 Lakhs a year on home loan interest availed up to March 31st 2020. This is a massive savings of Rs 7 Lakhs in home loan interest over a 15 year period.
Avail an affordable house and enjoy tax benefit on home loan interest.
Tax Filing no longer requires a human interface. It’s faceless income tax assessment through the electronic mode. All you must do is verify your pre-filled ITR form and make a submission. PAN and Aadhaar are now interchangeable. You can file ITR (Income Tax Returns) even if you don’t have PAN. All you have to do is quote the Aadhaar Number.
Quote Aadhaar Number and File ITR.
This is good news for the middle class. There is no income tax for people earning up to Rs 5 Lakhs a year. This is a major relief to the middle class as they focus on savings and investments.
What does this mean? The tax rebate for people with income less than Rs 5 Lakh continues. This is a gift given by the Finance Minister to the honest taxpayer. Self-employed, small traders, salaried citizens and senior citizens can benefit from this move.
The Government had announced an income tax rebate under Section 87A, up to Rs 12,500 a year in the Interim Budget. This rebate is applicable only on income up to Rs 5 Lakhs a year. This means zero tax up to Rs 5 Lakhs a year.
See Also: Union Budget 2019-2020: Major Takeaways
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