The acting Finance Minister Piyush Goyal tabled the Budget 2019-20 in Lok Sabha on today, February 1, 2019. Piyush Goyal started his Budget speech by wishing good health and speedy recovery to the Union Finance Minister Arun Jaitley. In the interim Budget 2019-20, Piyush Goyal announced a range of reliefs, sops and benefits especially for middle-class families and salaried people, the major one being the rebate on income tax on the income of up to Rs 5 lakh.
Mentioning the state of Indian economy, Piyush Goyal indicated several achievements including India being the fastest growing major economy in the world, controlled inflation, sharp reduction in the fiscal deficit, Foreign Direct Investment (FDI) in India to the tune of $239 billion, steps against corruption, reforms for poor and backward classes, MSP for farmers and several others.
“Reducing the tax burden on middle class has always been our priority ever since our Government took over in 2014,” Piyush Goyal said. “The main tax proposals will be presented in the regular budget, small taxpayers especially middle class, salary earners, pensioners, and senior citizens need certainty in their minds at the beginning of the year about their taxes,” Piyush Goyal said further.
Other than the income tax rebate on the income of Rs 5 lakh, Piyush Goyal proposed additional deductions of up to Rs 2 lakh on elements such as interest on home loans, interest on education loans, national pension scheme contributions, medical insurance, medical expenditure on senior citizens, etc. Additionally, FM Goyal increased the standard deduction to Rs 50,000 from the present Rs 40,000.
To read Finance Minister Piyush Goyal’s Full Budget 2019 speech click here.