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Budget 2019: 5 big announcements for the salaried class

Budget 2019: 5 big announcements for the salaried class

Tax relief for the middle class was one of the highlights of Finance Minister Piyush Goyal's Budget 2019 speech.

Rao said with lack of fresh revenue-generating measures in the interim budget, much of the funding is likely to arise from higher markets-based borrowings. Crucially, the scheme was introduced with retrospective effect, so that Rs 20,000 crore was budgeted for the income transfer in the ongoing fiscal year. The standard deduction limit has also been increased to Rs 50,000. There will be no tax on notional rent on second self-occupied house and no TDS on house rent up to Rs 2.4 lakh, " said Goyal. Barely days after the opposition Congress party promised a minimum income guarantee, Goyal announced that farmers who owned less than two hectares of land - about 120 million households - would receive income support worth Rs 6,000 a year.

The government has also proposed rollover of capital gains up to Rs 2 crore towards buying (investing) two houses compared to only one under the present one unit only.

The increase of the limit of bank and post office deposit interest for the goal of tax deduction at source from Rs 10,000 to 40,000 comes as a big relief to several sections of the middle class society including the retired, senior citizens and home makers who have savings invested. The limit for tax deduction at source on rental income under section 194-I of the Income-tax Act, 1961 (the Act) is also marginally increased from Rs 15,000 per month to Rs 20,000 per month.

Dramatic temperature swings heading to Midwest
Officials in Des Moines, Iowa, opened warming shelters, but also suggested residents could stay warm inside shopping malls. It is extremely cold in the Midwestern United States, where forecasters are warning of "life-threatening extreme cold".

The flawless way to sum up Budget 2019 for the real estate sector would be to say better late than never. In spite of the hard of making the current year's target, the Budget Estimates for 2019-20 lay out a Rs 90,000 crore target for disinvestment receipts.

'Tax Rebate on the other hand, is a relief provided to taxpayers in the form of a refund on taxes already paid to the government. This led to the assumption of overall tax revenue growth of 14.9% in 2019-20, even as nominal GDP growth is assumed to be only 11.5% during the same period.

Nala Ponnappa draws a anxious Congress president Rahul Gandhi who made the first move with an announcement of minimum income guarantee for the poor - a plan the BJP government ran away with in its budget Friday.

Despite high oil prices in 2018-19, petroleum subsidy has actually been reduced by ₹100 crore, tacitly signalling a large amount of the subsidy shifting to the next fiscal year. There was a significant boost to rural development by the sanctioning of Rs 19,000 crore for this fiscal. Now it remains to be seen if India's almost 700 million voters will buy into his dream and vote his government back to power in three months' time.