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Union Budget 2019

mkrishna100

Active member
Today ( 1 Feb 2019 ) is Budget and I am expecting it will have IT Exempt limit raised to 5 lacs or even 8 lacs and that will act as a big booster to Modi during elections and I will welcome it and will also welcome any added incentive for senior citizens savings . But some say this is an interim Budget and so we cant expect any Major announcements but others say that legally nothing can prevent the Union Govt from bringing in Populist Announcement in this Union Budget like raising tax exemption and also introducing Universal Basic Income scheme which Rahul hijacked . Let us how what turns out to be real .
 
FM Piyush Goyal: 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
 
3 crore people will not be paying taxes because of the raise in ceiling. Std. deduction up from 40K to 50K. Home interest on the 2nd self-occupied house is also being made deductible.
 
Here are the highlights from the speech:
Interim Budget 2019: Here are the highlights


  • No Income Tax for income up to ₹5 lakh
  • Individuals with gross income of up to ₹6.5 lakh will not need to pay any tax if they make investments in provident funds and prescribed equities
  • Standard tax deduction for salaried persons raised from ₹40,000 to ₹50,000
  • TDS threshold on interest on bank and post office deposits raised from ₹10,000 to ₹40,000
  • TDS threshold on rental income increased from ₹1.8 lakh to ₹2.4 lakh
  • I-T processing of returns to be done in 24 hours
  • Within next 2 years all verification of tax returns will be done electronically without any interface with the tax payer
  • Package of ₹6000 per annum for farmers with less than 2 hectares of land. Scheme will be called Pradhan Mantri Kisan Samman Nidhi.
  • 64580 crore allocated for the Railways
  • Vande Bharat Express, an indigenously developed semi high speed train, to be launched
  • One lakh digital villages planned in the next five years
  • Fund allocation increased for Northeast region of the country for infrastructure development
  • Anti-camcord regulations to be introduced in the Indian Cinematograph Act to prevent piracy and contact theft of Bollywood films.
  • Single window clearance for Indian filmmakers will be introduced.
  • 25 per cent of sourcing for government projects will be from MSME, of which three per cent will be from women entrepreneurs.
  • National Artificial Intelligence portal to be developed soon
  • The ESI cover limit has been increased to ₹ 21,000. Minimum pension was also increased to ₹ 1000.
  • Mega pension scheme for workers from the organised sector with income of less than ₹15,000. They will be able to earn ₹ 3000 after the age of 60 years. The scheme will be called PM Shramyogi Maan Dhan Yojana.
  • 2% interest subversion for farmers pursuing animal husbandry.
  • All farmers affected by severe natural calamities will be given interest subversion for the entire period of three per cent of loans.
  • The 22nd AIIMS will come up in Haryana
 
The 5lakh tax rebate dissected:
Say u earn above 5L/yr. Let's keep it 6L.
6,00,000 - 2,50,000 = 3,50,000[u pay tax on this now]
NOT on 6,00,000 - 5,00,000 = 1,00,000
Basically,all those earning above
Rs.41,667 per month,you're paying the same tax as you did with 2.5L rebate.
 
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My initial view on budget, yet to go through the details,

1. Farmer income scheme is a disaster. What can anyone do with 6000 remaining per year and that too distributed in 3 lots of 2000 per quarter??

2. Income tax rebate - with record joblessness of 45 yr high, most urbanites have no jobs, so irrelevant.

3. One lakh digital villages - for what purpose ? People are dying of hunger and food.

4. The earlier 14 AIIMS are yet to come up, when wil the 22nd come up in Haryana ?
 
hi

this budget like this.....the using of ghee at the end of lamp demise....bjp got nice victory ...as single party...

but they lost the opportunity....
 
hi

if india really wants to improve as develop country....then the country should be CORRUPTION MUKT ANS

RESERVATION MUKT BHARATH....otherwise everything just numbers(data).....
 
You can waive off Rs 3.5 Lakh Crore loan of 15 people but give only Rs 17 per day to farmers! What else is this, if not an insult? Election will be fought keeping in mind issue of farmers, unemployment & attacks on institutions, it'll also be on the issue of Rafale.
 
‘Big numbers, no depth’: SC/ST criticise budget
Activists pointed out that the most discussed feature of the interim budget – Rs 500 monthly income support for small and marginal farmers – was unlikely to help a large section of SC/ST population because many Dalits didn’t own land.


On Friday, acting finance minister Piyush Goyal announced a “substantial increase” in the allocation to SC and ST welfare – Rs 76,801 crore for SC and Rs 50,086 crore for ST. But activists said a bulk of the money was allocated for so-called non-targeted schemes -- designed for the general public and not specifically tailored to impact SC/ST members. “This was an election budget with big numbers and no depth,” said Beena Pallical of the National Commission for Dalit Human Rights (NCDHR).

Activists pointed out that the most discussed feature of the interim budget – Rs 500 monthly income support for small and marginal farmers – was unlikely to help a large section of SC/ST population because many Dalits didn’t own land. Data from the 70th round of Land and Livestock Holdings Survey of the NSSO shows 58.4% of rural Dalit households are landless and 71% of SC ‘farmers’ are agricultural labourers.


Of course these activists are Naxalites!!!!!!!!!
 
hi

this budget like this.....the using of ghee at the end of lamp demise....bjp got nice victory ...as single party...

but they lost the opportunity....
At the end this is a budget if one can call it or an interim budget mainly to woo the middle class and the farmers to vote for the BJP in the May elections. Not sure if it will work or it is a bit too late. Let us wait and watch. But ever since the GST was enacted the Budget does not have much of the sting as the rates of custom
s and excise duty are changed there by the GST Council.
 
Since when did people begin to believe that the governments role is to create jobs? The government's role is only to govern - it is the people's responsibility to create jobs.

Good governance such as offering good loans to entrepreneurs will automatically generate employment and this is what the central government has done through the Mudra loan scheme. A massive segment who were systematically ignored by the Congress have been given access to loans through sahakari banks and NBFCs at lower interest rate.

These informal sector or "India Uninc" establishments as Prof R. Vaidyanathan (IIM Bangalore) calls them, contribute to over 70% of our GDP. The corporate sector, FDI, stock market and all the mumbo-jumbo things that our English-medium educated elite seem to love only contribute to 18% of our GDP.

Our country is a highly entrepreneurial country and the left-leaning media thinks that only working at some place - government or private is considered "employment." It is foolish and misleading.
 
'11 out of 10 for Budget's politics'
The finance minister has told the BJP's core voters we are hearing you and we are sensitive to your aspirations.'

It is the final Budget of the Narendra Damodardas Modi government, a kind of do-or-die situation for the party that has antagonised its core supporters.
M R Venkatesh, lawyer, chartered accountant and political commentator who had been extremely critical of the Modi government's earlier Budgets, finds the latest one a very good political exercise.
"The other issue is the Ram mandir which has been bugging the BJP's core supporters. The Budget cannot address this issue. I am sure in the next couple of weeks, mandir building will start whatever be the outcome of the Supreme Court decision," Venkatesh tells Rediff.com's Shobha Warrier. "Then the mood will change to that of ascendency and euphoria."

 
Presenting a full budget in the name of an interim one, as Piyush Goyal did on Friday, betrays extreme arrogance on the part of the BJP leadership. The nature of announcements made it seem more like the launch of a Narendra Modi ‘Re-election Yojana’. I’m not delving into where the money will appear for such big-bang announcements—that is a separate, serious question in itself.

A budget with an announcement (not in terms of the amount, which is minuscule compared with the extent of agrarian distress in India, but policy) such as direct benefit transfer (DBT), which is a fundamental shift in the philosophy of governance, required a thorough political discussion, especially since there is no consensus on the economic effects of such a shift. Ethically speaking, if the Modi government was serious about such a shift, it should have done this in its first budget, not the last.

 
Absolutely and this is the true tragedy of india.

RSS/BJP which claimed to be a cadre based organisation with strong ideology, economic principles came to the govt with no plans at all.

One would have expected them to come with a master plan like the Chinese communist party.

Some hotch potch ideas (otherwise called famously as Jugaad) in smart cities, make in india with out any solid ground plan.

So many things could have been done - rural sector reforms - open up for private sector investments, complete psu disinvestment/ privatisation, satellite towns to decongest all the cities, regional hubs so that development is evenly spread across countries, etc...

A la such a historic mandate lost... India is forever in fire fighting mode..
 

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