As Arun Jaitley is on Medical leave, Piyush Goyal who assumed office from January 23rd, 2019 as Minister of Finance has presented the National Democratic Alliance(NDA) final budget today in LokSabha.
This is definitely a budget for the middle class and farmers. Overall ga interesting budget ane cheppachu. Manaki use ayyevatini highlight cheskuntu, let’s know more about this union budget:
Individual taxpayers having taxable annual income up to Rs 5 lakh will get a full tax rebate and therefore will not be required to pay any income tax. Kani ee topic midha raka rakala messages whatsapp lo chakkarlu kodthunay. Manam ardham cheskovalsina vishayam entante, this is rebate, not slab change!
Anni deductions poga mana net income 5 lakhs lopu unte, manaki ye tax padadhu.
Let’s understand this with an example
Salary: 6 lakhs
Investments: HRA 1 lakh, medical insurance 15k
So final taxable salary: 4.85 lakhs. As this is under 5 lakhs, miku inka em taxes padavu.
Same example with different investments:
Salary: 6 lakhs
Investments: HRA 90K
So final taxable salary: 5.1 lakhs
As this is more than 5 lakhs, patha slabs prakaram taxes padthay.
Anthe gani, tax slabs emi maraledhu.
Same scenario if you include Investments under 80C: If you have invested in PPF, some Mutual funds, LIC’s, Pension fund, NSC, etc. appudu 6.5 lakhs lopu net income unte taxes padavu.
Ippativarku Tax savings kosam maximum declare cheyagalgina HRA 1.8 lakhs. Adhi ippudu 2.4 lakhs ki pencharu.
Ivanni employees tax savings ki chala help ayyevi. So, job holders andharu chala happy ee particular vishayam lo. One of the good decision which benefits crores of employees.
PM KISAN SAMMAN NIDHI SCHEME
6000/- per year income support to small and poor farmers who are owning land less than two hectares. So ee criteria meet aina Farmer’s ki direct ga bank accounts lo money 3 installments lo padipothay. 12 crore farmers expected to benefit from this scheme.
History lo first time Defense ki 3 lakh crore paina budget icharu. So isari Military maintenance, equipment and other essentials ki ee amount use chestharu. Indhulo 35000 crores already pampincharu anta.
Indian Railways employees are more than 10 lakhs, one of the biggest employer in the world. Railways ki 1.58 lakh crores budget icharu. Planning to implement technology that will ensure speed, service and safety in rail travel.
PRADHAN MANTRI SHRAM YOGI MANDHA
60 years datina unorganized sector workers ki 3000/- monthly pension.
Unorganized sector: all unincorporated private enterprises owned by individuals or households engaged in the sale or production of goods and services operated on a proprietary or partnership basis and with less than ten total workers.
TAX ASSESSMENT & RETURNS
Tax assessment and returns processing/payments 24 hours lo aipoyetattu oka scheme ni tisukuni osthunaru. Idhi amalu avvadaniki inka 2 years pattachu. So system ni electronical signs tho, manaki ye tax official tho avasaram lekunda mana returns manaki ochesthay.
Banks or Post offices lo deposits veyadam manaki alavatu. Ippativarku 10K paina entha amount vesina adhi taxable, aa amount ni kastha ippudu 40K ki pencharu.
RASHTRIYA KAMDHENU AAYOG
Cows protection kosam special ga 750 crores ni allocate chesaru. Also called as Rashtriya Gokul Mission.
Dinikosam chala mandhi update kosam wait chesaru, kani Financial Minister ichina update enti ante ‘Oka group of Ministers kalisi ee aspect midha work chesthunaru’. Illu konevallaki GST tagginche avakasalu unay ani mathrame chepparu, no specific update. So disappointed.
And oka individual ki two houses unte, second house ki total tax exemption.
GST is one of the biggest reforms NDA government has introduced to our Nation. In January 2019, GST collections has crossed 1 lakh crore rupees. GST nunchi oche revenue lo central states ki 14% istadhi
OTHER IMPORTANT UPDATES:
•Employee State Insurance eligibility amount raised to 21000 from 15000
•38, 572 crore allocated for National Education Mission
•76,800 crore allocated for welfare of SC’s and ST’s
•Gratuity limit increased from 10 lakh to 30 lakh rupees.
•Businesses with less than Rs. 5 crore annual turnover, comprising over 90% of GST payers, will be allowed to return quarterly returns.
•Direct tax collections from 6.38 lakh crore rupees in 2013-14 to almost 12 lakh crore rupees; tax base up from Rs 3.79 crore to Rs 6.85 crore. 99.54% returns have been accepted without any scrutiny.
•Cost of data and voice calls in India is now possibly the lowest in the world; mobile and mobile part manufacturing companies have increased from 2 to 268,” he said.
•Single window clearance for film making to be made available to Indian filmmakers, anti-camcording provision to be introduced to Cinematography Act to combat film privacy.
•Allocation for North Eastern region proposed to be increased to Rs 58,166 crore in this year a rise of over 21% from the previous year
•The finance minister laid out vision for 10 most important dimensions in 2030, including job creation, physical and social infrastructure building, pollution-free nation and clean rivers.
We are the fastest growing economy in the world.
Goyal said ‘We are poised to become a 5 trillion dollar economy in the next five years, we aspire to become a 10 trillion dollar economy in the next eight years’.
Overall ga decent budget ane cheppachu. Kani elections daggaraki osthunay anedhi kooda manam mind lo pettukovali.
Please comment any additional information which I may have missed. Thanks!
If you wish to contribute, mail us at firstname.lastname@example.org