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  5. Budget 2019-20: No changes in I-T slabs; PM calls it 'green budget' | Key Takeaways

Budget 2019-20: No changes in I-T slabs; PM calls it 'green budget' | Key Takeaways

Finance Minister Nirmala Sitharaman literally did a tightrope walk balancing the needs of the economy and fiscal constraints in her maiden Budget. Read through the blog to know how Nirmala Sitharaman's maiden Budget speech flowed out.

India TV Business Desk Written by: India TV Business Desk
New Delhi Updated on: July 08, 2019 14:23 IST
Sitharaman proposes additional deduction of Rs 1.5 lakh on
Image Source : INDIA TV

Sitharaman proposes additional deduction of Rs 1.5 lakh on housing loans

In a two-hour-15-minute long speech, Union Finance Minister Nirmala Sitharaman on Friday laid out Prime Minister Narendra Modi's roadmap to a healthier economy and the nation in the next five years.

This was Modi 2.0 government's first Budget, making Sitharaman only the second woman to have presented a Union Budget in the Lok Sabha.

Finance Minister Nirmala Sitharaman literally did a tightrope walk balancing the needs of the economy and fiscal constraints in her maiden Budget.

No changes were introduced to the already existing lower income tax slabs. However, it was proposed that the super rich Indians will now have to pay more in taxes.

Home buyers got a major push, and so did the youth who have always wanted to start a business of their own.

Read through the blog to know how Nirmala Sitharaman's maiden Budget speech flowed out.

 

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Budget 2019-20: No changes in I-T slabs; PM calls it 'green budget' | Key Takeaways

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  • 2:49 PM (IST)

    Want to improve urban living, says Sitharaman in post-Budget media briefing

    Want to improve urban living, says Sitharaman in post-Budget media briefing

  • 2:40 PM (IST)

    Finance Minister Nirmala Sitharaman addresses the media

    Finance Minister Nirmala Sitharaman is addressing the media

  • 1:52 PM (IST)

    'Green budget'

    "The Budget will open opportunities for the youth. It will fulfil the dream of $5 TN economy," PM Modi says.

    He adds: "The Budget has filled India with hope. It will help build a New India."

    "This is a Green Budget."

  • 1:10 PM (IST)

    No changes in tax slabs

    No changes have been introduced to the income tax slabs

  • 1:09 PM (IST)

    Import duty on gold and other precious metals up by 2.5%

    Import duty on gold and other precious metals up by 2.5%

  • 1:08 PM (IST)

    Customs duty on Gold hiked by 12.5%

    Customs duty on Gold hiked by 12.5%

  • 1:06 PM (IST)

    Re 1 increase in cess on petrol and diesel

    Re 1 increase in cess on petrol and diesel

  • 1:00 PM (IST)

    More tax for super rich Indians

    3% surcharge on incomes over Rs 2 crore

    7% surcharge on incomes over Rs 5 crore

  • 12:56 PM (IST)

    TDS of 2% on withdrawal of cash more than Rs 1 crore in a year

    TDS of 2% on withdrawal of cash more than Rs 1 crore in a year

  • 12:55 PM (IST)

    PAN and Aadhar to be interchangeable now

    If no PAN card, taxes can be filed using Aadhar card

  • 12:48 PM (IST)

    Additional deduction of Rs 1.5 lakh on housing loans

    Additional deduction of Rs 1.5 lakh on housing loans. The total deduction now is Rs 3.5 lakh

  • 12:47 PM (IST)

    No tax scrutiny of funds raised by start-ups

    No tax scrutiny of funds raised by start-ups

  • 12:46 PM (IST)

    Propose easing of angel tax on start-ups

    Propose easing of angel tax on start-ups

  • 12:45 PM (IST)

    India to become global e-vehicle manufacturing hub

    1.5 lakh reduction on loans to purchase e-vehicles

  • 12:37 PM (IST)

    Standby for tax announcement

    Before announcing the changes in tax slabs, Sitharaman quotes a Tamil couplet.

  • 12:34 PM (IST)

    Budget brings rain to Delhi-NCR

    While it is raining sops for different sectors in the Parliament, Indra Dev is mighty happy too.

    Monsoon has finally touched upon Delhi-NCR. And it's raining cats and dogs...

    Rain, rain, be here!

  • 12:31 PM (IST)

    Banking and financial sector

    4 lakh recovered through IBC
    1 lakh crore drop in non performing assets
    Rs 100 lakh crore in infrastructure in next five years
    Rs 70,000 crore capital infusion to PSBs
    RBI to now regulate housing loans

  • 12:16 PM (IST)

    Aadhar cards for NRIs proposed

    Aadhar cards for NRIs proposed

  • 12:10 PM (IST)

    Nari to Narayani, says Sitharaman as she moves to women empowerment in speech

    Govt to propose greater role for women in public life

  • 12:08 PM (IST)

    Over 2 crore Indians have become digitally literate, says FM

    Over 2 crore Indians have become digitally literate, says FM 

  • 12:03 PM (IST)

    FM announces National Education Policy

    National Sports Education Board soon
    Allocate Rs 400 crore for world-class higher education

  • 11:59 AM (IST)

    "9.6 crore toilets have been constructed since October 2, 2014. More than 5.6 lakh villages have become open defecation free. We have to build on this success. I propose to expand the Swachh Bharat mission to undertake sustainable sold waste management in every village," Sitharaman says.

  • 11:52 AM (IST)

    Targetting internet availability in every village

    Targetting internet availability in every village

  • 11:51 AM (IST)

    Sitharaman on space power

    "India has emerged as a major space power. It is time to harness our ability commercially. To harness India's space ability commercially, a public sector enterprise, New Space India Limited (NSIL) has been incorporated to tap benefits of ISRO," Sitharaman says.

  • 11:48 AM (IST)

    'Har ghar jal' by 2024

    Potable water to every household by the year 2024

  • 11:41 AM (IST)

    Gaon, garib aur kisan our focus, says Sitharaman in Budget speech

    • 1.95 crore houses to be built for rural India
    • Cooking gas for all families
  • 11:38 AM (IST)

    NRI investment in Indian capital market is less. I propose to merge the NRI portfolio investment scheme route with FPI route, says Sitharaman

  • 11:38 AM (IST)

    Nirmala Sitharaman quotes an Urdu couplet -- "Yakeen ho to koi raasta nikalta hai, hawa ki ot bhi lekar chiraag jalta hai" -- amid thumping of desks 

  • 11:33 AM (IST)

    Steps to deepen bond market

    • Loan up to Rs 1 crore to MSMEs
    • FIIs can invest in debt security issued by the NBFCs
    • 100% FDI in insurance intermediaries
    • To set up stock exchange for social enterprises under SEBI
    • Will examine opening up FDI in media and aviation
  • 11:25 AM (IST)

    'Propose public-private partnership in Railways'

    Sitharaman proposes a public-private partnership in Railways.

    "Looking to implement one nation, one grid in power sector. I propose to implement a blueprint for gas, water grids and airports," Sitharaman says.

  • 11:24 AM (IST)

    FM's Railway budget

    Rs 50 lakh crore investment needed for Railways, says Sitharaman

  • 11:18 AM (IST)

    'India's job creators are our wealth creators'

    Sitharaman says, "The recent election was charged with brimming home and desire for a bright and stable ‘New India’. Gone are the days of policy paralysis. India's job creators are our wealth creator."

  • 11:16 AM (IST)

    'Indian economy will grow to become a 3 trillion dollar economy this year itself'

    It took us over 55 years to reach $1 trillion dollar economy. But when the hearts were filled with hope, trust and aspiration, we in just five years, added $1 trillion, says Sitharaman.

    She adds: "The Indian economy will grow to become a 3 trillion dollar economy this year itself. The common man was served even as major transformational reforms were brought about."

  • 11:08 AM (IST)

    'Mazboot desh, mazboot naagrik'

    "Mazboot desh, mazboot naagrik is our focus. Our goal is to cut red tape and ease business," Sitharaman adds.

  • 11:06 AM (IST)

    Finance Minister lays out PM Modi's roadmap to economic growth

    Nirmala Sitharaman says, "Reform, perform and transform can succeed. Our goal is national security and economic growth."

     

  • 11:04 AM (IST)

    Budget 2019-20: Nirmala Sitharaman delivers her maiden Budget speech

    Finance Minister Nirmala Sitharaman begins delivering her maiden Budget speech.

  • 10:43 AM (IST)

    Budget 2019-20: Parents of Finance Minister Nirmala Sitharaman arrive at the Parliament

  • 10:18 AM (IST)

    Budget 2019-20: Cabinet meeting begins

    The meeting of the Cabinet ministers has begun.

  • 10:07 AM (IST)

    Budget 2019-20: Nirmala Sitharaman reaches Parliament

    Finance Minister Nirmala Sitharaman has reached the Parliament.

  • 10:00 AM (IST)

    Budget 2019-20: Sitharaman calls on President Kovind

  • 9:40 AM (IST)

    Budget 2019-20: MoS Finance Anurag Thakur offers prayers ahead of announcement

  • 9:32 AM (IST)

    Budget 2019-20: THE CURIOUS CASE OF THE BUDGET BRIEFCASE

    Nirmala Sitharaman is only the second woman finance minister to present the Union Budget and it is, by all means, a litmus test for the senior Bharatiya Janata Party (BJP) warrior today, as she makes her way to the Lok Sabha to present Budget 2019-20.

    And as expected, the Sitharaman touch (read: no less than the Midas touch) has manifested itself at the start of the Budget proceedings.

    Sitharaman posed for the shutterbugs with a red fabric briefcase -- a diversion from the age-old practice of carrying a regular maroonish briefcase.

    India Tv - NIRMALA SITHARAMAN POSES WITH A RED FABRIC FOLDER

    NIRMALA SITHARAMAN POSES WITH A RED FABRIC FOLDER

    READ THE FULL STORY HERE

  • 8:51 AM (IST)

    Budget 2019-20: THE COUNTDOWN HAS BEGUN

    Finance Minister Nirmala Sitharaman arrives at the Ministry of Finance. She will present Budget 2019 at 11 am in the Lok Sabha.

     

  • 8:35 AM (IST)

    Budget 2019-20: LITMUS TEST FOR SITHARAMAN

    For Sitharaman, the biggest constraining factor is lower-than-expected growth in tax revenues, particularly those of the goods and services tax (GST), something she may look to bridge through aggressive stake sale in PSUs, higher dividend from the RBI, rollover of some FY20 expenditure to FY21, cut back in plan expenditure and increase in off-balance sheet expenditure with portion of subsidies being transferred to state-owned enterprise balance sheet.

    The scope of the Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) was also recently expanded to cover all farmers which would lead to an increase in outlays from the earlier budgeted Rs 75,000 crore to Rs 90,000 crore along with a new pension scheme. At the same time, she has to live up to the relief promised to small taxpayers in the Interim Budget in February.

    Besides, monsoon has been erratic with a 33 per cent deficit rainfall in June, which has slowed Kharif crop sowing.

    In an economy that is losing growth momentum, all this bring the tightrope walk of balancing growth with fiscal prudence to the fore. 

  • 8:35 AM (IST)

    Budget 2019-20: EXPECTED | NEW POLICY INITIATIVES

    The sluggishness in the economy has led to expectations of the budget containing further stimulus measures to boost the growth through new policy initiatives and continued reforms to achieve accelerated growth and increase in employment.

    This may be in the form of a combination of capital infusion in the public sector banks, removing the roadblocks that have crept into the Insolvency and Bankruptcy Code process, providing liquidity to non-bank financial companies (NBFCs), address the agrarian crisis and step up allocations for infrastructure and social sectors.

    But, the combined effect of all these would be that the budget deficit may widen to 3.5 per cent of gross domestic product (GDP) in 2019-20 that began on April 1, instead of 3.4 per cent target.

  • 8:35 AM (IST)

    Budget 2019-20: WHAT TO EXPECT

    Some believe Nirmala Sitharaman may give relief to the common man by raising personal income tax threshold for certain categories while at the same time, upping spending on agriculture, healthcare and social sectors.

    Also, there is expected to 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 -- well below China's 6.4 per cent. The slowdown is also reflected in high-frequency numbers such as IIP and automobile sales numbers.
    The economy has also been impacted by slowing trade, rising protectionism, trade conflict between the United States and China, Brexit, US sanctions on Russia, Iran and Venezuela impacted the domestic economy.