Finance Minister, Nirmala Sitharaman delivered her maiden budget on Friday, July 5, 2019. The budget saw her propose key policy related measures. Her speech which began at 11:00 AM was two hours and fifteen minutes long. The detailed budget is also available as a PDF. Clicking this link will take you the budget speech as made available on the website of the Finance Ministry. Meaning, a few mounds of rice from paddy that is harvested from a small piece of land would suffice for an elephant. But what if the elephant itself enters the field and starts eating? What it eats would be far lesser than what it would trample over ! 1.1         Deduction of tax by certain individuals or HUF: Presently, there is no requirement for an individual or HUF to deduct tax at source on payments made to a resident contractor or professional when it is for personal use, or if the individual or HUF is not subjected to audit for his business or profession. It is proposed to insert a new provision making it obligatory for such individual or HUF to deduct tax at source at the rate of five per cent. if the annual payment made to a contractor or professional exceeds Rs. 50 lakh. It is also proposed that a ...