Union Budget 2019 Highlights: No need for PAN, can use Aadhaar card even for I-T returns

All eyes are on Finance Minister Nirmala Sitharaman who has arrived at the North Block. She will present the budget at 11 am in Lok Sabha as expectations soaring high from all quarters

Union Budget 2019 Highlights: No need for PAN, can use Aadhaar card even for I-T returns
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New Delhi, News24 Bureau, July 5: All eyes are on Finance Minister Nirmala Sitharaman who has arrived at the North Block. She will present the budget at 11 am in Lok Sabha as expectations soaring high from all quarters.  Some believe she 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.




Here are the LIVE updates:





Tax-related announcements





 Petrol and diesel to get costlier


-Gold expensive; cess on petrol increased by Re 1


-Custom duty on gold increased by 2% 


-Business establishments with annual turnover of Rs 50 crore will offer low-cost digital mode of payments to customers and no charges or merchant discount rates shall be imposed on customers as well as merchants: FM 


-FM Nirmala Sitharaman propose to increase special additional duty and road and infrastructure cess on diesel and petrol by Re 1/litre


-Import of defence equipment is being exempted from basic customs duty: FM 


-Those having annual income of Rs 5 lakh exempt from paying taxes: FM


-Corporate tax rate now 25% for companies with annual revenue up to Rs 400 Crore


-To discourage practice of making business payments in cash, I propose to levy TDS of 2% on cash withdrawal exceeding Rs 1 crore a year from a bank account: Sitharaman


-‘No need for PAN, can use Aadhaar card even for I-T returns’: FM


-Proposal to extend period of exemption of capital gains arising from sale of residential house for investment in startups to 31-3-2021


-Addition 1,50,000 deduction on housing loans 


-There will be ease of Angel tax for start-ups.


-To make EVs affordable for consumers our Govt will provide additional income tax deduction of 1.5 lakh rupees on the interest paid on the loans taken to purchase EVs


-Government has already moved GST council to lower the GST rate on electric vehicles(EV) from 12% to 5%.


-A new series of coins of Re 1, Rs 2, Rs 5, Rs 10, Rs 20 easily identifiable to the visually impaired were released by the PM on 7th March 2019. These coins will be made available for public use shortly 


-Propose to extend period of exemption of capital gains arising from sale of residential house for investment in startups to 31-3-2021



-We aim to simplify tax admin and bring greater transparency, says FM


-My tax proposals will aim to stimulate growth, Aim to simplify tax admin and bring greater transparency: FM


-25% tax on all companies with turnover of Rs 250 crore 


-Govt is considering, in case where undertaking is still to be retained in govt control, to go below 51% to an apt level on case to case basis 


-Govt has been following policy of disinvestment in non-financial public sector undertakings, maintaining govt's stake not to go below 51%. 


-The direct tax revenue has increased to Rs 11.37 lakh crore from 2013-14 to 2018-19, and this because of efforts taken by our government



- Inclusive development possible because of honest tax payers; we need to respect them: FM 






-Govt proposes to return the regulation authority over housing finance sector from National Housing Board to the RBI: FM


-FM: Rs 100 lakh crore for infrastructure over the next five years


-The govt intends to open another 4 embassies, new ones, in the year 2019-20. This will not increase the footprint of India's overseas presence but also enable us to provide better and more accessible public services especially to the local Indian communities in these countries. 


-More than 17 iconic sites to be transformed into world-class tourist destinations soon


-FM Nirmala Sitharaman: 'Gandhipedia' is being developed to sensitize the youth about positive Gandhian values



-I propose to consider issuing Aadhaar Card for Non Resident Indians (NRIs) with Indian passports after their arrival in India without waiting for the mandatory 180 days


-To popularise sports at all levels, National Sports Education Board for development of sportspersons to be set up under Khelo India. 


-To give further impetus to India's growing influence and leadership in the international community, Govt decided to open Indian embassies and high commissions in countries where India doesn't have a resident diplomatic mission as yet. 


-Happy and satisfied to report that India will be made Open Defecation Free on October 2nd, 2019, as per the dream of PM Modi


-PSBs are now proposed to be further provided Rs 17,000 crore of capital to boost credit: FM 


-Government has smoothly carried out consolidation, reducing the number of PSBs (Public sector banks) by 8: FM 


-Record recovery of over Rs 4 lakh crore due to IBC (Insolvency code) have been effected in the last four years: FM 


-NPAs of commercial banks have reduced by over Rs 1 lakh crore over the last year: FM


-35 crore LED bulbs distributed under the Ujjwala scheme, leading to a cost saving of Rs 18,341 crore annually: FM

 
-I draw attention to the women of India, 'Naari tu Narayaani'. This Government believes that we can progress, with greater women participation 


-Over 26 Lakh houses have been completed of which nearly 24 Lakh houses have been delivered, to beneficiaries 


-Under PMAY (Urban), over 81 Lakh houses with investment of about Rs 4.83 Lakh Cr have been sanctioned of which construction has started in about 47 Lakh houses


-Ensuring India's water security and providing access to safe drinking water to all Indians is a priority. A major step in this direction has been the constitution of Jal Shakti Ministry





-To upgrade level of teaching, Gian initiative was started. It was a roadmap to counter challenges: FM


-FM: Electronic Fundraising Platform, a social stock exchange, to be set up for social welfare objectives


-Under 'Jal Jeevan Mission' the new Ministry will look at the management of our water resources and water supply in an integrated and holistic manner and will work with states to ensure 'Har Ghar Jal', to all rural households by 2024


-To provide Non-resident Indians (NRIs) seamless access to Indian equities, NRI portfolio investment route to be merged with foreign portfolio investment route


-None of our technological institutions were in top 200 in 2014. But now, there are five in the list: FM


-I propose to expand the Swachh Bharat mission to undertake sustainable sold waste management in every village


-9.6 crore toilets have been constructed since Oct 2, 2014. More than 5.6 lakh villages have become open defecation free.We have to build on this success. 


-Those who want allied activities too, like bamboo, timber & also for generating renewable energy. Ann daata ko kyun oorja daata bana nahi sakte? 


-We'll support private entrepreneurship in driving value addition to farmers produce 


-We'll invest widely in agricultural infrastructure. 


-PPP to be used to unleash faster development and the delivery of passenger freight services. 


-Railway infrastructure would need an investment of Rs 50 lakh crores between 2018 and 2030.



-Electronic Fundraising Platform, a social stock exchange, to be set up to list social enterprises and voluntary organizations working for social welfare objectives : FM 



-With the changing economic scenario it's important to upgrade roads connecting villages to rural markets.


-For this Pradhan Mantri Gram Sadak Yojana phase 3 is envisaged to upgrade 1,25,000 km of road length over the next 5 years. 


-Annual Global Investors' Meet to be organized in India, using National Investment and Infrastructure Fund(NIIF) as the anchor to get key sets of global players to come and invest in India 


-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 


-Between 2014-2019 PM provided a rejuvenated centre-state dynamics, cooperative federalism, GST council and strident commitment to fiscal discipline. 



-Schemes such as 'Bharatmala', 'Sagarmala' and UDAN are bridging the rural and urban divide, improving our transport infrastructure


-To deepen corporate tri-party repo market in corporate debt securities, govt will work with regulators RBI & SEBI to enable stock exchanges to allow AA rated bonds as collaterals 


-User friendliness of trading platforms for corporate bonds will be reviewed, including issues arising out of capping of International Securities Identification Number 




-The FAME II scheme aims to encourage faster adoption of electric vehicles by the right incentives and charging infrastructure 


-It's right time to consider increasing minimum public shareholding in the listed companies, I have asked SEBI to consider raising the current threshold of 25% to 35% 


-1.95 crore houses proposed to be provided under PMAY Grameen by 2021 


-Govt will invite suggestions for further opening up of FDI in aviation sector, media, animation AVGC and insurance sectors in consultation with all stakeholders.


-By 2022, power and LPG will be provided to all households: FM 


-Rs 350 cr allocated for 2% interest subvention for all GST-registered MSMEs on fresh or incremental loans. Pension for shopkeepers & retailers with turnover less than Rs. 1.5 crore to be launched under Pradhan Mantri Karma Yogi Maan Dhan Scheme


-FM said: Government is mulling organizing an annual global investors' meet in India


-Nirmala Sitharaman: 100% FDI will be permitted for insurance intermediary


-FM: For Pradhan Mantri Karam Yogi Maang Dal scheme, one will require Aadhaar and Bank account.




-We propose a number of measures to further deepen the bond market: FM


-As key source of capital to Indian economy, it is important to ensure hassle-free experience to foreign portfolio investors. We plan to streamline KYC to make it more investor-friendly: FM 


-Comprehensive restructuring of National Highways Programme will be done, to ensure the creation of National Highways Grid of desirable capacity. Government envisions using rivers for cargo transport, it will also decongest roads and railways.


-"One Nation, One Grid" for power availability to states at affordable rates, assures FM


-Govt will create a payment platform for MSMEs to enable filing of bills and payment on the platform itself: FM 


-A modern tenancy law will be finalized and given to the states. Several steps will be taken to boost rental housing


-Our govt launched UDAY in 2015 for financial and operational turnaround of discoms. We are analyzing the scheme and plan to improve it further: FM



-It is proposed that several reform measures will be taken up to promote rental housing: FM



-Congratulating Indian industries for their role in the economic growth of the country, FM said India is moving towards Make in India



-Railway infra would need an investment of Rs 50 lakh crore between 2018 and 2030: FM



-The Indian economy will grow to become a $3 trillion economy in the current year itself. It is now the sixth largest in the world. 5 years ago it was at the 11th position, says Nirmala Sitharaman



-#Budget2019 Parents of FM Nirmala Sitharaman Savitri and Narayanan Sitharaman - arrive at the Parliament. She will present her maiden Budget at 11 AM in Lok Sabha


FM's parents

-Rashtrapati Bhavan: As per tradition, Finance Minister Nirmala Sitharaman calls on President Ramnath Kovind before presenting the Union Budget 


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