INTERIM BUDGET 2019-20

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    • (Category: Budget-Union Budget, EFFECTS ON YOU)

    EFFECTS ON YOU

    INTERIM UNION BUDGET 2019-20

    Senior Partner Paul Thangam writes…..

    “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.

    7th Edition of “Effects On You”

    Printed on : 02-02-2019

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    About thr author : Aravind Paul

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