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  • Now we all know that the Finance Minister of India

  • presents the Union Budget on 1st of Feb.

  • But our Finance Minister, Arun Jaitley is

  • recovering from a surgery.

  • But somebody has to do that job.

  • Which is why Piyush Goyal, who is

  • the Minister of Rail and Coal

  • has been given the additional charge of the Finance Ministry

  • and yesterday, i.e 1st of Feb 2019

  • he presented the 'Interim' Budget

  • and from that moment

  • all the news channel, twitter and everybody else on Social Media

  • have lost their shit.

  • The Modi Government is saying that it is a 'Great Budget for New India'

  • and the opposition says that it is just another 'Jumla'

  • by the Modi Government to fool people again.

  • But no matter what these "leaders" are saying,

  • in the end, we have to bare the consequences.

  • So let's understand what is the ground reality and how does

  • this 'Interim Budget' affect people like you and me.

  • So in today's video we are going to see

  • What is an Interim Budget?

  • What are the highlights of the Interim Budget 2019?

  • But most importantly, we are going to see how does this

  • budget affect a normal middle class person paying taxes.

  • But before that, if you like me or if you like the work that I am doing,

  • make sure you hit that 'Like' button

  • because that motivates me to make more videos.

  • Lets begin.

  • Now, what is a budget?

  • I am sure you make a budget for your house.

  • That this much I am earning and this much I am spending

  • towards rent, food, clothes so on and so forth..

  • Imagine the same thing being done but for the entire country.

  • The Indian Government creates a budget statement

  • about how much money it is getting

  • and how much it is spending

  • towards building roads, machinery, education, health so on and so forth..

  • for the benefit of the country and its citizens.

  • Now what is an Interim Budget?

  • The word, 'Interim' means 'Meanwhile'.

  • So the current government prepares an

  • 'Interim' budget instead of a 'Full' budget if

  • it doesn't have the time or

  • if the National Elections are near

  • which is the case right now

  • because our elections are going to happen in April/May 2019.

  • And when the elections happen, the incoming government will

  • prepare the full budget and until then

  • the 'Interim' budget will be in place.

  • But remember, the incoming government has full freedom

  • to change the estimates of the 'Interim' budget when the final budget is presented.

  • Keeping that in mind, here are the 5 highlights

  • from the Interim Budget 2019 that can affect us.

  • 1. The current tax slab is not changing but

  • if your 'taxable' income is 5 lakh rupees or less

  • then you will get a full tax rebate. Which means that

  • earlier if you were paying Rs. 12,500 or less for taxes

  • then now you won't be paying anything at all.

  • I understand that tax calculations can be confusing, which is why

  • I made a separate video explaining how much tax you are paying

  • and how to save your money by reducing those taxes.

  • I have left the link in the description, do check it out.

  • 2. If your taxable income is 6.5 Lakhs or less

  • then you can skip paying Income Tax if

  • you make investments in Provident Fund, Insurance, specified savings etc..

  • 3. Standard Deductions have been increased from Rs. 40,000 to Rs. 50,000

  • which means, if you are a salaried employee

  • and you do not enjoy any allowances in the form of

  • transport or medical expenses

  • then you can directly deduct Rs. 50,000 and pay tax

  • only on the remaining salary.

  • 4. If you are planning to buy a house,

  • then there is some good news.

  • Because apparently, a group of ministers will decide

  • on some measures to make housing cheaper by reducing GST.

  • So let's keep our fingers crossed.

  • 5. Businesses with less than Rs. 5 Crore annual turnover

  • will be allowed to file quarterly returns.

  • Apart from these, there were other announcements as well

  • like, within 2 years, tax assessments will be done electronically

  • and I.T returns will be made within 24 hours.

  • 26 weeks of maternity leave to empower women.

  • 1.7 Lakh Crore rupees dedicated to ensure food for all.

  • Rs. 6,000 per 'year' direct subsidy for farmers

  • having less than 2 hectares of land.

  • Now let's see how do these promises and changes affect us.

  • 1. If your taxable income is 5 Lakh rupees or less

  • then congratulations, you do not have to pay any taxes at all.

  • Taxable income is the income after you deduct

  • PF, Mutual Fund, Standard Deduction and the rest of your savings from your actual income.

  • But if your taxable income is more than Rs. 5 L then the tax you pay remains the same.

  • 2. If you have a business and your annual turnover

  • is Rs. 5 Crore or less then instead of filing returns monthly

  • you will have to do it quarterly.

  • 3. There is hope that in future

  • housing will get cheaper.

  • Will it really happen or not....we will have to wait and watch.

  • But what's most important is what do you think of this budget?

  • Will it really benefit the general public

  • or is it just another 'Jumla'?

  • Comment and let me know because

  • I'll be waiting to read your views.

  • And if you are new here, make sure you 'Subscribe' to my channel

  • and hit that 'Bell' icon because

  • I make Career and Finance videos only for you.

  • I am going to see you again very soon, until then

  • if you miss me, you can follow me on

  • Instagram - @theurbanfight

  • and don't forget to keep fighting

  • The Urban Fight!

Now we all know that the Finance Minister of India

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B1 budget interim tax taxable income government

Budget 2019 Key Highlights | How Does it Affect You? | Hit or 'Jumla'?

  • 25 1
    up1217home posted on 2019/07/31
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