New Delhi: Finance Minister Piyush Goyal would present the Interim Budget 2019-20 or Vote-of-Account on Friday in Parliament. It would be the sixth and final Budget of the Narendra Modi-led government before the Lok Sabha elections 2019. Though, Lok Sabha TV, Rajya Sabha TV and many news channels would broadcast Goyal’s speech LIVE, one can also watch it on Zee News Live TV online from anywhere. The Live streaming of the ZEE News is available here. It would give the 360-degree coverage on Budget 2019 and sharp analysis on how it might impact the upcoming Lok Sabha Elections 2019.
The Interim Budget is likely to contain a package of relief for the stressed farm sector which is likely to have a direct investment support of upto Rs 15,000 per hectare annually and reduction in premium for crop insurance scheme and compensation for the gap between minimum support price and the market price. The move is likely to come post Congress party’s promise of debt waiver for farmers and a minimum income for the poor if it voted to power.
Besides farm sector, the government may double the income tax (I-T) exemption threshold for salaried taxpayers from the present Rs 2,50,000 to Rs 5,00,000. It also reinstate tax-free status for medical expenses and transport allowances, providing some relief to the middle class already under strain since demonetisation.
As per a report of news agency PTI, the Modi government may also take into account the delay in housing projects and rising interest rates. Deduction of interest amount on housing loan for a self-occupied house property may be enhanced to Rs 2.5 lakh from Rs 2 lakh.
Last year, Finance Minister Arun Jaitley had disappointed individual taxpayers by not announcing any change in the tax slabs . It was expected that the government may increase the limit of income tax exemption from Rs 2, 50,000 to Rs 3,00,000 in Budget 2018-2019.
In Budget 2017-18, Arun Jaitley had proposed a reduction of 5 per cent in income tax rate for individuals with income ranging between Rs 2.5 lakh to Rs 5 lakh. He had also announced surcharge of 10 per cent for those whose annual income is Rs 50 lakh to Rs 1 crore.