Highlights of Indian Union Budget for the financial year 2019-20

1. Major Highlights
of
Union Budget
2019-20
Bhumesh Verma,
Managing Partner
Avni Agarwal,
Research Associate

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Highlights of 2019-20 Budget
Transportation
 Programme Bharatmala to develop national road corridors and highways for
enhanced connectivity
 Programme Sagarmala to modernize and port-link industrialization
 Programme Jal Marg Vikas Project to enhance internal trade carried through
inland water transport
 The UDAN Scheme to provide air connectivity across smaller cities and
enabling common citizens to access air travel
 Strengthening of Aviation Industry by development of MRO (Maintenance,
Repair and Overhaul)

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Highlights of 2019-20 Budget
Foreign Investments
 Government to consider liberalizing FDI further in the Aviation, Media, etc
 100% FDI to be permitted for insurance intermediaries
 Sourcing Norms for FDI in single brand retail sector to be eased
 Organizing ‘Global Investors Meet’ under National Infrastructure Investment
Fund (NIIF) platform to garner global investments
 Increase in statutory limit for FPI investment in a company from 24% to
sectoral foreign investment limit
 NRI-Portfolio Investment Scheme Route is expected to be merged with the
Foreign Portfolio Investment Route for enhancing NRI investment in Indian
capital markets

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Highlights of 2019-20 Budget
Taxation
 25% corporate tax for to companies having annual turnover of up to Rs.400
crore instead of Rs.250 crore
 Benefit of Rs.2.5 lakh to taxpayers taking loans to buy electric vehicle
 For affordable housing, an additional tax deduction of around Rs 1.5 lakh on
interest paid on housing loans (aggregate relief of up to Rs 3.5 lakh on interest
paid for house buyers)
 Interchangeability of PAN and Aadhaar for individuals to file Income Tax
returns

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Highlights of 2019-20 Budget
Taxation
 Tax deduction at Source of 2% on cash withdrawal exceeding Rs.1 crore in a
year from a bank account
 Enhanced surcharge on Income Tax on individuals having taxable income of
Rs. 2 to 5 crore by 3% and of Rs.5 crore and above by 7%
 Increase in special additional duty and road and infrastructure cess on diesel
and petrol by Re 1
 Hike in Custom Duty on gold and other precious metals from 10% to 12.5%
 Proposal for Legacy Dispute Resolution Scheme to allow quick closure of
litigations in the area of service tax and excise

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Highlights of 2019-20 Budget
Youth & Education
 Introduction of ‘New National Education Policy’ to transform India’s higher
education with better Governance systems
 Establishment of a National Research Foundation (NRF) to fund, coordinate
and promote research in the country
 Rs.400 crore allocated under ‘World Class Institutions’ for advancement of
higher education in India
 ‘Study in India’ programme focussing on bringing foreign students to study in
Indian higher educational institutions
 Setting up of National Sports Education Board for Development of
Sportspersons under Khelo India Scheme

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Highlights of 2019-20 Budget
Miscellaneous
 Aadhaar Card to Non-Resident Indians with Indian Passports after their
arrival in India without waiting for 180 days
 Link creative industry with the economy and protecting IP rights of the
Indian Artisans at both National and Global fronts
 4 new Embassies in the year 2019-20 to enhance India’s overseas presence
 Revamp of the Indian Development Assistance Scheme (IDEAS)
 Development of 17 iconic tourism sites into world-class tourist centres to
improve domestic and foreign tourism

8. THANK YOU
Dear readers,
This PDF is a compilation of Major highlights of Union Budget 2019-20 presented by Hon’ble
Finance Minister Ms. Nirmala Sitharaman on July 05, 2019. The information given herein was
only for informational purpose and does not constitute any legal opinion or advice.
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