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Feb 1, 2019: Today, was no ordinary day, as 1.37 billion people in India, eagerly waited for the clock to chime 11:00 AM. It was the day, for the NDA government to present the Interim Budget 2019 in Lok Sabha. Finance Minister Piyush Goyal in his Budget 2019 speech proposed several changes that will positively impact different sections of the society.

It seems the NDA government has heard the taxpayer pleas and has acted upon it, as was revealed in the presentation, today. The full-steam budget that caters to farmers, defense personnel, homemakers, salaried professionals, domestic workers, unskilled workers, small and medium-sized businesses offers higher tax rebates, loan waivers, mega pension schemes, and more money in the pockets of common man. The agriculture and defense sectors have been given due weightage as the FM, announced PM Kisan Samman Nidhi for Direct Income support for small farmers, and allocation of 3 lakh crore for the defense sector.

The Union Government decided to hike the gratuity limit from Rs. 10 lakh to Rs. 20 lakh in the next financial year for salaried professionals.

HIGHLIGHTS BUDGET 2019: Tax Proposals*

1. PERSONS EARNING TAXABLE INCOME OF LESS THAN 5 LAKH TO GET FULL TAX REBATE.

*REBATE U/S 87A AMENDED TO PROVIDE DEDUCTION OF UPTO 12,500*

2. NO CHANGE IN TAX SLAB RATES
3. NO DEEMED INCOME FOR *UNSOLD INVENTORY UPTO TWO YEARS*.
4. TAX ON *NOTIONAL INCOME* FOR SECOND SELF OCCUPIED RESIDENTIAL PROPERTY DONE AWAY
5. PM AFFORDABLE HOUSES –DEDUCTIONS U/S 80-IB EXTENDED UPTO 2020
6. *LTCG OF UPTO 2Cr* FROM SALE OF RESI HOUSE TO QUALIFY FOR DEDUCTION *U/S 54 FOR INVESTMENT IN TWO RESI HOUSES* AS ONE TIME LIFE TIME OPPORTUNITY
7. NO *TDS ON INTEREST* EARNED FROM BANKS/PO FOR A SUM UPTO 40,000(INCREASED FROM 10,000)
8. STANDARD DEDUCTIONS FOR SALARIES EMPLOYEES INCREASED FROM 40000 TO 50000
9. HUMAN LESS INTERVENTION . E-ASSESSMENT IN TWO YEARS
10. ITR TO BE PROCESSED IN 24 Hours AND REFUNDS TO BE ISSUED SIMULTANEOUSLY
11. CUSTOM DUTY ABOLISHED FROM 36 CAPITAL GOODS
12. NO TDS U/S 194-I FOR RENT PAID UPTO 240000.00

In pre-poll Budget, the Government doles out sops for farmers, skilled and unskilled labor, middle class and defense. But with General Elections 2019 just around the corner, the opposition believes it’s the last good effort to win the masses, but how far will it be implemented remains a question. In retortion, the Union Minister responded, “We do development politics, not vote bank politics.”

Nevertheless, Interim Budget 2019 brings hope to billions of Indian citizens.