presents the Union Budget on 1st of Feb.

But our Finance Minister, Arun Jaitley is

recovering from a surgery.

But somebody has to do that job.

Which is why Piyush Goyal, who is

the Minister of Rail and Coal

has been given the additional charge of the Finance Ministry

and yesterday, i.e 1st of Feb 2019

he presented the 'Interim' Budget

and from that moment

all the news channel, twitter and everybody else on Social Media

have lost their shit.

The Modi Government is saying that it is a 'Great Budget for New India'

and the opposition says that it is just another 'Jumla'

by the Modi Government to fool people again.

But no matter what these "leaders" are saying,

in the end, we have to bare the consequences.

So let's understand what is the ground reality and how does

this 'Interim Budget' affect people like you and me.

So in today's video we are going to see

What is an Interim Budget?

What are the highlights of the Interim Budget 2019?

But most importantly, we are going to see how does this

budget affect a normal middle class person paying taxes.

But before that, if you like me or if you like the work that I am doing,

make sure you hit that 'Like' button

because that motivates me to make more videos.

Lets begin.

Now, what is a budget?

I am sure you make a budget for your house.

That this much I am earning and this much I am spending

towards rent, food, clothes so on and so forth..

Imagine the same thing being done but for the entire country.

The Indian Government creates a budget statement

about how much money it is getting

and how much it is spending

towards building roads, machinery, education, health so on and so forth..

for the benefit of the country and its citizens.

Now what is an Interim Budget?

The word, 'Interim' means 'Meanwhile'.

So the current government prepares an

'Interim' budget instead of a 'Full' budget if

it doesn't have the time or

if the National Elections are near

which is the case right now

because our elections are going to happen in April/May 2019.

And when the elections happen, the incoming government will

prepare the full budget and until then

the 'Interim' budget will be in place.

But remember, the incoming government has full freedom

to change the estimates of the 'Interim' budget when the final budget is presented.

Keeping that in mind, here are the 5 highlights

from the Interim Budget 2019 that can affect us.

1. The current tax slab is not changing but

if your 'taxable' income is 5 lakh rupees or less

then you will get a full tax rebate. Which means that

earlier if you were paying Rs. 12,500 or less for taxes

then now you won't be paying anything at all.

I understand that tax calculations can be confusing, which is why

I made a separate video explaining how much tax you are paying

and how to save your money by reducing those taxes.

I have left the link in the description, do check it out.

2. If your taxable income is 6.5 Lakhs or less

then you can skip paying Income Tax if

you make investments in Provident Fund, Insurance, specified savings etc..

3. Standard Deductions have been increased from Rs. 40,000 to Rs. 50,000

which means, if you are a salaried employee

and you do not enjoy any allowances in the form of

transport or medical expenses

then you can directly deduct Rs. 50,000 and pay tax

only on the remaining salary.

4. If you are planning to buy a house,

then there is some good news.

Because apparently, a group of ministers will decide

on some measures to make housing cheaper by reducing GST.

So let's keep our fingers crossed.

5. Businesses with less than Rs. 5 Crore annual turnover

will be allowed to file quarterly returns.

Apart from these, there were other announcements as well

like, within 2 years, tax assessments will be done electronically

and I.T returns will be made within 24 hours.

26 weeks of maternity leave to empower women.

1.7 Lakh Crore rupees dedicated to ensure food for all.

Rs. 6,000 per 'year' direct subsidy for farmers

having less than 2 hectares of land.

Now let's see how do these promises and changes affect us.

1. If your taxable income is 5 Lakh rupees or less

then congratulations, you do not have to pay any taxes at all.

Taxable income is the income after you deduct

PF, Mutual Fund, Standard Deduction and the rest of your savings from your actual income.

But if your taxable income is more than Rs. 5 L then the tax you pay remains the same.

2. If you have a business and your annual turnover

is Rs. 5 Crore or less then instead of filing returns monthly

you will have to do it quarterly.

3. There is hope that in future

housing will get cheaper.

Will it really happen or not....we will have to wait and watch.

But what's most important is what do you think of this budget?

Will it really benefit the general public

or is it just another 'Jumla'?

Comment and let me know because

I'll be waiting to read your views.

And if you are new here, make sure you 'Subscribe' to my channel

and hit that 'Bell' icon because

I make Career and Finance videos only for you.

I am going to see you again very soon, until then

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and don't forget to keep fighting

The Urban Fight!