New Delhi: Finance Minister Nirmala Sitharaman presented her maiden Union Budget 2019-20 in Lok Sabha, as part of Prime Minister Narendra Modi’s second term on Friday.
Nirmala Sitharaman, India’s first full-time woman finance minister, may provide relief to middle-class taxpayers by raising the basic tax exemption limit in much-anticipated Union Budget.
The government may reward them (middle-class) by increasing the ability to buy their dream home. Reports claimed that the tax deduction limit on interest on home loans may be increased to Rs 2.5 lakh a year from the present Rs 2 lakh limit. But this enhanced benefit will come with the withdrawal of deduction for interest on the second house that was allowed earlier.
You can find the budget document online after the Finance Minister presents the Union Budget in the Parliament.
Step 1: Go to https://www.indiabudget.gov.in/
Step 2: Click on Budget Speeches
Step 3: Find the 2019-2020 pdf document
It is expected that there will be a big push for infrastructure spending including on roads and railways to drive growth which had slowed to a five-year low of 5.8 per cent in the first three months of 2019.
Earlier on Thursday, a day before the presentation of Union Budget 2019, the government pegged the growth rate for the current fiscal at 7 per cent, marginally up from 6.8 per cent.