Union Budget 2019 LIVE: Finance Minister Nirmala Sitharaman on Friday presented her maiden Union Budget 2019-20 in Lok Sabha, as part of Prime Minister Narendra Modi’s second term. She began her speech at 11 am and concluded at 1:07 PM. Also Read - Tax On Black Fungus Medicine Waived, 5% GST on Vaccine To Stay
Union Budget 2019 LIVE Updates: FM Proposes Tax Rebates on e-Vehicle, Affordable Housing Loans; Petrol, Diesel Get Costlier
Speculations were rife that Sitharaman, India’s first full-time woman finance minister, would provide relief to middle-class tax payers by raising the basic tax exemption limit in much-anticipated Union Budget but all hopes were dashed. Also Read - New Income Tax Website Faces Technical Glitches, Sitharaman Tags Infosys, Nandan Nilekani on Twitter
The government however, reward the middle-class by announcing an additional Income Tax deduction of Rs 1.5 lakh on affordable home loans. According to the proposal, income tax payers will get tax rebates of around Rs 3.5 lakh on loans of up to Rs 45 lakh borrowed upto March 31, 2020. Also Read - Govt Announces Amnesty Scheme For GST Taxpayers, Allows Filing Of Returns With Reduced Late Fee
Furthermore, the Finance Minister proposed interchangeability of PAN and Aadhaar. “More than 120 crore Indians now have Aadhar card, therefore for ease of tax payers I propose to make PAN card and Aadhar card interchangeable and allow those who don’t have PAN to file returns by simply quoting Aadhar number and use it wherever they require to use PAN,” said Sitharaman.
She also announced that a new series of Re 1, Rs 2, Rs 5, Rs 10, Rs 20 will be made available for public use shortly. These coins are easily identifiable to the visually impaired. They were released by the PM on March 7 2019.
PM Modi, Amit Shah Laud Budget
Prime Minister Narendra Modi and Union Home Minister Amit Shah hailed Budget 2019. “Ye desh ko samridh aur jan jan ko samarth banane wala budget hai. Is budget se gareeb ko bal milega. yuva ko behtar kal milega,” said PM.
“The middle class will progress with this budget, development work will expedite even more. The tax structure will simply and infrastructure will modernise”, PM added.
Taking to micro-blogging site Twitter, Home Minister Shah said,”Finance Minister Nirmala Sitharaman presents a Budget For New India which lays the foundation of an inclusive & progressive nation, whose rise is powered by the hardwork of 130 crore Indians. The budget gives wings to India’s farmers, youngsters, women and poor to fulfil their dreams.”
Congress Criticises Budget
“Nothing new, repetition of old promises. They are talking about new India but the budget is old wine in a new bottle. Nothing new, no plan for employment generation, no new initiatives”, said Adhir Ranjan Chowdhury, Leader of Congress in Lok Sabha