In this segment of WION, Know brief details about What is a Union Budget. Watch this video to know more in detail. #Budget2019 #UnionBudget2019 #IndiaBudget2019 #Budget

A Brief about, What is Union Budget?

Finance Minister Nirmala Sitharaman enhanced the defence budget marginally but exempted defence imports from custom duties which will help the services save around Rs 25,000 crore annually.

"In a significant development, import of Defence Equipment not manufactured in India has been exempted from Basic Customs Duty. This will have an impact of augmenting the Defence Budget by approximately Rs 25,000 crore on account of savings in expenditure on Customs Duty over the next five years," the Defence Ministry said.

Rs 3,18,931.22 crore has been earmarked for Defence excluding Defence Pensions. For Defence Pension, an amount of Rs 1,12,079.57 crore has been provided in Budget Estimate 2019-20.

Taking into account both the budget and pensions, the allocation for defence comes to Rs 4,31,010.79 crore.

The allocation for Defence accounts for 15.47 per cent of the total Central Government expenditure for the Financial Year 2019-20.

"The allocation of Rs 3,18,931.22 crore represents a growth of 7.93 per cent over Budget Estimates (2,95,511.41 crore) and 6.87 per cent over Revised Estimates (Rs 2,98,418.72 crore), respectively for the Financial Year 2018-19," the ministry said.

Out of Rs 3,18,931.22 crore allocated for the Financial Year 2019-20, Rs 2,10,682.42 crore is for Revenue (expenditure meaning for paying salaries and maintaining g existing inventory while Rs 1,08,248.80 crore have been given for Capital expenditure for the Defence Services and the Organisations/Departments under Ministry of Defence.

The amount of Rs 1,08,248.80 crore allocated for Capital expenditure, includes modernisation related expenditure.

The Capital Allocation of Ministry of Defence under BE 2019-20 is 31.97 per cent of the total Central Government Capital Expenditure, which is Rs 3,38,569 crore.&nbsp;

Finance Minister Nirmala Sitharaman enhanced the defence budget marginally but exempted defence imports from custom duties which will help the services save around Rs 25,000 crore annually.

Finance Minister Nirmala Sitharaman enhanced the defence budget marginally but exempted defence imports from custom duties which will help the services save around Rs 25,000 crore annually. "In a significant development, import of Defence Equipment not manufactured in India has been exempted from Basic Customs Duty. This will have an impact of augmenting the Defence Budget by approximately Rs 25,000 crore on account of savings in expenditure on Customs Duty over the next five years," the Defence Ministry said. Rs 3,18,931.22 crore has been earmarked for Defence excluding Defence Pensions. For Defence Pension, an amount of Rs 1,12,079.57 crore has been provided in Budget Estimate 2019-20. Taking into account both the budget and pensions, the allocation for defence comes to Rs 4,31,010.79 crore. The allocation for Defence accounts for 15.47 per cent of the total Central Government expenditure for the Financial Year 2019-20. "The allocation of Rs 3,18,931.22 crore represents a growth of 7.93 per cent over Budget Estimates (2,95,511.41 crore) and 6.87 per cent over Revised Estimates (Rs 2,98,418.72 crore), respectively for the Financial Year 2018-19," the ministry said. Out of Rs 3,18,931.22 crore allocated for the Financial Year 2019-20, Rs 2,10,682.42 crore is for Revenue (expenditure meaning for paying salaries and maintaining g existing inventory while Rs 1,08,248.80 crore have been given for Capital expenditure for the Defence Services and the Organisations/Departments under Ministry of Defence. The amount of Rs 1,08,248.80 crore allocated for Capital expenditure, includes modernisation related expenditure. The Capital Allocation of Ministry of Defence under BE 2019-20 is 31.97 per cent of the total Central Government Capital Expenditure, which is Rs 3,38,569 crore.

Customs duty exemption to help defence forces save Rs 25,000 crore annually: Defence Ministry

Watch this video where Wion is in exclusive conversation with Mr. Lord Meghnad Desai over expectations from Budget'19. #Budget2019 #UnionBudget2019 #IndiaBudget2019 #Budget

In exclusive conversation with Mr. Lord Meghnad Desai over expectations from Budget'19

In this segment, WION is in conversation with Rajiv Kumar over Indian Budget 2019. Rajiv Kumar is an Indian economist and is currently the vice-chairman of the NITI Aayog.

In conversation with Rajiv Kumar over Indian Budget 2019

In this segment of WION, Have a look at some fun facts associated with the Union Budget of India.

Here are some fun facts associated with the Union Budget of India

PM Modi congratulates Finance Minister Nirmala Sitharaman on the Budget 2019. Prime Minister Narendra Modi hails Union Budget 2019, says this is the budget of hope and expectation. Watch this video to know more.

Budget 2019: PM Modi calls it the budget for New India

This segment of WION brings to you latest updates on Indian Union Budget 2019-20 going to be presented by Finance Minister Nirmala Sitharaman. Watch this video for more information. #Budget2019 #UnionBudget2019 #IndianBudget2019 #Budget

Budget 2019: Key Expectations From Indian Budget 2019-20

In this segment, WION is in conversation with Richard Rossow over Indian Budget 2019. Richard Rossow is a senior adviser and holds the Wadhwani Chair in U.S.-India Policy Studies at CSIS.

In conversation with Richard Rossow over Indian Budget 2019

Finance Minister Nirmala Sitharaman has made a special announcement on cash withdrawals. She said now 2% TDS will be levied on cash withdrawal over Rs 1 crore and that too from bank accounts. It is done to boost digital payments.

Budget 2019: What does the budget hold for banks?

Let's listen in What to expect? from Modi 2.0's Budget 1.0. #Budget2019 #UnionBudget2019 #IndiaBudget2019 #Budget

Modi 2.0, Budget 1.0 - What to expect?

<a href="https://www.wionews.com/business-economy/sensex-falls-395-points-nifty-below-11900-as-budget-2019-fails-to-cheer-markets-233275">Sensex falls 395 points, Nifty below 11,900 as Budget 2019 fails to cheer markets&nbsp;</a>

The BSE Sensex fell 394.67 points to 39,513.39 and the Nifty50 declined 135.60 points to 11,811.20 after Finance Minister Nirmala Sitharaman proposed increasing the minimum public shareholding in listed companies to 35% from 25%, threatening a wave of new issuance.

<a href="https://www.wionews.com/world/no-breakthrough-with-russia-on-inf-treaty-dispute-natos-stoltenberg-233321">No breakthrough with Russia on INF treaty dispute: NATO's Stoltenberg</a>

NATO and Russia did not make significant progress on saving the Intermediate-range Nuclear Forces Treaty (INF) in talks at the alliance headquarters on Friday, NATO Secretary-General Jens Stoltenberg said.

<a href="https://www.wionews.com/business-economy/budget-2019-it-is-path-breaking-comprehensive-niti-aayog-ceo-amitabh-kant-233338">Budget 2019: It is 'path-breaking, comprehensive', says NITI Aayog CEO Amitabh Kant</a>

Niti Aayog CEO Amitabh Kant on Thursday hailed the Union Budget presented by Finance Minister Nirmala Sitharaman calling it as path-breaking and very comprehensive.

<a href="https://www.wionews.com/india-news/nirmala-sitharaman-delivers-longest-ever-budget-speech-of-2-hours-17-mins-233293">Nirmala Sitharaman delivers longest ever Budget speech of 2 hours 17 minutes</a>

Finance Minister Nirmala Sitharaman unveiled India's Budget for the fiscal year ending March 31, 2020, to Parliament on Friday, with that she also gave the longest speech in the budget history by speaking for two hours and seventeen minutes.

<a href="https://www.wionews.com/world/tunisian-pm-youssef-chahed-bans-wearing-of-niqab-in-public-institutions-233324">Tunisian PM Youssef Chahed bans wearing of niqab in public institutions</a>

Tunisian Prime Minister Youssef Chahed has banned the wearing of the niqab face veil in public institutions "for security reasons" an official source told Reuters on Friday.

&nbsp;

Sensex falls 395 points, Nifty below 11,900 as Budget 2019 fails to cheer markets The BSE Sensex fell 394.67 points to 39,513.39 and the Nifty50 declined 135.60 points to 11,811.

Sensex falls 395 points, Nifty below 11,900 as Budget 2019 fails to cheer markets The BSE Sensex fell 394.67 points to 39,513.39 and the Nifty50 declined 135.60 points to 11,811.20 after Finance Minister Nirmala Sitharaman proposed increasing the minimum public shareholding in listed companies to 35% from 25%, threatening a wave of new issuance. No breakthrough with Russia on INF treaty dispute: NATO's Stoltenberg NATO and Russia did not make significant progress on saving the Intermediate-range Nuclear Forces Treaty (INF) in talks at the alliance headquarters on Friday, NATO Secretary-General Jens Stoltenberg said. Budget 2019: It is 'path-breaking, comprehensive', says NITI Aayog CEO Amitabh Kant Niti Aayog CEO Amitabh Kant on Thursday hailed the Union Budget presented by Finance Minister Nirmala Sitharaman calling it as path-breaking and very comprehensive. Nirmala Sitharaman delivers longest ever Budget speech of 2 hours 17 minutes Finance Minister Nirmala Sitharaman unveiled India's Budget for the fiscal year ending March 31, 2020, to Parliament on Friday, with that she also gave the longest speech in the budget history by speaking for two hours and seventeen minutes. Tunisian PM Youssef Chahed bans wearing of niqab in public institutions Tunisian Prime Minister Youssef Chahed has banned the wearing of the niqab face veil in public institutions "for security reasons" an official source told Reuters on Friday.

News brief: Big stories of the day

Finance Minister Nirmala Sitharaman presented her Budget 2019 on Friday, becoming only the second woman, after Indira Gandhi, to do so. In this segment of WION, know key takeaways from the Indian Budget 2019.

Budget 2019: Key takeaways from the Budget 2019

Niti Aayog CEO Amitabh Kant on Thursday hailed the Union Budget presented by Finance Minister Nirmala Sitharaman calling it as path-breaking and very comprehensive.

Speaking to ANI, Kant said, "The Union Budget 2019 is path-breaking. It is a very comprehensive budget. We are particularly delighted as Finance Minister has acknowledged role of Niti. But more important is the road map that she has set for laying down a vision for 5 trillion US dollars economy."

"We needed credit flow to take off, so Sitharaman has provided Rs 70,000 crores to the banks. She is focused on strategic disinvestment and asset monetization. This should bring in the role of the private sector in India," said Kant.

"The Finance Minister has also provided 100 lakh crore over a period of five years to drive infrastructure. With this, we are able to create roads, ports, airports and we will see a huge multiplier effect in the economy," he said.

NITI Aayog CEO further said, "The other key thing is that this budget pushes for a very unique ecosystem for startups. Sitharaman takes the issue of Angel tax. She pushes for digitisation in a very big way that merchants does not pay the extra amount. She pushes for an electric vehicle."

"Sitharaman has talked about large scale manufacture. She spoke of opening Foreign Direct Investment (FDI) in several areas like airports. She has opened up a single brand route which will enable the foreign mobile country to manufacture here. It is a massive thrust to manufacture," he said.

To a question about fiscal policy, Kant said, "Sitharaman brought the target of the fiscal deficit from 3.4 per cent to 3.3 per cent."

Talking about NITI Aayog's role, Kant said, "NITI Aayog will focus on every aspect of the budget like structural changes in agriculture. We will focus on Micro, Small and Medium Enterprises (MSMEs), electric vehicle and artificial intelligence as all these are areas of growth."

"MSMEs will play a critical role as it is a very big job creator. India can not grow without jobs and MSMEs will provide it," he added.

Niti Aayog CEO Amitabh Kant on Thursday hailed the Union Budget presented by Finance Minister Nirmala Sitharaman calling it as path-breaking and very comprehensive.

Niti Aayog CEO Amitabh Kant on Thursday hailed the Union Budget presented by Finance Minister Nirmala Sitharaman calling it as path-breaking and very comprehensive. Speaking to ANI, Kant said, "The Union Budget 2019 is path-breaking. It is a very comprehensive budget. We are particularly delighted as Finance Minister has acknowledged role of Niti. But more important is the road map that she has set for laying down a vision for 5 trillion US dollars economy." "We needed credit flow to take off, so Sitharaman has provided Rs 70,000 crores to the banks. She is focused on strategic disinvestment and asset monetization. This should bring in the role of the private sector in India," said Kant. "The Finance Minister has also provided 100 lakh crore over a period of five years to drive infrastructure. With this, we are able to create roads, ports, airports and we will see a huge multiplier effect in the economy," he said. NITI Aayog CEO further said, "The other key thing is that this budget pushes for a very unique ecosystem for startups. Sitharaman takes the issue of Angel tax. She pushes for digitisation in a very big way that merchants does not pay the extra amount. She pushes for an electric vehicle." "Sitharaman has talked about large scale manufacture. She spoke of opening Foreign Direct Investment (FDI) in several areas like airports. She has opened up a single brand route which will enable the foreign mobile country to manufacture here. It is a massive thrust to manufacture," he said. To a question about fiscal policy, Kant said, "Sitharaman brought the target of the fiscal deficit from 3.4 per cent to 3.3 per cent." Talking about NITI Aayog's role, Kant said, "NITI Aayog will focus on every aspect of the budget like structural changes in agriculture. We will focus on Micro, Small and Medium Enterprises (MSMEs), electric vehicle and artificial intelligence as all these are areas of growth." "MSMEs will play a critical role as it is a very big job creator. India can not grow without jobs and MSMEs will provide it," he added.

Budget 2019: It is 'path-breaking, comprehensive', says NITI Aayog CEO Amitabh Kant

In this segment, WION is in conversation with the Chairman of the Godrej Group, Adi Godrej over Indian Budget 2019.

In conversation with Adi Godrej over Indian Budget 2019

In this segment, WION is in conversation with the Economist Daniel Lacalle over Indian Budget 2019.

In conversation with Daniel Lacalle over Indian Budget 2019

The Government of India slaps additional tax on super rich. In the new budget income tax slabs remain the same. However surcharge has been imposed on those earning over Rs 2 crore to Rs 5 crore, by 3% and those earning beyond Rs 5 crore by 7%.

Budget 2019: Government slaps additional tax on super rich

The Congress on Friday termed the Budget 2019 as 'old wine in a new bottle', claiming that there was nothing new in the budget.

"This is old wine in new bottle. They have walked back on all their old promises. People's misery is only going to increase. There is nothing new in this budget," Leader of Congress in Lok Sabha Adhir Ranjan Chowdhury told the media in Parliament.

Congress spokesperson Randeep Singh Surjewala said the Budget was uninspiring and directionless.

"An utterly lacklustre, nondescript, uninspiring and directionless Budget 2019. Zero on economic revival. Zero on rural growth. Zero on job creation. Zero on urban rejuvenation. Can a mundane jugglery of `acronyms` pass off for vision for a `New India`?" Surjewala asked. 
&nbsp;

<div class="ui-state-default" contenteditable="false">
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An utterly lacklustre, nondescript, uninspiring &amp; directionless <a href="https://twitter.com/hashtag/Budget2019?src=hash&amp;ref_src=twsrc%5Etfw">#Budget2019</a>. 
 
Zero on Economic Revival. 
Zero on Rural Growth. 
Zero on Job Creation. 
Zero on Urban Rejuvenation. 
 
Can a mundane jugglery of ‘acronyms’ pass off for vision for a ‘New India’?
— Randeep Singh Surjewala (@rssurjewala) <a href="https://twitter.com/rssurjewala/status/1147067759974604800?ref_src=twsrc%5Etfw">July 5, 2019</a></blockquote>
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'Betrayal of India's youth,' Surjewala said in another tweet. 
 
&nbsp;

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<a href="https://twitter.com/hashtag/Budget2019?src=hash&amp;ref_src=twsrc%5Etfw">#Budget2019</a> 
 
‘Betrayal’ of India’s Youth! 
 
1. Not a word on Unemployment. 
2. Not a word on New Opportunities. 
3. Not a word on Public Education. 
4. Not a word on High Fee Structure.
— Randeep Singh Surjewala (@rssurjewala) <a href="https://twitter.com/rssurjewala/status/1147080962414653440?ref_src=twsrc%5Etfw">July 5, 2019</a></blockquote>
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Congress leader Jyotiraditya Scindia dubbed the budget hogwash and said the budget session was reduced to only a table-thumping gathering.&nbsp;

"Aren't we missing something here? No reference to the highly anticipated plan for job creation, no measures to help farmers combat price collapse &amp; droughts I can see intent, but where is the content? This budget session was reduced to only a table-thumping gathering," he tweeted. 
&nbsp;

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Aren't we missing something here? 
No reference to the highly anticipated plan for job creation, no measures to help farmers combat price collapse &amp; droughts 
I can see intent, but where is the content? This budget session was reduced to only a table thumping gathering. <a href="https://twitter.com/hashtag/Budget2019?src=hash&amp;ref_src=twsrc%5Etfw">#Budget2019</a>
— Jyotiraditya Scindia (@JM_Scindia) <a href="https://twitter.com/JM_Scindia/status/1147049527687278594?ref_src=twsrc%5Etfw">July 5, 2019</a></blockquote>
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"It is a mere hogwash if Govt thinks that by appealing to farmers to implement #ZeroBudgetFarming, it can pursue its illusion of doubling farmers income. This from a Govt which hasn’t let NCRB publish #FarmerSuicides data since 2016," he said in another tweet. 
&nbsp;

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It is a mere hogwash if Govt thinks that by appealing to farmers to implement <a href="https://twitter.com/hashtag/ZeroBudgetFarming?src=hash&amp;ref_src=twsrc%5Etfw">#ZeroBudgetFarming</a>, it can pursue its illusion of doubling farmers income. This from a Govt which hasn’t let NCRB publish <a href="https://twitter.com/hashtag/FarmerSuicides?src=hash&amp;ref_src=twsrc%5Etfw">#FarmerSuicides</a> data since 2016.
— Jyotiraditya Scindia (@JM_Scindia) <a href="https://twitter.com/JM_Scindia/status/1147064015564111873?ref_src=twsrc%5Etfw">July 5, 2019</a></blockquote>
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Finance minister Nirmala Sitharaman presented her first Budget in Lok Sabha today. 'Reform, perform is the mantra of NDA government,' the finance minister said in her opening remarks.

Before presenting her budget, Sitharaman bowed before her parents who were present in the House.&nbsp;

Prime Minister Narendra Modi and other senior BJP leaders congratulated the finance minister for her maiden budget. Opening his post-budget address, the prime minister said that the budget "has given hope to the country".

"It testifies that the path we are on is right and that we will reach our target," PM Modi said, adding that the budget will help facilitate the creation of 'New India'.&nbsp; 
 
(With inputs from agencies)

The Congress on Friday termed the Budget 2019 as 'old wine in a new bottle', claiming that there was nothing new in the budget. "This is old wine in new bottle. They have walked back on all their old promises.

The Congress on Friday termed the Budget 2019 as 'old wine in a new bottle', claiming that there was nothing new in the budget. "This is old wine in new bottle. They have walked back on all their old promises. People's misery is only going to increase. There is nothing new in this budget," Leader of Congress in Lok Sabha Adhir Ranjan Chowdhury told the media in Parliament. Congress spokesperson Randeep Singh Surjewala said the Budget was uninspiring and directionless. "An utterly lacklustre, nondescript, uninspiring and directionless Budget 2019. Zero on economic revival. Zero on rural growth. Zero on job creation. Zero on urban rejuvenation. Can a mundane jugglery of `acronyms` pass off for vision for a `New India`?" Surjewala asked. An utterly lacklustre, nondescript, uninspiring & directionless #Budget2019. Zero on Economic Revival. Zero on Rural Growth. Zero on Job Creation. Zero on Urban Rejuvenation. Can a mundane jugglery of ‘acronyms’ pass off for vision for a ‘New India’? — Randeep Singh Surjewala (@rssurjewala) July 5, 2019 × 'Betrayal of India's youth,' Surjewala said in another tweet. #Budget2019 ‘Betrayal’ of India’s Youth! 1. Not a word on Unemployment. 2. Not a word on New Opportunities. 3. Not a word on Public Education. 4. Not a word on High Fee Structure. — Randeep Singh Surjewala (@rssurjewala) July 5, 2019 × Congress leader Jyotiraditya Scindia dubbed the budget hogwash and said the budget session was reduced to only a table-thumping gathering. "Aren't we missing something here? No reference to the highly anticipated plan for job creation, no measures to help farmers combat price collapse & droughts I can see intent, but where is the content? This budget session was reduced to only a table-thumping gathering," he tweeted. Aren't we missing something here? No reference to the highly anticipated plan for job creation, no measures to help farmers combat price collapse & droughts I can see intent, but where is the content? This budget session was reduced to only a table thumping gathering. #Budget2019 — Jyotiraditya Scindia (@JM_Scindia) July 5, 2019 × "It is a mere hogwash if Govt thinks that by appealing to farmers to implement #ZeroBudgetFarming, it can pursue its illusion of doubling farmers income. This from a Govt which hasn’t let NCRB publish #FarmerSuicides data since 2016," he said in another tweet. It is a mere hogwash if Govt thinks that by appealing to farmers to implement #ZeroBudgetFarming, it can pursue its illusion of doubling farmers income. This from a Govt which hasn’t let NCRB publish #FarmerSuicides data since 2016. — Jyotiraditya Scindia (@JM_Scindia) July 5, 2019 × Finance minister Nirmala Sitharaman presented her first Budget in Lok Sabha today. 'Reform, perform is the mantra of NDA government,' the finance minister said in her opening remarks. Before presenting her budget, Sitharaman bowed before her parents who were present in the House. Prime Minister Narendra Modi and other senior BJP leaders congratulated the finance minister for her maiden budget. Opening his post-budget address, the prime minister said that the budget "has given hope to the country". "It testifies that the path we are on is right and that we will reach our target," PM Modi said, adding that the budget will help facilitate the creation of 'New India'. (With inputs from agencies)

'Old wine in new bottle': Congress on Budget 2019

Union Finance Minister <a href="https://www.wionews.com/india-news/budget-2019-20-petrol-diesel-to-become-dearer-233267">Nirmala Sitharaman</a> on Friday presented the first budget of the new Narendra Modi government. Announcing key measures for the common man, Sitharaman asserted that the government's promise to give power to all rural families by 2022.

She said even farmers need to have 'Ease of Doing Business'&nbsp;and 'Ease of Living'.

Here is a quick look at what goes in your favour and what does not:

The positives -

* Tax rate reduced to 25 per cent for companies with annual turnover up to Rs 400 crore

* Those who don't have PAN can file tax returns using Aadhaar

* Pre-filling of Income-tax Returns for faster, more accurate tax returns

*Additional deduction up to Rs 1.5 lakhs for interest paid on loans borrowed up to March 31, 2020, for purchase of house valued up to Rs 45 lakh

*Appropriate class of persons exempted from the anti-abuse provisions of Section 50CA and Section 56 of the Income Tax Act.

*Funds raised by start-ups to not require scrutiny from Income Tax Department

* No tax on income up to Rs 5 lakh*One woman in every SHG will be made eligible for a loan up to Rs. 1 lakh under the MUDRA Scheme

* Customs duty reduced on certain raw materials such as inputs for artificial kidney and disposable sterilised dialyser and fuels for nuclear power plants, etc.

The negatives:

* Basic customs duty increased on cashew kernels, PVC, tiles, auto parts, marble slabs, optical fibre cable, CCTV camera, etc.

* Exemptions from Customs duty on certain electronic items now manufactured in India withdrawn.

* End use-based exemptions on palm stearin, fatty oils withdrawn

* Exemptions to various kinds of papers withdrawn

* 5 per cent basic Customs duty imposed on imported books

* Capital goods required for the manufacture of specified electronic goods

* Customs duty on gold, silver and other precious metals increased

* Additional excise duty and road and infrastructure cess of one rupee will be imposed on petrol and diesel

* Hike in the prices of cigars, chewing tobacco, cigarettes&nbsp;

Union Finance Minister Nirmala Sitharaman on Friday presented the first budget of the new Narendra Modi government. Announcing key measures for the common man, Sitharaman asserted that the government's promise to give power to all rural families by 2022.

Union Finance Minister Nirmala Sitharaman on Friday presented the first budget of the new Narendra Modi government. Announcing key measures for the common man, Sitharaman asserted that the government's promise to give power to all rural families by 2022. She said even farmers need to have 'Ease of Doing Business' and 'Ease of Living'. Here is a quick look at what goes in your favour and what does not: The positives - * Tax rate reduced to 25 per cent for companies with annual turnover up to Rs 400 crore * Those who don't have PAN can file tax returns using Aadhaar * Pre-filling of Income-tax Returns for faster, more accurate tax returns *Additional deduction up to Rs 1.5 lakhs for interest paid on loans borrowed up to March 31, 2020, for purchase of house valued up to Rs 45 lakh *Appropriate class of persons exempted from the anti-abuse provisions of Section 50CA and Section 56 of the Income Tax Act. *Funds raised by start-ups to not require scrutiny from Income Tax Department * No tax on income up to Rs 5 lakh*One woman in every SHG will be made eligible for a loan up to Rs. 1 lakh under the MUDRA Scheme * Customs duty reduced on certain raw materials such as inputs for artificial kidney and disposable sterilised dialyser and fuels for nuclear power plants, etc. The negatives: * Basic customs duty increased on cashew kernels, PVC, tiles, auto parts, marble slabs, optical fibre cable, CCTV camera, etc. * Exemptions from Customs duty on certain electronic items now manufactured in India withdrawn. * End use-based exemptions on palm stearin, fatty oils withdrawn * Exemptions to various kinds of papers withdrawn * 5 per cent basic Customs duty imposed on imported books * Capital goods required for the manufacture of specified electronic goods * Customs duty on gold, silver and other precious metals increased * Additional excise duty and road and infrastructure cess of one rupee will be imposed on petrol and diesel * Hike in the prices of cigars, chewing tobacco, cigarettes

Budget 2019: Here is what favours you and what does not

Government of India rewarded the middle-class. In the new budget income tax slabs remain the same. However surcharge has been imposed on those earning over Rs 2 crore to Rs 5 crore, by 3% and those earning beyond Rs 5 crore by 7%.

Budget 2019: Government rewards middle-class

Finance Minister <a href="https://www.wionews.com/india-news/from-invoking-divinity-to-pure-poetry-sitharaman-sprinkles-budget-speech-with-couplets-and-quotes-233272">Nirmala Sitharaman unveiled India's Budget</a> for the fiscal year ending March 31, 2020, to Parliament on Friday, with that she also gave the longest speech in the budget history by speaking for two hours and seventeen&nbsp;minutes.

The record was previously held by former finance minister Jaswant Singh who took two hours and thirteen minutes to present his budget in 2003.

The longest speech in terms of words, the record is held by former finance minister Manmohan Singh whose speech comprised 18,650 words during his tenure in 1991.

Sitharaman's predecessor, &nbsp;Arun Jaitley holds the record for the second-longest speech, comprising 18,604 words, delivered last year. He is also credited with delivering the second, third and fourth longest budget speeches in 2014, 2017 and 2016, respectively.

The shortest speech comprising 800 words was given by HM Patel in 1977 while delivering the interim Budget.

Country's first full-time woman finance minister, Nirmala Sitharaman today announced a slew of measures in the Budget to boost the economy. The budget proposals were welcomed with frequent thumping of desks by the treasury benches with Prime Minister Narendra Modi too joining the members.

She also won hearts while delivering her maiden speech as she quoted multiple proverbs and couplets in Hindi, Urdu and Tamil languages.

Finance Minister Nirmala Sitharaman unveiled India's Budget for the fiscal year ending March 31, 2020, to Parliament on Friday, with that she also gave the longest speech in the budget history by speaking for two hours and seventeen minutes.

Finance Minister Nirmala Sitharaman unveiled India's Budget for the fiscal year ending March 31, 2020, to Parliament on Friday, with that she also gave the longest speech in the budget history by speaking for two hours and seventeen minutes. The record was previously held by former finance minister Jaswant Singh who took two hours and thirteen minutes to present his budget in 2003. The longest speech in terms of words, the record is held by former finance minister Manmohan Singh whose speech comprised 18,650 words during his tenure in 1991. Sitharaman's predecessor, Arun Jaitley holds the record for the second-longest speech, comprising 18,604 words, delivered last year. He is also credited with delivering the second, third and fourth longest budget speeches in 2014, 2017 and 2016, respectively. The shortest speech comprising 800 words was given by HM Patel in 1977 while delivering the interim Budget. Country's first full-time woman finance minister, Nirmala Sitharaman today announced a slew of measures in the Budget to boost the economy. The budget proposals were welcomed with frequent thumping of desks by the treasury benches with Prime Minister Narendra Modi too joining the members. She also won hearts while delivering her maiden speech as she quoted multiple proverbs and couplets in Hindi, Urdu and Tamil languages.

Nirmala Sitharaman delivers longest ever Budget speech of 2 hours 17 minutes

Government announces new education policy to bring education to the international level. National Research Foundation will be formed to ensure the strengthening of the research ecosystem in the country. Finance Minister proposes to allocate Rs 400 cr for world-class higher education institutions in FY20.

Budget 2019: Government of India announces new education policy

From invoking the divinity to tinge of poetry, Finance Minister Nirmala Sitharaman's maiden Budget speech on Friday was interspersed with couplets and quotes.

Speaking in the Lok Sabha, Sitharaman quoted Urdu poet Manzoor Hashmi, Chankaya, Swami Vivekananda and Lord Basaveshwara`s couplets and teachings in the House.

Starting her maiden Budget speech, she recited a Hashmi`s couplet, "Yakeen ho toh koi rasta nikalta hai, hawa ki to kar bhi chiraag jalta hai" (You find ways somehow if you have faith. The lamp burns bright even in gushing wind).

Her speech was received with appreciation by lawmakers.

Affirming faith in the budget, Sitharaman also quoted Chanakya`s Neeti saying, "Kaarya purusha kare na lakshyam sampa dayate" (With determined human efforts, the task will surely be completed).

She made the reference while speaking of India`s target of becoming a $5 trillion economy in the next few years. She added that people wonder and doubt if the goal can be achieved.&nbsp;

Giving stress on the significance of women empowerment, the Minister quoted Swami Vivekananda, "There is no chance of the welfare of the world unless the condition of women is improved. It is not possible for a bird to fly on one wing."

She invoked 12th-century social reformer and thinker Lord Basaveshwara`s principles and said, "Our government recognizes and follows the teachings of Lord Basaveshwara who preached `Kayakave Kailasa" (work is worship).

Lord Basaveshwara was the one who first established the concept of `Kalyana Rajya` (welfare state).

While speaking of taxation, Sitharaman also quoted Sangam-era Tamil classic `Yaanai Pugundha Nilam` written by Pisirandhayar in Purananooru.

What the minister said in Tamil translates to, " An elephant will be happy to have two mounds of rice from a paddy field. But if it enters the land, it will have far less to eat than it will trample."

"This is the principle we will follow in taxation. We will be happy to collect only that much taxes that is necessary from the taxpayer. We will not trample on the taxpayer," she said.

(With inputs from ANI)

From invoking the divinity to tinge of poetry, Finance Minister Nirmala Sitharaman's maiden Budget speech on Friday was interspersed with couplets and quotes. Speaking in the Lok Sabha, Sitharaman quoted Urdu poet Manzoor Hashmi, Chankaya, Swami Vivekananda and Lord Basaveshwara`s couplets and teachings in the House.

From invoking the divinity to tinge of poetry, Finance Minister Nirmala Sitharaman's maiden Budget speech on Friday was interspersed with couplets and quotes. Speaking in the Lok Sabha, Sitharaman quoted Urdu poet Manzoor Hashmi, Chankaya, Swami Vivekananda and Lord Basaveshwara`s couplets and teachings in the House. Starting her maiden Budget speech, she recited a Hashmi`s couplet, "Yakeen ho toh koi rasta nikalta hai, hawa ki to kar bhi chiraag jalta hai" (You find ways somehow if you have faith. The lamp burns bright even in gushing wind). Her speech was received with appreciation by lawmakers. Affirming faith in the budget, Sitharaman also quoted Chanakya`s Neeti saying, "Kaarya purusha kare na lakshyam sampa dayate" (With determined human efforts, the task will surely be completed). She made the reference while speaking of India`s target of becoming a $5 trillion economy in the next few years. She added that people wonder and doubt if the goal can be achieved. Giving stress on the significance of women empowerment, the Minister quoted Swami Vivekananda, "There is no chance of the welfare of the world unless the condition of women is improved. It is not possible for a bird to fly on one wing." She invoked 12th-century social reformer and thinker Lord Basaveshwara`s principles and said, "Our government recognizes and follows the teachings of Lord Basaveshwara who preached `Kayakave Kailasa" (work is worship). Lord Basaveshwara was the one who first established the concept of `Kalyana Rajya` (welfare state). While speaking of taxation, Sitharaman also quoted Sangam-era Tamil classic `Yaanai Pugundha Nilam` written by Pisirandhayar in Purananooru. What the minister said in Tamil translates to, " An elephant will be happy to have two mounds of rice from a paddy field. But if it enters the land, it will have far less to eat than it will trample." "This is the principle we will follow in taxation. We will be happy to collect only that much taxes that is necessary from the taxpayer. We will not trample on the taxpayer," she said. (With inputs from ANI)

From invoking divinity to pure poetry, Sitharaman sprinkles Budget speech with couplets and quotes

This segment of WION brings to you latest updates on Indian Union Budget 2019-20 presented by Finance Minister Nirmala Sitharaman. Watch this video for more information. #Budget2019 #UnionBudget2019 #IndiaBudget2019 #Budget

Modi 2.0, Budget 1.0: Power to all by 2022

Mauritius, Nepal and Maldives have seen the maximum increase in funds by the Indian government as country's Finance Minister <a href="https://www.wionews.com/business-economy/budget-2019-nirmala-sitharaman-to-launch-study-in-india-initiative-to-encourage-foreign-students-233240">Nirmala Sitharaman</a> presented the budget for the fiscal year ending March 31, 2020, to Parliament.&nbsp;

The Budget, <a href="https://www.wionews.com/india-news/union-budget-2019-this-budget-gives-hope-to-country-shows-we-are-on-right-track-pm-modi-233239">first under the second term of Modi government</a> saw budget estimates for the Maldives being increased to Rs 576 crores, from earlier Rs 440 crores in the financial year 2018-2019. The new amount of Rs 576 crores is divided into Rs 400 crores of the grant being provided by India and Rs 176 crores of loan.&nbsp;

India has increased its support to the Indian Ocean island country under the present Ibrahim Mohamed Solih government. India is also planning to build a cricket stadium in the country soon.

Mauritius saw an increase of Rs 440 crores in grant, with this, it will be getting Rs 1100 crores. Last year the number was at Rs 660 crores.

Nepal saw an increase in the grant at Rs 1050 crores in the current financial year from Rs 750 cr, which is an increase of 28.5%.&nbsp;

Bhutan that has seen progressive Indian support saw Rs 2801.79 crores being granted which includes Rs 666 crores loan. An overall increase of Rs 291.79 crores year on year.

Indian grant to Afghanistan for FY 2019-2020 stands at Rs 400 crores, Seychelles at Rs 100 crores, Bangladesh at Rs 175 crores, Sri Lanka at Rs 250 crores, Mongolia at Rs 5 crores.

New Delhi backed Chabahar port was given a grant at 45 crores for FY2019-2020, last financial year it got Rs 150 crores.

Among the international organisations, SAARC and BIMSTEC both got Rs 8 crores, Commonwealth Secretariat got Rs 10 crore while the United Nation got Rs 275 crores. 
&nbsp;

Mauritius, Nepal and Maldives have seen the maximum increase in funds by the Indian government as country's Finance Minister Nirmala Sitharaman presented the budget for the fiscal year ending March 31, 2020, to Parliament.

Mauritius, Nepal and Maldives have seen the maximum increase in funds by the Indian government as country's Finance Minister Nirmala Sitharaman presented the budget for the fiscal year ending March 31, 2020, to Parliament. The Budget, first under the second term of Modi government saw budget estimates for the Maldives being increased to Rs 576 crores, from earlier Rs 440 crores in the financial year 2018-2019. The new amount of Rs 576 crores is divided into Rs 400 crores of the grant being provided by India and Rs 176 crores of loan. India has increased its support to the Indian Ocean island country under the present Ibrahim Mohamed Solih government. India is also planning to build a cricket stadium in the country soon. Mauritius saw an increase of Rs 440 crores in grant, with this, it will be getting Rs 1100 crores. Last year the number was at Rs 660 crores. Nepal saw an increase in the grant at Rs 1050 crores in the current financial year from Rs 750 cr, which is an increase of 28.5%. Bhutan that has seen progressive Indian support saw Rs 2801.79 crores being granted which includes Rs 666 crores loan. An overall increase of Rs 291.79 crores year on year. Indian grant to Afghanistan for FY 2019-2020 stands at Rs 400 crores, Seychelles at Rs 100 crores, Bangladesh at Rs 175 crores, Sri Lanka at Rs 250 crores, Mongolia at Rs 5 crores. New Delhi backed Chabahar port was given a grant at 45 crores for FY2019-2020, last financial year it got Rs 150 crores. Among the international organisations, SAARC and BIMSTEC both got Rs 8 crores, Commonwealth Secretariat got Rs 10 crore while the United Nation got Rs 275 crores.

Budget 2019: Mauritius, Maldives, Nepal see increase in Indian support

The Centre has rolled out a number of schemes for middle-class homebuyers that are expected to entail net gains worth Rs 7 lakh, in a big boost towards the goal of 'Housing for All'.

<a href="https://www.wionews.com/business-economy/budget-2019-nirmala-sitharaman-to-launch-study-in-india-initiative-to-encourage-foreign-students-233240">Finance Minister Nirmala Sitharaman</a>, while presenting the <a href="https://www.wionews.com/business-economy/budget-2019-finance-minister-sitharaman-proposes-opening-up-insurance-aviation-sectors-to-boost-growth-233235">Union Budget 2019-20 in Parliament </a>on Friday, proposed additional deduction of Rs 1.5 lakh for interest paid on loans borrowed up to March 31, 2020.

This move, Sitharaman said, will translate into a benefit of Rs 7 lakh for middle-class homebuyers over their loan period of 15 years.

Those purchasing homes valued up to Rs 45 lakh under the affordable housing scheme, Sitharaman said, can avail enhanced interest deduction up to Rs 3.5 lakh.

"For realisation of the goal of 'Housing for All' and affordable housing, a tax holiday has already been provided on the profits earned by developers of affordable housing. Also, interest paid on housing loans is allowed as a deduction to the extent of Rs. 2 lakh in respect of self-occupied property," she added.

Talking about rental tenancy laws, Sitharaman said the Centre would take substantial steps to promote rental housing for which government would make amendments in the existing rental laws.

"Current rental laws are archaic as they do not address lessor-lessee relationships fairly," she said, adding that the new tenancy rules would be shared with the states.

The Centre has rolled out a number of schemes for middle-class homebuyers that are expected to entail net gains worth Rs 7 lakh, in a big boost towards the goal of 'Housing for All'.

The Centre has rolled out a number of schemes for middle-class homebuyers that are expected to entail net gains worth Rs 7 lakh, in a big boost towards the goal of 'Housing for All'. Finance Minister Nirmala Sitharaman, while presenting the Union Budget 2019-20 in Parliament on Friday, proposed additional deduction of Rs 1.5 lakh for interest paid on loans borrowed up to March 31, 2020. This move, Sitharaman said, will translate into a benefit of Rs 7 lakh for middle-class homebuyers over their loan period of 15 years. Those purchasing homes valued up to Rs 45 lakh under the affordable housing scheme, Sitharaman said, can avail enhanced interest deduction up to Rs 3.5 lakh. "For realisation of the goal of 'Housing for All' and affordable housing, a tax holiday has already been provided on the profits earned by developers of affordable housing. Also, interest paid on housing loans is allowed as a deduction to the extent of Rs. 2 lakh in respect of self-occupied property," she added. Talking about rental tenancy laws, Sitharaman said the Centre would take substantial steps to promote rental housing for which government would make amendments in the existing rental laws. "Current rental laws are archaic as they do not address lessor-lessee relationships fairly," she said, adding that the new tenancy rules would be shared with the states.

Centre announces benefits worth Rs 7 lakh for middle-class homebuyers

During the Budget speech, finance minister<a href="https://www.wionews.com/business-economy/budget-2019-key-takeaways-announced-by-nirmala-sitharaman-in-parliament-233179"> Nirmala Sitharaman said India's</a> sovereign external debt to GDP was among the lowest globally at less than 5 per cent.

"The fiscal deficit this year is 3.3 per cent, brought down from 3.4 per cent,"&nbsp;Sitharaman said.

"More than 120 crore Indians now have Aadhar card, therefore for ease of taxpayers I propose to make PAN card and Aadhar card interchangeable and allow those who don't have PAN to file returns by simply quoting Aadhar number and use it wherever they require to use PAN," the finance minister said.&nbsp;

The finance minister informed that Parliament that tax collection had risen from Rs 6.38 lakh crore rupees in 2013-14 to Rs 11.37 lakh crore rupees in 2018.

"Tax proposal will spur growth," the finance minister said.

"The government will start raising a part of its gross borrowing program in external markets in external currencies," Sitharaman said during her maiden Budget speech.

"New series of coins of Rs 1, Rs 2, Rs 5, Rs 10, Rs 20 easily identifiable to the visually impaired released by the PM on 7th March 2019. The&nbsp;coins will be made available for public use shortly,' the finance minister said.

Highlights of Tax policy:

Direct tax revenue increased by 78 per cent.

Excise hike on Rs 1 litre on petrol, diesel

Customs duty on gold increased by 2 per cent

Cheaper home loans for houses upto 45 lakhs

Proposal to levy TDS of 2 per cent on cash withdrawal exceeding Rs 1 crore in a year from a bank account.

Tax benefits for buying electric vehicles.

Easing of Angel tax for startups.

Additional income tax deduction on loans taken on e-vehicles.

All companies with an annual turnover of Rs 400 crores to now come under the&nbsp; 25 per cent bracket. It will cover 99.3 per cent of all the companies.

Tax deduction for affordable housing.

Interchangeability&nbsp;of Pan, Aadhar.

Discourage making cash payments in business transactions.

&nbsp;

&nbsp;

&nbsp;

&nbsp;

During the Budget speech, finance minister Nirmala Sitharaman said India's sovereign external debt to GDP was among the lowest globally at less than 5 per cent. "The fiscal deficit this year is 3.

During the Budget speech, finance minister Nirmala Sitharaman said India's sovereign external debt to GDP was among the lowest globally at less than 5 per cent. "The fiscal deficit this year is 3.3 per cent, brought down from 3.4 per cent," Sitharaman said. "More than 120 crore Indians now have Aadhar card, therefore for ease of taxpayers I propose to make PAN card and Aadhar card interchangeable and allow those who don't have PAN to file returns by simply quoting Aadhar number and use it wherever they require to use PAN," the finance minister said. The finance minister informed that Parliament that tax collection had risen from Rs 6.38 lakh crore rupees in 2013-14 to Rs 11.37 lakh crore rupees in 2018. "Tax proposal will spur growth," the finance minister said. "The government will start raising a part of its gross borrowing program in external markets in external currencies," Sitharaman said during her maiden Budget speech. "New series of coins of Rs 1, Rs 2, Rs 5, Rs 10, Rs 20 easily identifiable to the visually impaired released by the PM on 7th March 2019. The coins will be made available for public use shortly,' the finance minister said. Highlights of Tax policy: Direct tax revenue increased by 78 per cent. Excise hike on Rs 1 litre on petrol, diesel Customs duty on gold increased by 2 per cent Cheaper home loans for houses upto 45 lakhs Proposal to levy TDS of 2 per cent on cash withdrawal exceeding Rs 1 crore in a year from a bank account. Tax benefits for buying electric vehicles. Easing of Angel tax for startups. Additional income tax deduction on loans taken on e-vehicles. All companies with an annual turnover of Rs 400 crores to now come under the 25 per cent bracket. It will cover 99.3 per cent of all the companies. Tax deduction for affordable housing. Interchangeability of Pan, Aadhar. Discourage making cash payments in business transactions.

Budget 2019: Highlights of taxation, revenue policy announced by finance minister Nirmala Sitharaman

In Budget 2019, Nirmala Sitharaman proposes tax rebate to buy electric vehicle. #Budget2019 #UnionBudget2019 #IndiaBudget2019 #Budget

Budget 2019: Nirmala Sitharaman proposes tax rebate to buy electric vehicle

In Budget 2019, Nirmala Sitharaman proposes Aadhaar cards for NRIs on arrival in India. #Budget2019 #UnionBudget2019 #IndiaBudget2019 #Budget

Budget 2019: Nirmala Sitharaman proposes Aadhaar cards for NRIs on arrival in India

Prime Minister Narendra Modi on Friday addressed the nation after Finance Minister Nirmala Sitharaman tabled the newly-elected <a href="https://www.wionews.com/business-economy/budget-2019-highlights-of-taxation-revenue-policy-announced-by-finance-minister-nirmala-sitharaman-233200">government's budget for the first year</a>.&nbsp;

Opening his post-budget address, the prime minister said that the budget "has given hope to the country".

"It testifies that the path we are on is right and that we will reach our target," PM Modi said, adding that the budget will help facilitate the creation of 'New India'.&nbsp;

"The middle class will progress with this budget, development work will expedite even more. The tax structure will simply and infrastructure will modernise," PM Modi said.&nbsp;

"The budget for a 'New India' has a roadmap to transform the agriculture sector of the country, this budget is one of hope," he added.&nbsp;

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PM Narendra Modi: Ye desh ko samridh aur jan jan ko samarth banane wala budget hai. Is budget se gareeb ko bal milega. yuva ko behtar kal milega <a href="https://twitter.com/hashtag/Budget2019?src=hash&amp;ref_src=twsrc%5Etfw">#Budget2019</a> <a href="https://t.co/PllxCyqs4m">pic.twitter.com/PllxCyqs4m</a>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1147056169489448960?ref_src=twsrc%5Etfw">July 5, 2019</a></blockquote>
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Sitharaman's maiden budget is being largely seen as a "balanced one".&nbsp;

Ashok Jha, former finance secretary, called it a "pretty balanced budget".

"There are concessions given to various sectors, in fact, there is a simplification of taxation, trying to reduce tax payers' hassles," Jha told WION.&nbsp;

"There are indicators of growth in the budget. 70,000 crore push to public sectors banks, governance reforms in public sectors banks. All these are growth-inducing things," Gautam Chikermane, vice president, ORF told WION.&nbsp;

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Ashok Jha, former finance secretary, calls it a pretty balanced budget. 'There are concessions given to various sectors, in fact, there is a simplification of taxation, trying to reduce tax payers' hassles'<a href="https://twitter.com/hashtag/Budget2019?src=hash&amp;ref_src=twsrc%5Etfw">#Budget2019</a> 
Watch post budget analysis LIVE: <a href="https://t.co/iSR65rv97J">https://t.co/iSR65rv97J</a> <a href="https://t.co/6dgSRNJyy3">pic.twitter.com/6dgSRNJyy3</a>
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Some of the key <a href="https://www.wionews.com/business-economy/budget-2019-key-takeaways-announced-by-nirmala-sitharaman-in-parliament-233179">highlights of Sitharaman's budget</a> speech today featured no taxation for those earning less than 5 lakh per annum. The government decided to hike the petrol price by Rs 1 per litre and customs duty on gold as well.&nbsp;

A slew of benefits was announced for startups. Going by Sitharaman's budget presentation, the Modi government 2.0 seems to have given a big push to infrastructure, technology, rural development, startups and has also promised to make housing affordable and hassle-free process to boost investment.&nbsp;

During the Budget speech, finance minister Nirmala Sitharaman said India's sovereign external debt to GDP was among the lowest globally at less than 5 per cent.

Budget 2019: India will become a $3-billion economy this year, says Nirmala Sitharaman

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="http://wionews.com/videos/budget-2019-india-will-become-a-3-billion-economy-this-year-says-nirmala-sitharaman-233230/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

"The fiscal deficit this year is 3.3 per cent, brought down from 3.4 per cent," Sitharaman said.

"More than 120 crore Indians now have Aadhar card, therefore for ease of taxpayers I propose to make PAN card and Aadhar card interchangeable and allow those who don't have PAN to file returns by simply quoting Aadhar number and use it wherever they require to use PAN," the finance minister said.&nbsp;

Highlights of Tax policy:

- Direct tax revenue increased by 78 per cent.

- Excise hike on Rs 1 litre on petrol, diesel

- Customs duty on gold increased by 2 per cent

- Cheaper home loans for houses up to 45 lakhs

- Proposal to levy TDS of 2 per cent on cash withdrawal exceeding Rs 1 crore in a year from a bank account.

- Tax benefits for buying electric vehicles.

- Easing of Angel tax for startups.

- Additional income tax deduction on loans taken on e-vehicles.

- All companies with an annual turnover of Rs 400 crores to now come under the &nbsp;25 per cent bracket. It will cover 99.3 per cent of all the companies.

- Tax deduction for affordable housing.

- Interchangeability of PAN, Aadhar.

- Discourage making cash payments in business transactions.

Prime Minister Narendra Modi on Friday addressed the nation after Finance Minister Nirmala Sitharaman tabled the newly-elected government's budget for the first year.

Prime Minister Narendra Modi on Friday addressed the nation after Finance Minister Nirmala Sitharaman tabled the newly-elected government's budget for the first year. Opening his post-budget address, the prime minister said that the budget "has given hope to the country". "It testifies that the path we are on is right and that we will reach our target," PM Modi said, adding that the budget will help facilitate the creation of 'New India'. "The middle class will progress with this budget, development work will expedite even more. The tax structure will simply and infrastructure will modernise," PM Modi said. "The budget for a 'New India' has a roadmap to transform the agriculture sector of the country, this budget is one of hope," he added. PM Narendra Modi: Ye desh ko samridh aur jan jan ko samarth banane wala budget hai. Is budget se gareeb ko bal milega. yuva ko behtar kal milega #Budget2019 pic.twitter.com/PllxCyqs4m — ANI (@ANI) July 5, 2019 × Sitharaman's maiden budget is being largely seen as a "balanced one". Ashok Jha, former finance secretary, called it a "pretty balanced budget". "There are concessions given to various sectors, in fact, there is a simplification of taxation, trying to reduce tax payers' hassles," Jha told WION. "There are indicators of growth in the budget. 70,000 crore push to public sectors banks, governance reforms in public sectors banks. All these are growth-inducing things," Gautam Chikermane, vice president, ORF told WION. Ashok Jha, former finance secretary, calls it a pretty balanced budget. 'There are concessions given to various sectors, in fact, there is a simplification of taxation, trying to reduce tax payers' hassles'#Budget2019 Watch post budget analysis LIVE: https://t.co/iSR65rv97J pic.twitter.com/6dgSRNJyy3 — WION (@WIONews) July 5, 2019 × Some of the key highlights of Sitharaman's budget speech today featured no taxation for those earning less than 5 lakh per annum. The government decided to hike the petrol price by Rs 1 per litre and customs duty on gold as well. A slew of benefits was announced for startups. Going by Sitharaman's budget presentation, the Modi government 2.0 seems to have given a big push to infrastructure, technology, rural development, startups and has also promised to make housing affordable and hassle-free process to boost investment. During the Budget speech, finance minister Nirmala Sitharaman said India's sovereign external debt to GDP was among the lowest globally at less than 5 per cent. Budget 2019: India will become a $3-billion economy this year, says Nirmala Sitharaman "The fiscal deficit this year is 3.3 per cent, brought down from 3.4 per cent," Sitharaman said. "More than 120 crore Indians now have Aadhar card, therefore for ease of taxpayers I propose to make PAN card and Aadhar card interchangeable and allow those who don't have PAN to file returns by simply quoting Aadhar number and use it wherever they require to use PAN," the finance minister said. Highlights of Tax policy: - Direct tax revenue increased by 78 per cent. - Excise hike on Rs 1 litre on petrol, diesel - Customs duty on gold increased by 2 per cent - Cheaper home loans for houses up to 45 lakhs - Proposal to levy TDS of 2 per cent on cash withdrawal exceeding Rs 1 crore in a year from a bank account. - Tax benefits for buying electric vehicles. - Easing of Angel tax for startups. - Additional income tax deduction on loans taken on e-vehicles. - All companies with an annual turnover of Rs 400 crores to now come under the 25 per cent bracket. It will cover 99.3 per cent of all the companies. - Tax deduction for affordable housing. - Interchangeability of PAN, Aadhar. - Discourage making cash payments in business transactions.

Budget has given hope to country, shows we are on right track: PM Modi 

The <a href="https://www.wionews.com/india-news/union-budget-2019-this-budget-gives-hope-to-country-shows-we-are-on-right-track-pm-modi-233239">Union Budget 2019-20</a> on Friday proposed to extend the lower rate of 25 per cent corporate tax to all companies with annual turnover up to Rs 400 crore.

Currently, this rate is only applicable to companies having annual turnover up to Rs 250 crore. Presenting the Budget in Parliament, Finance Minister <a href="https://www.wionews.com/business-economy/budget-2019-finance-minister-sitharaman-proposes-opening-up-insurance-aviation-sectors-to-boost-growth-233235">Nirmala Sitharaman said</a>: "This will cover 99.3 per cent of the companies.&nbsp;Now only 0.7 per cent of companies will remain outside this rate."

The Budget also proposed to make PAN and Aadhaar interchangeable and allow those who do not have PAN to file income tax returns by simply quoting their Aadhaar number and also use it wherever they are required to quote PAN. Sitharaman said more than 120 crore Indians now have Aadhaar and the proposal aims at ease and convenience of taxpayers.

At the same time, pre-filed tax returns will be made available to taxpayers which will contain details of salary income, capital gains from securities, bank interests, dividends and tax deductions. "This will not only significantly reduce the time taken to file a tax return, but will also ensure accuracy of reporting of income and taxes," said Sitharaman.

Watch:&nbsp;India will become a $3-billion economy this year, says Nirmala Sitharaman

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A scheme of faceless assessment in electronic mode involving no human interface will be launched in a phased manner. To start with, such e-assessments will be carried out in cases requiring verification of certain specified transactions or discrepancies, she added.

The Budget also proposed to levy tax deduction at source of two per cent on cash withdrawal exceeding Rs 1 crore in a year from a bank account.&nbsp;

This is in continuation of a number of initiatives taken in the recent past for the promotion of digital payments and less cash economy and to promote digital payments further, said the minister.

The Union Budget 2019-20 on Friday proposed to extend the lower rate of 25 per cent corporate tax to all companies with annual turnover up to Rs 400 crore. Currently, this rate is only applicable to companies having annual turnover up to Rs 250 crore.

The Union Budget 2019-20 on Friday proposed to extend the lower rate of 25 per cent corporate tax to all companies with annual turnover up to Rs 400 crore. Currently, this rate is only applicable to companies having annual turnover up to Rs 250 crore. Presenting the Budget in Parliament, Finance Minister Nirmala Sitharaman said: "This will cover 99.3 per cent of the companies. Now only 0.7 per cent of companies will remain outside this rate." The Budget also proposed to make PAN and Aadhaar interchangeable and allow those who do not have PAN to file income tax returns by simply quoting their Aadhaar number and also use it wherever they are required to quote PAN. Sitharaman said more than 120 crore Indians now have Aadhaar and the proposal aims at ease and convenience of taxpayers. At the same time, pre-filed tax returns will be made available to taxpayers which will contain details of salary income, capital gains from securities, bank interests, dividends and tax deductions. "This will not only significantly reduce the time taken to file a tax return, but will also ensure accuracy of reporting of income and taxes," said Sitharaman. Watch: India will become a $3-billion economy this year, says Nirmala Sitharaman A scheme of faceless assessment in electronic mode involving no human interface will be launched in a phased manner. To start with, such e-assessments will be carried out in cases requiring verification of certain specified transactions or discrepancies, she added. The Budget also proposed to levy tax deduction at source of two per cent on cash withdrawal exceeding Rs 1 crore in a year from a bank account. This is in continuation of a number of initiatives taken in the recent past for the promotion of digital payments and less cash economy and to promote digital payments further, said the minister.

Budget 2019: Sitharaman proposes interchangeable PAN, Aadhaar for filing income tax returns

In Budget 2019, One woman in every SHG to be eligible for loan upto 1 lakh under Mudra scheme.

Budget 2019: One woman in every SHG to be eligible for loan upto 1 lakh under Mudra scheme

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