New Delhi, January 28: The interim budget 2019-20 will be tabled by union minister Piyush Goyal at 11 am. Both the houses of Parliament- the Rajya Sabha and the Lok Sabha, will remain in session till February 13 for the Budget Session, which began on January 31. The Budget Session of the Parliament, which will have 10 sittings in all, will be the last parliamentary session of the Prime Minister Narendra Modi-led government, before the general elections which are due before May. Watch Interim Budget 2019 Live Streaming on Doordarshan Here.
According to reports, the date for the budget session was decided during a meeting of the Cabinet Committee on Parliamentary Affairs (CCPA). The rail budgets and general budgets will be announced on the same day. Till 2016, the railway budget was presented a few days before the Union budget but in September 2016, the Modi-government scrapped the 92-year-old practice of presenting rail budgets and general budgets separately. Jaitley was the first finance minister to present a combined Union Budget with Rail Budget in 2017. Budget 2019: Suspense Looms Large on Who Will Present Interim Budget!
On 21st January 2019, the Finance Ministry observed the symbolic 'Halwa Ceremony' to mark the launch of formal printing of documents relating to the Union Budget 2019. Jaitley, however, missed the customary pre-Budget event as he is currently in the US for a medical check-up.
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According to experts, the interim budget may be positive for middle-class taxpayers. Currently, individuals earning upto Rs 2.50 lakh per annum are exempt from paying tax. Individuals earning above Rs 2.50 lakh upto Rs 5 lakh pay 5 percent. while those who earn above Rs 5 lakh upto Rs 10 lakh pay 20 percent while those earning above Rs 10 lakh pay 30 percent. Budget 2019 Expectations: Hike In Tax Exemption Limit, Sops For Farmers; Here's What's On Cards For Interim Budget on February 1.
However, industry body PHD Chamber had earlier said that it expects reforms in the agriculture sector and rationalisation of direct taxes in the forthcoming interim Budget 2019. It also suggested that income up to Rs 3.5 lakh should be considered for tax exemption, instead of the present Rs 2.5 lakh. Interim Budget 2019: Tax Exemption Limit to be Raised Upto Rs 5 Lakh, Says Report.
After Jaitley left for the US on January 13 for his medical check-up, there are speculations that he may not be able to return to present the interim budget this year. Jaitley has been visiting the US for a check-up relating to his kidney ailment. He had undergone a renal transplant surgery in May 2018. However, if Jaitley is unable to make it on the budget day, Piyush Goyal, the interim finance minister, will present the budget on February 1.