{"id":3938,"date":"2019-02-01T09:20:07","date_gmt":"2019-02-01T09:20:07","guid":{"rendered":"http:\/\/financeintellect.com\/home-page\/home\/?p=3938"},"modified":"2019-02-01T09:37:35","modified_gmt":"2019-02-01T09:37:35","slug":"interim-budget-2019-goyals-first-is-a-blockbuster-middle-class-friendly-one-highlights","status":"publish","type":"post","link":"https:\/\/financeintellect.com\/home-page\/home\/interim-budget-2019-goyals-first-is-a-blockbuster-middle-class-friendly-one-highlights\/","title":{"rendered":"Interim Budget 2019, Goyal&#8217;s first, is a blockbuster middle class friendly one: Highlights"},"content":{"rendered":"<p>Interim finance minister Piyush Goyal pulled out the proverbial rabbit out of the hat. Despite all the fiscal constraints, Goyal managed to appease the middle-class with major tax cuts.<\/p>\n<p><span style=\"font-weight: 400;\">The Finance Minister had added that individuals earning an annual income of 5 lakh will not need to pay income tax. Moreover, these individuals will get a full tax rebate. The tax collection from FY14 to FY18 has also seen an 80% growth. Goyal also said that <\/span><span style=\"font-weight: 400;\">salary earners of up to \u20b96,50,000 income don\u2019t have to \u00a0pay tax if they make tax related investments.\u00a0<\/span><\/p>\n<p>Among others<\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">Standard deduction to be raised from \u20b940,000 to \u20b950,000<\/span><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">No tax if you own a second house.<\/span><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">No tax on notional rent on second house<\/span><\/li>\n<\/ul>\n<ul>\n<li><span style=\"font-weight: 400;\">Capital gains tax exemption under Section 54 raised to\u20b92 crore.<\/span><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Tax on notional rent on unsold inventory to not be paid for 2 years<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Among other highlights for the Interim Budget:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\">\n<h3><span style=\"font-weight: 400;\">India is poised to become a 5 trillion dollar economy in the next 5 years<\/span><\/h3>\n<\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">GST burden on home buyers to reduce. The GST Council is requested to set up a group of ministers who will now work on how to reduce the burden on homebuyers.<\/span><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Goyal has said that reducing tax for the middle class would be a priority.<\/span><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Direct tax collections from 6.38 lakh crore rupees in 2013-14 to almost 12 lakh crore rupees; tax base up from 3.79 crore to 6.85 crore<\/span><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Tax scrutiny will also be done electronically. There will be no interaction between the tax authority and the taxpayer.\u00a0\u00a0<\/span><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Direct tax system will be simplified. Direct tax will reduce and tax interface would be simpler and faceless to make life easier; resulting in increase in tax collections and return filings.<\/span><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The Finance Minister has added that in the last 5 years under all categories of workers, minimum wages has increased by 42% which is the highest ever.<\/span><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Tax collections have increased significantly from Rs 6.38 lakh crore in FY14 to almost Rs 12 lakh crore in FY19 with nearly 80% growth in the number of taxpayers, Goyal notes<\/span><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">34 crore JanDhanYojana accounts opened in last five years; Aadhaar almost universally implemented. It has ensured poor and middle class receive government benefits directly, said the Finance Minister.<\/span><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Govt announces PM Kisaan Samman Nidhi, farmers to get Rs 6,000 per year in three installments.\u00a0<\/span><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Allocation for Northeastern region proposed to be increased to Rs 58,166 crore in this year, a 21% rise over the previous year: Piyush Goyal.<\/span><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Our government hopes to create 1 lakh digital villages in the next 5 years. Jan Dhan, Aadhaar mobile, and direct benefit transfer have been game changers, Goyal notes. Aadhaar is now near-universally implemented and helped ensure poor get the benefit of govt schemes directly in their bank accounts, he says.<\/span><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Allocation for North Eastern Region proposed to be increased to 58,166 crore in this year, a 21% rise over previous year: FM<\/span><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Piyush Goyal has added that there will be a 2% interest subvention to farmers for animal husbandry.<\/span><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Cost of data and voice calls in India is possibly the lowest in the world.<\/span><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Indian Railways budget outlay Rs 1,48,658 crore.<\/span><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Installed solar generation capacity in India increased by 10 times in the last 5 years.<\/span><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\"> India has achieved over 98% Our soldiers are our pride and honour. One rank, one pension (OROP), pending for the last 40 years, has been implemented by us: Piyush Goyal.<\/span><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Already disbursed Rs 35,000 crore for our soldiers under OROP, Substantial hike in military service pay has been announced<\/span><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">2. 5.45 lakh villages declared to be open defecation free<\/span><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">3. #SwachhBharat now a national movement<\/span><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">FM Goyal moves on the welfare of women in the country. Nearly 8 crore free LPG connections were planned to be provided to relieve women from use of woodfire for cooking. So far 6 crore connections have already been provided.<\/span><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Committee under NITIAayog to be set up to identify and denotify nomadic and semi-nomadic communities; Welfare Development Board to be set up under MSJEGOI for welfare of these hard-to-reach communities and for tailored strategic interventions<\/span><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">No tax till Rs 5 lakh income for individuals taxpayers.<\/span><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\">Individuals with gross income up to 6.5 lakh rupees will not need to pay any tax if they make investments in provident funds and prescribed equities.<\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\">Individual taxpayers having annual income upto 5 lakhs will get full tax rebate.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Interim finance minister Piyush Goyal pulled out the proverbial rabbit out of the hat. Despite all the fiscal constraints, Goyal managed to appease the middle-class with major tax cuts. The Finance Minister had added that individuals earning an annual income of 5 lakh will not need to pay income tax. Moreover, these individuals will get [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":3939,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[3326,3338,215,3337],"class_list":["post-3938","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy-and-politics","tag-interim-budget-2019","tag-middle-class","tag-piyush-goyal","tag-tax"],"aioseo_notices":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Interim Budget 2019, Goyal&#039;s first, is a blockbuster middle class friendly one: Highlights - Finance Intellect<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/financeintellect.com\/home-page\/home\/interim-budget-2019-goyals-first-is-a-blockbuster-middle-class-friendly-one-highlights\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Interim Budget 2019, Goyal&#039;s first, is a blockbuster middle class friendly one: Highlights - Finance Intellect\" \/>\n<meta property=\"og:description\" content=\"Interim finance minister Piyush Goyal pulled out the proverbial rabbit out of the hat. 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