{"id":14735,"date":"2019-02-01T18:05:53","date_gmt":"2019-02-01T12:35:53","guid":{"rendered":"https:\/\/www.fundsindia.com\/blog\/?p=14735"},"modified":"2019-11-07T15:42:02","modified_gmt":"2019-11-07T10:12:02","slug":"budget-2019-affect-on-your-taxes","status":"publish","type":"post","link":"https:\/\/fundsindia.com\/blog\/personal-finance\/budget-2019-affect-on-your-taxes\/14735","title":{"rendered":"Budget 2019 – How it affects your taxes"},"content":{"rendered":"

Finance Minister Piyush Goyal presented India\u2019s budget for the financial year 2019-20 on 1st of February, 2019. Being an interim budget, no major policy announcements were expected or made from this budget. However, being the last budget of the present government, there were also some expectations of extra sops to woo the voters.<\/span><\/p>\n

While the government resisted the temptation to go all out on sops, the focus on farmers was hard to miss. An income guarantee scheme was announced for poor and marginal farmers of Rs. 6,000 per year. Goyal also laid out the government\u2019s agenda for the next ten years, dubbed Vision 2030.<\/span><\/p>\n

However, to fund the welfare programs, the government needs money. And this money comes from taxes. Hence it is difficult to give tax sops while also increasing welfare spending. The Finance Minister, therefore, extolled the virtues of paying tax and hailed the role of taxes in nation building in his budget speech. <\/span><\/p>\n

Invest Now! <\/span><\/a><\/div>\n

Given this, the proposals which impact you, as a taxpayer, were small and few, Further, as it is an interim budget, it would not contain major changes on the tax front. While the tax proposals are few, it could significantly impact many of you. <\/span><\/p>\n

Here is a gist of provisions that may impact your tax outgo in the upcoming financial year.<\/span><\/p>\n