Budget 2019 Questions Answers PDF Download: Finance Minister Nirmala Sitharaman today (5 July 2019) presented Union Budget 2019 aimed at boosting infrastructure and investment. The Union Budget 2019 was presented by Finance Minister, Nirmala Sitharaman on 05 July 2019,11 am. This was the first budget of Narendra Modi led NDA government second term.The first Budget of Narendra Modi government’s second tenure is the maiden one for Nirmala Sitharaman, who is the second woman finance minister of India, after Indira Gandhi.
Here are the highlights of the Union Budget 2019
- PAN and Aadhaar will become interchangeable. You can use your Aadhaar number to file your I-T Returns soon.
- ₹5 lakh minimum limit announced for taxpayers. In view of rising income levels, those in the ₹2-5 crore and ₹5 crore-and-above brackets will see increase in effective tax rate by 3% and 7%, respectively.
- GST rate on electric vehicles proposed to be lowered to 5%. Additional income tax deduction of ₹1.5 lakh on interest on loans taken to purchase electric vehicles.
- Additional deduction of ₹1.5 lakh on loans up to March 31 2020 for buying affordable houses, giving ₹ 7 lakh benefit to home buyers.
- Proposal to provide Aadhaar cards for NRIs with Indian passports, after their arrival in India, with no waiting period.
- ₹20 coin coming up.
- Excise duty on fuel hiked by ₹1.
- To resolve the angel tax issue, startups will not be subject to any scrutiny in respect to valuation. Funds raised by startups will not require any scrutiny by the I-T department.
- TDS of 2% on cash withdrawals exceeding ₹1 crore in a year from bank accounts, to discourage business payments in cash.
- Period of exemption for capital gains arising from sale of house for investment in startups to be extended to March 31, 2021.
- ₹70,000 crore in recapitalisation for public sector banks.
- ₹1.05 lakh crore disinvestment target for the year.
- TV channel to be launched for promoting startups and to help matchmaking for funds.
- New national educational policy hopes to transform Indian education into one of the best in the world, with focus on bringing in foreign students.
- ₹50 lakh crores proposed for Railway infrastructure.
- By 2022, the 75th year of Independence, every single rural family, except those who are unwilling to take the connection, will have electricity and clean cooking facility.
- Stress on zero-budget farming, which is a form of gardening as a self-sustainable practice, with minimum external intervention.
- The pension benefit will be extended to 3 crore retail traders under PM Karam Yogi Maan Dhan Scheme. It requires only Aadhaar numbers and bank accounts.
- ₹1 crore worth of loans proposed to MSMEs. The Government will extend pension benefits to 3 crore retail traders and shopkeepers who have a revenue of less than ₹1.5 crore.
- Investment by FIIs and FDIs in debt securities in infrastructure debt funds to be allowed. Minimum public shareholding in listed companies can be increased from 25% to 35%.
- Global Investors Meet to happen in India.
Budget highlights for tax, housing, social welfare, pensions, growth, infrastructure economy:
Union Budget Highlights: Housing
- 1.95 crore houses will be provided to eligible beneficiaries
- Centre proposes RBI to be regulator for housing finance companies
- Tax holiday on profits earned by developers of affordable housing
Budget Highlights: Tax
- Additional deduction of Rs. 1 lakh on interest paid for affordable house of Rs. 45 lakh, borrowed on or before March 31, 2020
- After interest deduction, affordable home buyers will gain tax benefit of Rs. 7 lakh over the period of interest deduction
- Cash withdrawals over Rs. 1 crore a year to be taxed at 2 per cent
Budget Highlights: Social Welfare
- One woman in every self-help group eligible for loan of Rs. 1 lakh under Mudra scheme
- Centre proposes to consolidate and streamline multiple labour laws into only four codes
Budget Highlights: Pensions
- Pension to be provided to three crore retail traders
- Pension for shopkeepers, retailers with turnover less than Rs. 1.5 crore
Union Budget Highlights: Growth
- Centre to invest in raising foreign direct investment in media and aviation
- There will be 100 per cent FDI for insurance intermediaries
Union Budget Highlights: Infrastructure
1.25 lakh km roads will be upgraded at a cost of Rs. 80,000 crore
Budget Highlights: Markets
Centre proposes electronic fundraising platform to list social enterprises, voluntary organisations
This will help social enterprises working for welfare raise capital
Budget Highlights: Economy
Union Budget Highlights: Income Tax
- No income tax for income less than Rs. 5 lakh a year
- Surcharge on individuals with taxable income of Rs. 2-5 crore raised to 3 per cent, and Rs. 5 crore to 7 per cent
Budget Highlights: Start-ups
- A TV programme for start-ups under Doordarshan, designed and run by start-ups themselves
- Angel investors and start-ups who file tax returns won’t be subjected to scrutiny
- E-verification will resolve the issue of identifying the investor and the source of funds
Budget Highlights: Companies
Corporate tax rate of 25 per cent extended to all companies having annual turnover up to Rs.400 crore
Union Budget 2019 Questions Answers PDF Download
Q1. Under which scheme 10 million youth will be provided industry-relevant skill training?
- Kaushal Vikas Yojana
- National Skill Development Corporation
- The National Scheme of Apprenticeship Training
- Skill India
Q2.Customs duty on gold and other precious metals has been increased from 10% to_______?
Q3.To discourage business payments in cash, how much % of TDS will be charged on cash withdrawals exceeding Rs.1 crore in a year from bank accounts?
Q4. According to Finance Minister Nirmala Sitaraman, by which year every single rural family, except those who are unwilling to take the connection, will have electricity and clean cooking gas?
Q5. The Finance Minister has proposed ___________ lakhs crore investment for Railway infrastructure between 2018 and 2030 to unleash faster development, completion of tracks, passenger freight services?
Q6. Under which scheme the GoI will extend pension benefits to 3 crore retail traders and shopkeepers who have a revenue of less than Rs 1.5 crore?
- PM Karam Yogi Maan Dhan Scheme
- PM Vaya Vandana Yojana
- PM Suraksha Bima Yojana
- Atal Pension Yojana
- PM Jeevan Jyoti Bima Yojana
Q7. Which of the following programme is initiated and designed by Government of India to achieve the three cardinal principles of Education Policy viz., access, equity and quality?
- Study Webs of Active Learning for Young Aspiring Minds Programme(SWAYAM)
- Rashtriya Uchchatar Shiksha Abhiyan
- Scheme for Trans-disciplinary Research for India’s Developing Economy (STRIDE)
- Rashtriya Madhyamik Shiksha Abhiyan
Q8. How many LED bulbs have been distributed by Government of India (GOI) under the Ujala Yojana scheme?
- 40 crore
- 35 crore
- 25 crore
- 30 crore
- 50 crore
Q9. What is the duration of the phase-I of the Bharatmala project?
Q10. On which date Rashtriya Swachchta Kendra is to be inaugurated?
- 2nd Oct 2019
- 15th Aug 2019
- 26th Jan 2020
- 21st June 2020
- 5th June 2020