Union Budget 2019 live: 3% increase in Income tax for those earning Rs 2-5 cr, 7% for income above 5 cr

Expectations are high from the Union Budget 2019, given that PM Modi came back to power following a bigger mandate than his first term. As such, Finance Minister Nirmala Sitharaman will have to do a tough balancing act, as she aims to boost growth.

By Zee Media Bureau | Last Updated: Friday, July 5, 2019 - 15:10

Finance Minister Nirmala Sitharaman will present her maiden Budget on Friday, becoming only the second woman, after Indira Gandhi, to do so. FM will present the Union Budget 2019 amidst wide expectations given that Prime Minister Narendra Modi came back to power following a bigger mandate than his first term.

Sitharaman's budget team comprises Minister of State for Finance Anurag Singh Thakur and Chief Economic Advisor Krishnamurthy Subramanian. The official team is led by Finance Secretary Subhash Chandra Garg, Expenditure Secretary Girish Chandra Murmu, Revenue Secretary Ajay Bhushan Pandey, DIPAM Secretary Atanu Chakraborty, and Financial Services Secretary Rajiv Kumar.

5 July 2019, 15:10 PM

Non Banking Financial Companies(NBFC) are a critical component of our banking system. The Government has adopted a comprehensive approach for NBFC financing

5 July 2019, 15:10 PM

The emphasis was very clearly on the overall development of economy. We looked at rural initiatives, all of which will give certain dynamic to the rural areas. Similarly, we looked at how urban living can be better, says FM

5 July 2019, 15:09 PM

The Budget has been presented with a 10-year vision in mind, says Sitharaman after presentation of her maiden Budget

5 July 2019, 14:09 PM

Gold prices increased after hike in custom duty in Union Budget 2019, crosses Rs 35,000 per 10 gram. The Finance Minister has proposed to increase custom duty on gold and other precious metals from 10 percent to 12.5 percent.

5 July 2019, 13:56 PM

This is the Budget to set the country towards path of prosperity and empower the poor. This is also the Budget to ensure a better future for the youth: Modi

5 July 2019, 13:56 PM

Prime Minister Narendra Modi hails Union Budget 2019, says this is the budget of hope and expectation.

5 July 2019, 13:16 PM

Markets fall after FM Sitharaman finishes her maiden Budget speech. The BSE Sensex is down 330.21 points or 0.83 percent to 39,577.85 while the NSE Nifty is down 109.60 points or 0.83 percent to 11,837.15 at 1.18 pm.

5 July 2019, 13:14 PM

Import duty on gold and other precious metals increased from 10% to 12.5%

5 July 2019, 13:10 PM

Special additional excise duty of Rs 1 per litre to be levied on petrol and diesel for road and infra

5 July 2019, 13:02 PM

Taxpayers with annual turnover of less than Rs 5 crore will only file quarterly GST returns

5 July 2019, 13:00 PM

As I stated earlier, we have taken a slew of measures to ease burden on small and medium earners. Those having annual income up to Rs 5 lakhs are not required to pay any income tax. We are thankful to tax payers who play an important role in nation building. Income tax increases by 3% for those earning between Rs 2-5 crore and 7% for those with income above Rs 5 crore

5 July 2019, 12:57 PM

FM proposes to levy TDS of 2 percent of cash withdrawal exceeding Rs 1 crore in a year from a bank account to discourage cash transactions for business deals

5 July 2019, 12:53 PM

FM proposes to make PAN and Aadhaar inter-changeable for filing ITR

5 July 2019, 12:51 PM

Additional Rs 1.5 lakh deduction on interest paid for affordable housing loans till March 2020

5 July 2019, 12:48 PM

Relax some of conditions of carry forward losses to start ups. At present startups are not required to justify fair market value of their shares issued to certain investors including category 1 alternative investment funds. I propose to extend this benefit to category 2 alternative investment funds also.

5 July 2019, 12:45 PM

Additional income tax deduction of Rs 1.5 lakh on interest paid on loans for electric vehicles

5 July 2019, 12:43 PM

All companies having annual turnover of 400 crores, will now be under the bracket of 25%.  Earlier lower corporate tax rate of 25 percent was applicable only to companies with annual turnover up to 250 crores. This will cover 99.3% of all the companies. This include 99.3 percent of all companies. 0.7 percent companies will remain outside of this rate.

5 July 2019, 12:40 PM

In last five years, DTC significantly increased from Rs 6.38 lakh crore to Rs 11.37 lakh crore in FY 2018

5 July 2019, 12:36 PM

I begin by thanking our taxpayers who as responsible citizens perform their duties by paying taxes. My appreciation for the honest tax payers, says FM

5 July 2019, 12:32 PM

Will undertake strategic sale of PSUs. Government sets disinvestment target Rs 1.05 lakh crore for FY 2020, says FM

5 July 2019, 12:28 PM

Steps to be taken to removing NPS stress from PFRDA

5 July 2019, 12:27 PM

Regulation of Housing Finance Companies to move to RBI from NHB

5 July 2019, 12:25 PM

For purchase of high-rated pooled assets of financially sound Non Banking Finance Companies amounting to 1 lakh crore rupees during 2019-20, one-time six-month partial credit guarantee to be given to PSBs. Public sector banks to be provided 70,000 crore rupees to boost capital and improve credit

5 July 2019, 12:23 PM

Non-performing asset (NPAs) recovery of Rs 4 lakh crore over the last four years. NPAs down by Rs 1 lakh crore in the last one year

5 July 2019, 12:21 PM

FM propose to issue Aadhaar card to NRI with Indian passport after the arrival in India without waiting for the mandatory 180 days

5 July 2019, 12:14 PM

I draw attention to the women of India, 'Naari tu Narayaani'. This Government believes that we can progress, with greater women participation. Every verified woman SHG member having a Jan Dhan account, an overdraft of 5000 rupees will be allowed. One woman in every SHG will be made eligible for loan upto 1 lakh under the Mudra scheme

5 July 2019, 12:04 PM

Government to streamline all labour laws into 4 labour codes

5 July 2019, 12:04 PM

Exclusive TV programme exclusively for start-ups to be started, channel will be designed and executed by startups themselves

5 July 2019, 12:00 PM

5 years back no Indian institution was in top 200 international educational institutions. Now there are 3 higher educational institutions in top 200, says Sitharaman

5 July 2019, 12:00 PM

Government will bring a New Education Policy to bring education to the international level, focus on research and innovation. National Research Foundation will be formed to ensure the strengthening of the research ecosystem in the country, funds of all ministries will be merged for the foundation. FM proposes to allocate Rs 400 cr for world-class higher education institutions in FY20

5 July 2019, 11:58 AM

Ease of doing business and easing of living should apply to farmers too. Need to go back to 'zero budget farming' which will help doubling farmers income. FM proposes to set up 10,000 new farmer producer organisations.

80 Livelihood business incubators and 20 technology business incubators to be set up in 2019-20 under ASPIRE to develop 75,000 skilled entrepreneurs in agro-rural industries

5 July 2019, 11:56 AM

Gandhipedia being development by National Science Museum to sensitise the youth about Gandhian thoughts and philosophy

5 July 2019, 11:55 AM

Time for completion of houses under PMAY reduced from 314 days in 2015-16 to 114 days in 2017-18, enabling the scale of achievement in PMAY. 1.95 cr houses to be constructed under PMAY from FY20-22, says FM

5 July 2019, 11:51 AM

With the changing economic scenario it's important to upgrade roads connecting villages to rural markets. For this Pradhan Mantri Gram Sadak Yojana phase 3 is envisaged to upgrade 1,25,000 km of road length over the next 5 years. Government to invest Rs 80,250 cr for upgradation of roads under PM Gram Sadak Yojana: FM


5 July 2019, 11:49 AM

In second phase of PMAY-Gramin, 1.95 crore houses to be provided to eligible beneficiaries. During 2019-20 to 2021-22 they will have amenities such as LPG, electricity and toilets

5 July 2019, 11:48 AM

The newly set up Jal Shakti Ministry will look at the mgmt of our water resources & water supply in an integrated & holistic manner and will work with states to ensure 'Har Ghar Jal', to all rural households by 2024 under 'Jal Jeevan Mission', says FM

5 July 2019, 11:47 AM

We will go back to basics. Zero Budget farming: We need to replicate this innovative model. Steps such as this can help doubling up farmers' income.

5 July 2019, 11:45 AM

To deepen corporate tri-party repo market in corporate debt securities, govt will work with regulators RBI & SEBI to enable stock exchanges to allow AA rated bonds as collaterals. User friendliness of trading platforms for corporate bonds will be reviewed, including issues arising out of capping of International Securities Identification Number. It's right time to consider increasing minimum public shareholding in the listed companies, I have asked SEBI to consider raising the current threshold of 25 percent to 35 percent

5 July 2019, 11:44 AM

1.25 lakh km of roads to be upgraded under PM Gram Sadak Yojana: FM

5 July 2019, 11:43 AM

Annual Global Investors' Meet to be organized in India, using NIIF as the anchor to get key sets of global players to come and invest in India

5 July 2019, 11:39 AM

1.9 crore houses will be provided to citizens of the country by 2022, says Sitharaman

5 July 2019, 11:38 AM

Interoperability of RBI depositories and SEBI depositories necessary for seamlesss transfer of treasury bills. Government will take necessary measures in this regard in consultation with RBI and SEBI

5 July 2019, 11:37 AM

Credit Guarantee Enhancement Corporation will be set up in 2019-20, action plan to deepen markets for long-term bonds with specific focus on infra sector to be put in place

5 July 2019, 11:37 AM

Existing Know Your Customer norms for Foreign Portfolio Investors to be rationalized and simplified, to make it more investor-friendly

5 July 2019, 11:36 AM

FM proposes to merge NRI Portfolio Investment Scheme with Foreign Portfolio Investment Scheme for greater investment in the country

5 July 2019, 11:33 AM

Further opening up of FDI in aviation, media, animation AVGC and insurance to be examined, in consultation with stakeholders; 100% FDI to be permitted for insurance intermediaries. Local sourcing norms for FDI to be eased for single-brand retailing sector

5 July 2019, 11:29 AM

FM proposes to create Electronic Fundraising Platform, a social stock exchange, to list social enterprises and voluntary organizations working for social welfare objectives under sebi

5 July 2019, 11:25 AM

Pension benefit to be extended to around 3 crore retail traders and shopkeepers with an annual turnover less than 1.5 crores under Pradhan Mantri Karam Yogi Man Dhan Scheme

5 July 2019, 11:23 AM

Comprehensive restructuring of National Highways Programme to be done, to ensure creation of National Highways Grid of desirable capacity. Government envisions using rivers for cargo transportation, which will also decongest roads and railways. Railway infra would need an investment of 50 lakh crores between 2018 and 2030; PPP to be used to unleash faster development and delivery of passenger freight services

5 July 2019, 11:22 AM

Several reforms would be undertaken to promote rental housing, current rental laws are archaic as they do not address lessor-lessee relationships fairly. Modern tenancy law will be finalised and circulated