In this article, we give you some Interesting Facts about Interim Budget 2019. Modi Government going to present the Interim Budget on February 1, 2019. Normally In the Budget, Government explains about the expenditure they are going to spend on a financial year. However, we see Loksabha elections are going to start from April to May this year. Therefore, BJP led National Democratic Alliance government present an Interim budget till May 2019.
Now, you get that this budget is only for a few month, more acurately for a total of 4 months. After presenting the budget, Government get approval for it from the Parliament. However, Modi cabinet has decided to present this budget also like the normal budget. Interim Budget 2019 is however, presented not by Finance Minister Arun Jaeitley but Piyush Goyal.
Once the Loksabha elections will complete, the new Government will then present the Interim Budget for the whole Financial year 2019.
Note that In the Interim Budget, Government doesn’t take any decision for which they have to get approval from the parliament or to make any change in the law. According to traditions, In Interim Budget, Government doesn’t make any change in the Income tax slab, however, they are free to do so.
Now, coming to Interim Budget 2019, Government will not present the economic survey for the present year. Note that the new Government will present the economic survey in the month of June.
List of Packages that may Introduce in Interim Budget 2019
Looking at the Loksabha elections and gain voters, Present Government may give some lollipops via Interim Budget 2019. Below we list out some of those. Note that these are all our expectations.
- Government may Introduce some package for farmers. May give some Income support to farmers. Government may introduce loans sanctioning upto Rs 3 lakh without any interest rate.
- Rumuors are In Interim Budget, the Income tax limit may extended to Rs 5 lakh which is currently Rs 2.5 Lakh. It means if your yearly earning is beyong Rs 2.5 then you have to pay taxes to the Government. If Government do this then they finally broke the traditions to not edit Income tax slab in the Interim Budget.
- Moreover, In the Interim Budget 2019, Government may Introduce some kind of Insurance scheme for GST registered Business Companies.
- Government may also introduce, Universal Basic Income scheme for Poors.
Note that Moraji Desai First present the Interim Budget back for Financial year 1962-63.
This is it, if you have any questions, then do ask us in the comment section below.
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