Calcutta HC: Demolition Orders Cannot be Challenged under Article 226 if a Statutory Appeal Exists  ||  Kerala High Court: Disability Pension is Payable to Voluntary Dischargee For Service-Related Illness  ||  Calcutta High Court: Partition Decree is Executable Only After Stamp Duty Payment  ||  Calcutta HC: Contempt Court Cannot Grant New Relief Beyond Original Order Once Compliance is Met  ||  Kerala High Court: Intentional Judicial Decisions Cannot be Altered as Clerical Errors under CPC  ||  Supreme Court: Delay In Filing Appeals under Section 74 of 2013 Land Acquisition Act is Condonable  ||  SC: Statutory Authorities may Intervene When Housing Societies Delay Membership Decisions  ||  SC: Quasi-Judicial Authorities Cannot Exercise Review Powers Unless Expressly Granted By Statute  ||  SC: Special Court Cannot Order Confiscation While Appeal Against Attachment Confirmation is Pending  ||  SC: Photocopies are Not Evidence Unless Conditions for Leading Secondary Evidence are Proved    

Union Finance Minister Presents First Budget of New Government - (05 Jul 2019)

Civil

The Union Finance Minister, Nirmala Sitharaman has presented first budget after the formation of new Government. Nirmala Sitharaman is the second woman after Indira Gandhi presenting budget on behalf of the new Government. For the first time, budget documents were carried by Finance Minister in a red silk bag (Bahi khata) with national emblem instead of briefcase. “People’s hearts is filled with Aasha (Hope), Vishwas (Trust), Aakansha (Aspirations)”, says Finance Minister. The Budget lays emphasis on MSMEs, Start-ups, defence manufacturing, automobiles, electronics, and batteries, and medical devices under Make in India.

A per the highlights of budget, the income tax rate has increased to 3 % for those earning Rs 2 to 5 crore and to 7 % for those above Rs 5 crore. However, there is no change in the income tax slabs being followed currently. Union Finance Minister has informed that, TDS of 2% will be levied on over Rs 1 crore bank withdrawal which is meant to discourage cash transactions. A special excise duty of Rs 1/Litre on petrol and diesel is to be levied. Further, it is informed that, companies having turnover of less than Rs 5 crores will have to file GST Quarterly Returns. Now AADHAAR and PAN can be used interchangeably. Those who don’t have PAN can file tax returns using Aadhaar.

There is more focus to Boost to Electric Vehicles by Additional income tax deduction of Rs. 1.5 lakh on interest paid on electric vehicle loans. Customs duty exempted on certain parts of electric vehicles. New National Education Policy to be brought which proposes major changes in both school and higher education, better Governance systems, greater focus on research and innovation. Rural families will have electricity and clean cooking facility by year 2022. Additional deduction up to Rs. 1.5 lakhs for interest paid on loans borrowed up to 31st March, 2020 for purchase of house valued up to Rs. 45 lakh. Further, there will be Overall benefit of around Rs. 7 lakh over loan period of 15 years. “Indian economy will become a 3 trillion dollar economy in the current year and is on the path of achieving the Prime Minister’s vision of a 5 trillion dollar economy by 2024-25”, said Union Minister of Finance and Corporate Affairs while presenting the Budget, 2019-2020.

Tags : BUDGET   PRESENTATION   HIGHLIGHTS  

Share :        

Disclaimer | Copyright 2026 - All Rights Reserved