How is the Budget 2019-20 going to be? Here’s what you need to know

Last Updated at: December 06, 2019
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How is the Budget 2019-20 going to be Here’s what you need to know

The new Finance Minister is set to present the maiden Union Budget for the financial year 2019-2020 on July 5. In the prequel February Interim Budget, we had witnessed reduced taxes, benefitting the middle class; Rs 75,000 crore income schemes for farmers.

With welcoming the public feedback on social media and stakeholder consultations on agriculture and rural development, and trade and industry, how is the upcoming budget going to be? Let’s take a look at it here.

Get Legal Advice

  • Increased coverage of the ‘Pradhan Mantri Kisan Samman Nidhi’ or PM Kisan scheme at an estimate of Rs 75,000. Through this scheme, small and marginal farmers, owing less than 2 acres of land, receive Rs 6,000 in cash in a year in three instalments directly transferred to their accounts. This budget will cover an additional 5 crore farmers at an estimated budget of Rs 85,000.
  • Policy measures to improve farm income; new channels in agriculture-allied services; employment schemes to enhance rural consumers.
  • Banking cash transaction tax (BCTT): It is believed that the govt is trying to bring back this system that was introduced in 2005. The reason being after demonetisation and GST there has been a wealth of information collected like PAN, Aadhar. Indeed, the report says that nearly 23.5 lakh PANs appeared suspicious.
  • Dividend distribution tax: According to media reports, during the meeting, the CII body had suggested to bring down the existing rate from 20% to 10%.
  • Challenges faced: Currently, the Finance Ministry faces a few challenges which acts as the crisis in NBFCs and the GDP growth slowdown. Per the reports, the GDP growth fell to 5.8% in the March quarter.
  • Cut down on corporate taxes: The Federation of Indian Chambers of Commerce & Industry (FICCI) had suggested the cut-down.

When should I register for GST?

The duration period of 30 days can be utilized to apply for the registration of GST since the date of liability for the same. Also, understand more about the procedure for GST registration and GST returns.

What benefits are given to MSME by state and central government?

The subsidies that state and central governments provide to the Micro, Small and Medium Enterprises include sales tax exemption and subsidies on power and much more.
Also, learn more about Udyog Aadhar Registration.

What is the purpose of Tax Back Offer?

Tax back offer is an attractive incentive to influence taxpayers to file their ITR forms early. Beware of free agents when filing ITR forms. More on Income Tax Return Filing

What documents are required for ISO 9001 2015?

You require documents such as quality objectives, quality policy, QMS scope for ISO compliant. However, certain documents are not mandatory. Get to learn more about ISO Certification.

Whether an NGO can give loans to another NGO under the provisions of the Income-tax Act, 1961?

There is a provision in the Income Tax Act 1961 which gives permission to an NGO to provide loans to a similar NGO for fulfilling its prime objectives. Get to know more info on NGO Registration in India.

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How is the Budget 2019-20 going to be? Here’s what you need to know

3675

The new Finance Minister is set to present the maiden Union Budget for the financial year 2019-2020 on July 5. In the prequel February Interim Budget, we had witnessed reduced taxes, benefitting the middle class; Rs 75,000 crore income schemes for farmers.

With welcoming the public feedback on social media and stakeholder consultations on agriculture and rural development, and trade and industry, how is the upcoming budget going to be? Let’s take a look at it here.

Get Legal Advice

  • Increased coverage of the ‘Pradhan Mantri Kisan Samman Nidhi’ or PM Kisan scheme at an estimate of Rs 75,000. Through this scheme, small and marginal farmers, owing less than 2 acres of land, receive Rs 6,000 in cash in a year in three instalments directly transferred to their accounts. This budget will cover an additional 5 crore farmers at an estimated budget of Rs 85,000.
  • Policy measures to improve farm income; new channels in agriculture-allied services; employment schemes to enhance rural consumers.
  • Banking cash transaction tax (BCTT): It is believed that the govt is trying to bring back this system that was introduced in 2005. The reason being after demonetisation and GST there has been a wealth of information collected like PAN, Aadhar. Indeed, the report says that nearly 23.5 lakh PANs appeared suspicious.
  • Dividend distribution tax: According to media reports, during the meeting, the CII body had suggested to bring down the existing rate from 20% to 10%.
  • Challenges faced: Currently, the Finance Ministry faces a few challenges which acts as the crisis in NBFCs and the GDP growth slowdown. Per the reports, the GDP growth fell to 5.8% in the March quarter.
  • Cut down on corporate taxes: The Federation of Indian Chambers of Commerce & Industry (FICCI) had suggested the cut-down.

When should I register for GST?

The duration period of 30 days can be utilized to apply for the registration of GST since the date of liability for the same. Also, understand more about the procedure for GST registration and GST returns.

What benefits are given to MSME by state and central government?

The subsidies that state and central governments provide to the Micro, Small and Medium Enterprises include sales tax exemption and subsidies on power and much more.
Also, learn more about Udyog Aadhar Registration.

What is the purpose of Tax Back Offer?

Tax back offer is an attractive incentive to influence taxpayers to file their ITR forms early. Beware of free agents when filing ITR forms. More on Income Tax Return Filing

What documents are required for ISO 9001 2015?

You require documents such as quality objectives, quality policy, QMS scope for ISO compliant. However, certain documents are not mandatory. Get to learn more about ISO Certification.

Whether an NGO can give loans to another NGO under the provisions of the Income-tax Act, 1961?

There is a provision in the Income Tax Act 1961 which gives permission to an NGO to provide loans to a similar NGO for fulfilling its prime objectives. Get to know more info on NGO Registration in India.

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A lawyer with 14 years' experience, Vikram has worked with several well-known corporate law firms before joining Vakilsearch.