Budget 2019 Live updates: Finance minister Nirmala Sitharaman presents Modi 2.0 govt’s first Budget

Lok Sabha adjourned till Monday 11 am

Would thank the response for the crowd sourcing. Have benefitted from crowd source. The Fiscal deficit this year is 3.3% brought down from 3.4%. 

Customs duty exempted on certain Electric Vehicles (EVs). Export duty is being rationalised on finished leather. Propose to increase special additional duty and road and infrastructure cess on diesel and petrol by Re 1/litre, increase custom duty on gold and other precious metal from 10 to 12.5%. 

Basic customs duty has been increased in cashew kernels, metal, tiles, marble slabs, CCTV camera, IP camera. Exemptions on customs duty on certain electronic items which are now being manufactured in India are being withdrawn. 

In view of rising income levels, a surcharge will be levied on individuals with taxable income of Rs 2 to 5 crore, and Rs 5 crore and above. The effective tax rate for these categories will increase by around 3% and 7%, respectively

To discourage practice of making business payments in cash, I propose to levy TDS of 2% on cash withdrawal exceeding Rs 1 crore a year from a bank account: Nirmala Sitharaman

More than 120 crore Indians now have Aadhaar. Sitharaman proposes to make the two documents interchangeable so that Aadhaar can be used for verification with no requirement for PAN

FM Nirmala Sitharaman proposes to allow an additional tax deduction of Rs 1.5 lakh on interest paid on housing loans for self-occupied house owners

Government attempts to resolve Angel tax. No scrutiny for start-ups. Funds won't come under I-T scrutiny - FM Sitharman 

Currently, the lower tax rate of 25% is applicable to firms with annual turnover of Rs 250 crore. I propose to widen this to all companies with annual turnover of up to Rs 400 crore. This will cover 99.3% of all companies: FM Nirmala Sitharaman 

Direct tax revenue has grown 78 percent from 2014 to 2019: FM Nirmala Sitharaman

'Just a few mounds of rice cooked from a small piece of land is enough for the elephant. But if the same elephant enters a paddy field it will end up trampling more than it would consume' says Nirmala Sitharaman adding, the tax collection has increased to 11.37 lakh crore to 2018-19 from 6.37 lakh crore from 2013-14.

Finance minister thanks taxpayers of India 

India's sovereign external debt to GDP is among the lowest globally at less than 5%. A new series of coins including for Rs 20 will be made available for public use shortly 

FM Nirmala Sitharaman proposes Rs 100 lakh crore investment for infrastructure over 5 years

For purchase of high-rated pooled assets of financially sound NBFCs amounting to a total of Rs 1 lakh crore, govt will provide a one-time six-month partial credit guarantee to PSBs for first loss up to 10%

Government proposes to return the regulation authority over housing finance sector from National Housing Board to the RBI: FM

PSBs are now proposed to be further provided Rs 17,000 crore of capital to boost credit

The government is developing 17 iconic tourism sites as world-class tourist centres to improve the flow of domestic and foreign tourists to these destinations. Documentaries with anthropological details will be stored for tourists - Nirmala Sitharaman 

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