A budget is a financial plan for the specified period. The Government of India i.e., Ministry of Finance after consultation with all the other ministries prepares the budget. The budget will be generally presented by the Finance Minister on the first day of February in Parliament. The proposed budget will come into effect from April 1st of the respective year.
A relief mainly to middle class, and the farmers. Given the priority to taxation reforms, women empowerment, workers in unorganized sector and agriculture.
There is no change in tax slabs, hike in limits of 80C and interest on home loan in contrast to the expectation. But the Income Tax has provided the complete tax rebate upto income of Rs 5 Lakhs. In other words, the tax payer with gross income of Rs 6.5 lakh need not pay any tax if he has 80C deductions
Below are the compiled sector/category wise highlights of the interim budget of FY 2019-20
Identified as Priority Sectors to leapfrog India