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Highlights of Union Budget for 2019-20

twitter-logo PTI        Last Updated: July 5, 2019  | 19:03 IST

New Delhi, Jul 5 (PTI) Highlights of the Union Budget for 2019-20 presented by Finance Minister Nirmala Sitharaman in Parliament Friday: * Tax deducted at source of 2% for cash withdrawals of over Rs 1 cr a year * Surcharge hiked on individuals with taxable income above Rs 2 cr * Effective tax rate on Rs 2-5 crore taxable income hiked by 3% * Effective tax rate on over Rs 5 crore taxable income hiked by 7% * Companies with turnover up to Rs 400 cr to pay 25% tax * Aadhaar, PAN interchangeable for filing income tax returns * To launch automated, faceless assessment of tax * To make pre-filled tax return forms available * Legacy dispute resolution plan to settle litigation in excise, service tax cases * Fiscal deficit for 2019-20 at 3.3% of GDP * Gross market borrowing pegged at Rs 7.1 lakh crore * GST collections pegged at Rs 6.63 lakh crore * Disinvestment target pegged at Rs 1.05 lakh cr * Dividend income from state-owned companies seen at Rs 57,486 cr * Dividend/surplus from RBI, financial institutions at Rs 1.06 lakh cr * Customs duty on gold, precious metals hiked to 12.5%, from 10% * Customs duty on stainless steel hiked to 7.5% from 5% * Special Additional excise, road cess on petrol, diesel hiked by Re1/litre * Tax deduction of Rs 1.50 lakh on e-vehicle loan interest * Extra Rs 1.50 lakh tax deduction on affordable housing loans * RBI, banks to absorb merchant discount rate at small shops * To impose basic excise duty on tobacco products * Excise duty of Rs 5/1,000 sticks imposed on filter cigarettes * India now 6th largest economy vs 11th five years ago * India to become USD 3 trn economy in FY20 * Well within capacity to reach USD 5-trln economy in few years * To soon announce policy package for power tariffs * PSU banks to get Rs 70,000 cr capital * Housing finance cos to be regulated by RBI, as against National Housing Bank at present * Proposed more power to RBI over NBFCs in Finance Bill * One-time, six-month guarantee to PSU banks to buy some NBFC loans * Strategic divestment of CPSEs to remain a priority * Mulling below 51% stake in PSUs on case-to-case basis * Govt to re-initiate process of Air India sale * Plans to increase minimum public shareholding in listed cos to 35% from 25% * Steps taken for easing angel tax issue of startups * Startups, investors not to face scrutiny for share premium if they file return. PTI JD BAL

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