Congratulates Union Finance Minister for presenting a development-oriented and balanced budget which inspires hope and confidence among citizens
The Union Minister for Finance and Corporate Affairs Nirmala Sitharaman has made her maiden Budget Speech and presented the Union Budget 2019-20 before the Parliament.
As part of the budget, the vision for the decade highlights self-sufficiency and export of food-grains, pulses, oilseeds, fruits and vegetables; and putting emphasis on MSMEs, Start-ups, among others under Make in India.
A Relief for Start-ups-
- Capital gains exemptions from sale of residential house for investment in start-ups extended till FY21.
- ‘Angel tax’ issue resolved- start-ups and investors filing requisite declarations and providing information in their returns not to be subjected to any kind of scrutiny in respect of valuations of share premiums.
- Funds raised by start-ups to not require scrutiny from Income Tax Department
- E-verification mechanism for establishing identity of the investor and source of funds.
- Special administrative arrangements for pending assessments and grievance redressal
- No inquiry in such cases by the Assessing Officer without obtaining approval of the supervisory officer.
- No scrutiny of valuation of shares issued to Category-II Alternative Investment Funds.
- Relaxation of conditions for carry forward and set off of losses.
Post the budget announcement, Union Minister of Consumer Affairs, Food and Public Distribution, Ram Vilas Paswan added that while the scheme for distribution of foodgrains has been ongoing in the country from the past 50 years, no other government thought about the nutrition levels in those grains which is now being addressed. He said that the government has been concerned with the nutritional aspects of distributed foodgrains since 2014 and after multiple discussions and deliberations, started a pilot scheme for this in February, 2019 which will be rolled-out by this year itself. Paswan emphasised that after its rollout, people will start getting a nutritious diet.
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