Acting finance minister Piyush Goyal on Friday presented the interim budget for the fiscal year 2019-20, which begins in April. Here are the highlights of the interim budget.
Here are the highlights from Mr. Goyal’s budget speech:
- No income tax for earnings up to ₹5 lakh
- Individuals with gross income of up to ₹6.5 lakh need not pay any tax if they make investments in provident funds and prescribed equities
- Standard tax deduction for salaried persons raised from ₹40,000 to ₹50,000
- TDS threshold on interest on bank and post office deposits raised from ₹10,000 to ₹40,000
- TDS threshold on rental income increased from ₹1.8 lakh to ₹2.4 lakh
- I-T processing of returns to be done in 24 hours
- Within the next 2 years, all verification of tax returns to be done electronically without any interface with the taxpayer
- Package of ₹6000 per annum for farmers with less than 2 hectares of land. Scheme to be called Pradhan Mantri Kisan Samman Nidhi.
- Vande Bharat Express, an indigenously developed semi high-speed train, to be launched
- One lakh digital villages planned in the next five years
- Fund allocation for the Northeast region increased to ₹ 58,166 crore, a 21% rise over last year for infrastructure development
camcordregulations to be introduced in the Indian Cinematograph Act to prevent piracy and contact theft of Bollywood films.
- Single window clearance for Indian filmmakers.
per centof sourcing for government projects will be from the MSMEs, of which three per centwill be from women entrepreneurs.
- National Artificial Intelligence portal to be developed soon
- ESI cover limit increased to ₹ 21,000. Minimum pension also increased to ₹ 1000.
- Mega pension scheme for workers in the
organisedsector with an income of less than ₹15,000. They will be able to earn ₹ 3000 after the age of 60. The scheme will be called Pradhan Mantri Shramyogi Maan Dhan Yojana.
- 2% interest subvention for farmers pursuing animal husbandry.
- All farmers affected by severe natural calamities to get 2% interest subvention and additional 3% interest subvention upon timely repayment
Decision takento increase MSP (minimum support price) by 1.5 times the production cost for all 22 crops
- The 22nd AIIMS to come up in Haryana
- Fiscal deficit for 2018-19 estimated at 3.4% of GDP, higher than 3.3% earlier.
- Fiscal deficit for 2019-20 targeted at 3.4%.
- Assured income for farmers under new Pradhan Mantri Kisan Samman Nidhi scheme.
- The PM-Kisan scheme promises Rs 6,000 a year income for small farmers; 12 crore families to benefit.
Annualoutlay for farmer income scheme set at Rs 75,000 crore.
- The Pradhan Mantri Shram-Yogi Maandhan pension scheme for
unorganisedsector workers with monthly income up to Rs 15,000.
- About 10 crore workers in the
unorganisedsector to benefit from the new pension scheme.
- No income tax on taxpayers earning up to Rs 5 lakh, compared with Rs 2.5 lakh currently.
- Standard deduction on personal income tax for salaried people to Rs 50,000 from Rs 40,000.
- Three crore middle-class taxpayers to
benefit,says finance minister.
- TDS limit on bank deposits raised from Rs 10,000 to Rs 40,000.
- Disinvestment target for 2019-20 proposed at Rs 90,000 crore, up from Rs 80,000 crore this year.
- Capital expenditure outlay for railways pegged at Rs 64,500 crore.
- A national centre and national portal for artificial intelligence to be set up.
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