Budget 2019: Piyush Goyal, who stepped in as interim finance minister after Arun Jaitley had to fly to New York for medical treatment, presented interim budget 2019-20 in the Parliament on Friday. Piyush Goyal, while presenting the sixth and the final budget of the Modi-led Union government, announced hike in income tax exemption limit from the present Rs. 2.5 lakh to Rs. 5 lakh per annum.
“Individual taxpayers having annual income upto Rs 5 lakhs will get full tax rebate. 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,” announced the Interim Finance Minister.
He added,”Around 3 crore middle class taxpayers will get tax exemption due to this measure. Standard tax deduction for salaried persons raised from 40,000 rupees to 50,000 rupees.”
Sources had earlier said that the interim budget would provide an opportunity for the government to outline its medium-term economic priorities, specifically with regards to improving farm/rural incomes. It would be important to continue its focus on overall infrastructure expansion, especially as private sector investments remain tepid and a nascent recovery hinges on government spending.
As resurgent Congress is going all out to lure voters with the promise of debt waiver for farmers and a minimum income for the poor, Modi-led government in its interim budget also announced Rs 6,000 per annum direct cash transfer to farmers owning less than 2 hectares of land.
The Finance Minister also asserted that a national cow commission for the welfare of cows would also be set up.
Showering praise on the interim budget 2019, Goyal said,”This is not just an Interim Budget, this is a vehicle for the developmental transformation of the nation.”
He concluded his speech with popular quote ” Ek paav rakhta hun, hazaar raahein phoot padti hai,” which literally means one step opens up a thousand roads.