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Budget 2019: NRIs won’t have to wait for mandatory 180 days after arriving in India to get Aadhar

July 5, 2019 286 Views
Editorial Team

The Finance Minister, Smt. Nirmala Sitharaman, has presented the Union Budget for the year 2019 in the parliament. After getting a thumping victory in 2019 general elections, this is the first budget of the NDA 2.0 Government. Breaking the tradition, the Government has announced a few necessary tax proposals in the Interim Budget. One of the major amendment was increasing the tax rebate under section 87A from Rs. 2,500 to Rs. 12,500. As expected, the Government has made various changes in personal tax and corporate tax in the full budget.

 

Key takeaways from Budget Speech are given hereunder:

 

1.

Upfront incentives will be provided for purchase of electric cars.

2.

The vision of the Government is to achieve the target of $ 5 Trillion economy in 5 years: FM

3.

'One Nation One Grid' to ensure power availability of electricity in India: FM

4.

Pension will be provided to retail trader having turnover of less than Rs. 1.5 crore under "'Pradhan Mantri Man Dhan Scheme'"

5.

2% leverage in rate of interest on fresh or incremental loan for GST registered MSMEs

6.

Threshold for public shareholding in listed Cos is proposed to be raised from current 25% to 35%

7.

KYC Norms for Foreign Portfolio Investors (FPIs) would be streamlined to attract more investment

8.

A new National Education Policy will be brought to transform India's education system to global standards

9.

FM proposes to launch a television channel exclusively for Start-ups

10.

FM proposes to streamline the multiple laws dealing with labour welfare

11.

NRIs having Indian Passport won't have to wait for mandatory 180 days after arriving in India to get Aadhar

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