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Budget 2019: Standard deduction to be raised, no tax on second house

WION Web Team
New Delhi, Delhi, IndiaUpdated: Feb 01, 2019, 02:37 PM IST

File photo of Indian rupee. Photograph:(Reuters)

Story highlights

Union Finance and Railway Minister Piyush Goyal has been entrusted with the crucial responsibility of presenting the Budget Speech 2019 in the absence of Arun Jaitley. 

01 Feb 2019, 1:47 PM (IST)

Standard deduction to be raised from Rs 40,000 to Rs 50,000.

No tax if you own the second house.

No TDS on post office savings up to Rs 40,000.

No TDS on rental income up to Rs 2,40,000 per year.

No tax on notional rent on the second house.

Capital gains tax exemption under Section 54 raised to Rs 2 crore.

Tax on notional rent on unsold inventory to not be paid for 2 years.

01 Feb 2019, 1:20 PM (IST)

Sensex, Nifty surge over 1% as govt eases taxation norms in the interim Budget  

The markets gained over 1% as interim finance minister Piyush Goyal made taxation proposal in the interim budget on Friday. 

At 12:55 pm, the Sensex was at 36,657.26, up 400.57 points or 1.10% while the Nifty was at 10,943.55, up 112.60 points or 1.04%.

BSE Midcap and BSE Smallcap indices are also up nearly 1%. In the one year period, from the last Budget till now, the Sensex rose 1.5%, Nifty fell 1.2%, BSE MidCap fell 15.2% while BSE SmallCap declined 25.2%. 

01 Feb 2019, 12:38 PM (IST)

3 crore middle class tax payer to get tax relief of Rs 18,500 crore rupees.

01 Feb 2019, 12:36 PM (IST)
Individuals with gross income up to 6.5 lakh rupees will not need to pay any tax if they make investments in provident funds and prescribed equities: FM Piyush Goyal


01 Feb 2019, 12:34 PM (IST)
Individual taxpayers with annual income up to Rs 5 lakh to get a full tax rebate, says FM Piyush Goyal


01 Feb 2019, 12:27 PM (IST)

Finance minister Piyush Goyal makes reference to war film 'Uri' in budget, Paresh Rawal seen smiling

As the current government presents an Interim Budget today ahead of the general election, Union Finance and Railway Minister Piyush Goyal invited smiles and cheer in the parliament as he mentioned the Indian film industry, ease of making films under their rule and watching Vicky Kaushal starrer war drama film ‘Uri’.

01 Feb 2019, 12:25 PM (IST)

Budget 2019: Income tax refunds to be processed within 24 hours, says FM 

Income tax refunds will be processed within 24 hours, released immediately, said Finance Minister Piyush Goyal said on Friday.

Presenting the Interim Budget in the parliament, he said direct tax collection has increased from Rs 6.38 lakh crore in 2013-14 to almost Rs 12 lakh crore and added, the tax base is up from Rs 3.79 crore to 6.85 crores.

01 Feb 2019, 12:18 PM (IST)
"We are poised to become a 5 trillion dollar economy in the next five years, we aspire to become a 10 trillion dollar economy in the next eight years," said Piyush Goyal.


01 Feb 2019, 12:16 PM (IST)
"18% increase in direct tax collections in 2017-18, 1.06 crore people included in tax base; more than 1 crore citizens filed IT returns for the first time, after demonetization," said Piyush Goyal.


01 Feb 2019, 12:13 PM (IST)

Defence outlay increased for 2019-20

The defence budget, interim finance minister Piyush Goyal announced, was increased for the first time to three lakh crore in 2019-20 “for securing our borders and to maintain preparedness of highest order and if necessary additional funds will be provided."

Last year, out of total allocation of Rs 295,511 crore for defence budget, only Rs99,947 crore was set aside for capital outlay to purchase of new weapons, aircraft, warships and other military hardware. The allocation has been estimated at around 1.58% of the GDP and 12.10% of the total budget of Rs2,442,213 crore for 2018-19.

01 Feb 2019, 12:11 PM (IST)
"Our government implemented the GST, which is undoubtedly the biggest taxation reform since Independence.GST council will take steps to reduce the tax burden on home-buyers.In a relief for the common man, most daily-use items are now under 0-5% tax slab under GST. A levy of taxes was brought under a single regime," says Piyush Goyal.


01 Feb 2019, 12:05 PM (IST)

India is the fastest highway developer in the whole world

"India is the fastest highway developer in the whole world, 27 km of highways built each day, projects stuck for decades completed; Sagarmala will help faster handling of import and export cars," said FM Piyush Goyal.

01 Feb 2019, 12:04 PM (IST)
Single window clearance for filmmaking to be made available to Indian filmmakers, and-camcording provision to be introduced to Cinematography Act to combat film privacy: FM Piyush Goyal


01 Feb 2019, 12:02 PM (IST)

Direct taxes

Simplification of the direct tax system will benefit taxpayers; direct tax reduced and tax interface made simpler and faceless to make life easier; resulting in an increase in tax collections and return filings.

Direct tax collections from 6.38 lakh crore rupees in 2013-14 to almost 12 lakh crore rupees; tax base up from 3.79 crores to 6.85 crores.

99.54% returns have been accepted without any scrutiny.

01 Feb 2019, 11:58 AM (IST)
Defence budget exceeds Rs 3 lakh crore for the first time ever: FM Piyush Goyal


01 Feb 2019, 11:55 AM (IST)


01 Feb 2019, 11:53 AM (IST)

Rs 6,000 crore to be transferred to the account of small farmers who have less than 2 hectares of land: FM Piyush Goyal

Under the Pradhan Mantri Kisan Samman Nidhi, 6000 rupees per year for each farmer,  in three instalments, to be transferred directly to farmers' bank accounts, for farmers with less than 2 hectares landholding, said Finance Minister Piyush Goyal on Friday. 

01 Feb 2019, 11:47 AM (IST)

Gratuity limit increased from Rs 10 lakh to Rs 20 lakh, Goyal announces.

01 Feb 2019, 11:46 AM (IST)

A new pension scheme for domestic workers announced

A new pension scheme for domestic workers with an assured return of Rs 3,000 on the lines of Atal Pension Yojana has been announced in the budget.

01 Feb 2019, 11:43 AM (IST)

Have mandate to continue reforms, moving towards New India by 2022: Piyush Goyal

Presenting the budget for 2019-20 in the Lok Sabha, Goyal said, "We are moving towards realising New India by 2022."

"We have got decisive mandate to continue structured reforms. We have reversed policy paralysis," he added.

01 Feb 2019, 11:38 AM (IST)

Highlights of Finance Minister Piyush Goyal's speech so far

With elections due in a few months, Goyal listed the achievements of Modi government in the last five years.

01 Feb 2019, 11:34 AM (IST)
01 Feb 2019, 11:30 AM (IST)

Under Ayushman Bharat Scheme treatment given to 10 lakh people: Piyush Goyal

Ayushman Bharat the world's largest healthcare programme was launched to provide medical care to almost 50 crore people, resulting in 3,000 crore savings by poor families.

01 Feb 2019, 11:25 AM (IST)

More than 5.45 lakh villages declared Open defecation free: Piyush Goyal

"As a tribute to Mahatma Gandhi, world's largest behavioural change movement Swachh Bharat initiated; more than 98% rural sanitation coverage has been achieved; more than 5.45 lakh villages declared ODF," said Piyush Goyal.

01 Feb 2019, 11:21 AM (IST)

Poor have the first right on country's resources: Piyush Goyal

Piyush Goyal says that poor people have the first right on country's resources. Praises the 10% quota announced by the Modi government for economically weaker sections from the general category without disturbing SC/ST reservation.

01 Feb 2019, 11:19 AM (IST)
"Almost 3 lakh crore has already been recovered in favour of banks and creditors, big defaulters have also not been spared by our government," says FM Piyush Goyal.


01 Feb 2019, 11:15 AM (IST)
"Fiscal deficit has been brought down to three per cent from a high of 6 per cent. We have reduced a family's expenditure by 40-45 per cent. 2018-19 revised fiscal deficit target at 3.4%. Due to a stable regulatory regime, we have attracted foreign investments. This has also been an era of liberalisation, where we majorly relaxed FDI norms," says FM Piyush Goyal.


01 Feb 2019, 11:11 AM (IST)
"I can confidently say, India is solidly back on track and marching towards growth and prosperity. Inflation is a hidden and unfair tax; from 10.1% during 2009-14, we have broken the back of back-breaking inflation," said Finance Minister.


01 Feb 2019, 11:09 AM (IST)

Piyush Goyal presents the budget in Parliament and begins the speech by saying that he is deeply concerned by Arun Jaitley's absence.

"Under the leadership of PM Narendra Modi, we have given the most stable and clean government. We have moved ahead of the policy paralysis that had engulfed the nation under the previous government," he said.

01 Feb 2019, 10:54 AM (IST)

Union Cabinet has approved the interim Budget 2019-20.

01 Feb 2019, 10:44 AM (IST)

Sensex jumps over 100 points ahead of Budget 2019

Indian markets were off to positive start on Budget day, with Sensex up over 100 points and Nifty trading above 10,850. At 9.19 a.m., the Sensex traded at 36,378.91, higher by 122.22 points or 0.34 per cent from the previous close of 36,256.69 points.

01 Feb 2019, 10:24 AM (IST)

Know your Finance minister Piyush Goyal

Currently a Member of Parliament for Rajya Sabha from the state of Maharashtra, Piyush Goyal has had a brilliant academic record – all-India second rank holder Chartered Accountant and second rank holder in Law in Mumbai University. 

He was a well-known investment banker and has advised top corporates on management strategy and growth. 

He also served on the Board of India’s largest commercial bank, the State Bank of India and Bank of Baroda.

01 Feb 2019, 10:06 AM (IST)

After meeting President Ram Nath Kovind at Rashtrapati Bhavan, Finance Minister Piyush Goyal has arrived at Parliament with the budget briefcase. Following the Cabinet meeting, he will present the interim budget 2019-20 at 11 am.

Piyush goyal

01 Feb 2019, 9:44 (IST)


01 Feb 2019, 9:13 (IST)

In the Interim Budget 2019, there are speculations that the govt will use the opportunity to appease the salaried middle-class taxpayers ahead of the general election. The expectations are really high this time. These are the 5 major ways in which the Interim Budget can bring joy for the Indian taxpayers.

01 Feb 2019, 9:04 (IST)


01 Feb 2019, 9:03 (IST)

The budget, which is interim and is likely to be followed by a full one in July, is expected to project economic growth of around 7.5 per cent for the next financial year, while expanding capital spending on railways, roads, ports by 7-8 per cent, and estimating an increase in revenue of about 15 percent, officials said.

01 Feb 2019, 8:57 (IST)

A Reuters report has claimed that the Modi government is likely to raise its rural welfare spending by 16% to woo farmers before the Lok Sabha elections.

01 Feb 2019, 8:55 (IST)


01 Feb 2019, 8:31 (IST)


01 Feb 2019, 8:24 (IST)

Nine landmark budgets and their impact on Republic of India

The financial document, though interim, is expected to unveil some populist measures.

We take a look at some of the significant Budget presentations which gave a new dimension to the country on different fronts.

01 Feb 2019, 8:22 (IST)

Union Budget 2019: How it is formulated and presented

The printing of the budget documents is carried out in top secrecy at the finance ministry in North Block. Confidentiality and secrecy are the primary ingredients of the whole process.

01 Feb 2019, 8:21 (IST)

Budget 2019: What is interim Budget and how is it different from the regular one?

This year's interim Budget is going to be significant, according to a Zee Business channel report. Modi-led government could change the financial year cycle from April-March to January-December, thereby changing the 152-year long tradition that commenced in 1867. 

01 Feb 2019, 8:19 (IST)

Key expectations from India's 2019-20 interim budget

After a string of recent setbacks in key state elections for Modi's Bharatiya Janata Party (BJP), the government is expected to woo rural and urban middle-class voters via farm relief measures and tax cuts.

01 Feb 2019, 8:16 (IST)

Keeping up with the tradition, Narendra Modi-led government ahead of the general election presenting an Interim Budget today at 11 am.

Union Finance and Railway Minister Piyush Goyal has been entrusted with the crucial responsibility of presenting the Budget Speech 2019 in the absence of Arun Jaitley. 

At the fag end of its tenure, the Modi government wants to present a budget that not only stumps the opposition but also woos voters ahead of the Lok Sabha elections 2019.

Traditionally, the governments refrain from presenting a full budget and instead of the table an interim Budget or vote-on-account.