“The Budget 2019-20
presented by Shri.PiyushGoyal, the first budget to be presented by a Chartered
Accountant, has laid down a strong vision for the next decade with India poised
to become a FiveTrillionDollarEconomyinthenextfiveyearsandaspiretobecomeaTenTrillionDollarEconomyin
the next 8 years thereafter. The Budget laid down ten most important dimensions
for this Vision. On the Budget proposals, the Budget has concentrated on the
poor, farmers and the middle class. The Finance Minister highlighted the
benefits for the poor from the world’slargesthealthcareprogramme,AyushmanBharat.
The Finance Minister has also announced “PradhanMantriKIsanSAmmanNidhi(PM-KISAN)”wherein
for farmers having cultivable land upto 2 hectares, there will be a direct
transfer of an amount of Rs.6,000/- per year to their bank accounts. The Budget
has also announced a mega pension yojana namely ‘Pradhan MantriShram-Yogi
Maandhan’ for the unorganised sector workers with monthly income upto
Rs.15,000. On the Tax Proposals, the Finance Minister thanked the increased
number of taxpayers filing Income Tax Returns and also highlighted the enhanced
collections under GST. Being an interim Budget, there have been limited
amendments in the area of direct taxes. The Finance Bill in its purpose
highlights “A BILL to continue the
existing rates of income-tax for the financial year 2019-2020 and to provide
for certain relief to taxpayers and to make amendments in certain enactments.”
In short, this Budget can be termed as a Budget to boost the
livelihood of the poor, support for the farmers and relief to the middle class
and also laying a foundation and vision for India 2030.”.
A detailed
analysis on the taxation proposal is presented for your valuable information.
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