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Budget highlights: Super rich to be taxed more, fuel tax increases

PM Narendra Modi hailed Finance Minister Nirmala Sitharaman's maiden Budget as a 10-year vision. Here are the key takeaways of Budget 2019

BS Web Team  | New Delhi 

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EVENT HIGHLIGHTS

Finance Minister Nirmala Sitharaman with MoS Anurag Thakur and others outside the North Block ahead of the presentation of Union Budget 2019-20 at Parliament
Finance Minister Nirmala Sitharaman with MoS Anurag Thakur and others outside the North Block ahead of the presentation of Union Budget 2019-20 at Parliament | Photo: PTI
Finance Minister Nirmala Sitharaman on Friday hiked the income tax on individuals earning more than Rs 2 crore annually to help the government o help pay for recapitalising banks and supporting small business in a bid to revive sagging growth. However, it's not that only the rich have been asked to shoulder the burden of the country's finances. Petrol and diesel prices will increase by Rs 2 a litre from Saturday after the Union Budget proposed a hike in cess and duties.

In her maiden budget speech, Finance Minister Nirmala Sitharaman also announced plans to sell India’s first global sovereign bonds and ease rules for overseas investors to help revive economic growth -- amid much table-thumping by her party members and allies as the opposition silently looked on.
Union Budget 2019: Here are the key takeaways from Finance Minister Budget speech
 
— Economy will grow to become a $3 trillion economy in the current year itself

— You can use your Aadhaar number to file your I-T Returns soon

— Additional deduction of Rs 1.5 lakh on loans up to March 31 2020 for buying affordable houses

— Excise duty on petrol, diesel to be hiked by Rs 1
 
— Angel tax: Startups not be subject to any scrutiny in respect to valuation
 
— TDS of 2 per cent on cash withdrawals exceeding Rs 1 crore in a year
 
— TV channel for promoting startups

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