Finance Minister Nirmala Sitharaman announces the latest report regarding her maiden Union budget 2019 in the Parliament on July 5. This is the 89th Union Budget. Sitharaman announces no change in Income Tax slabs. Finance Minister Nirmala Sitharaman has thanked 'honest income taxpayers of India for paying taxes, here is a look at key expectations that a common man has from Budget 2019.
Income Tax: No change in personal income tax rates, however there is an increase in surcharge on super rich by 3 percent on Rs. 2 crore income and by 7 percent on 5 crore.
Aadhaar: Aadhaar is capable of being used in the place of PAN for verification and other purposes.
Ease of living: The government proposes to consider issuing Aadhaar cards to NRIs with Indian passports in India without having to wait for the necessary 180 days. Rs. 3,000 pension per month for informal sector workers.
Banking reforms: 2 percent of TDS to levy on cash withdrawals from bank account exceeding 1 crore in a year.
Education: Government to launch study in India program to attract foreign students in higher education. Rs. 400 crore to be allocated for higher education.
Swachh Bharat: Swachh Bharat has made huge impact on health and environment. In urban areas more than 96 million toilets built since Swachh Bharat came into effect.
Women empowerment: Women SHG Interest program to be expanded to all districts in India. Rs. 1 Lakh loan provided for SHG women members under ‘Nari tu Narayani’.
Railways: Government to launch massive program of Railway Station Modernization. Railway infrastructure will need an investment of Rs 50 lakh crores in next 5 years. One Nation – one Transport card to be launch which can use on various modes of transport. This card can also be use as ATM card.
Sports: To encourage sports government to be launch National sports education board for development of sport persons to be set up under Khelo India Program.
Rural India: New Jal Shakti program ensures ‘Har Ghar Jal’ for all houses by 2024. Electricity connections in every single rural family.