From farmers, salaried people, to fiscal deficit: Key takeaways from Budget 2019

New Delhi, Feb 01: Income tax concessions for individuals and a farm relief package were the key takeaways of the Budget that Finance Minister Piyush presented on Friday as the government makes a last-ditch attempt to woo voters ahead of the general elections.

Here are key takeaways from the Budget 2019

• The government proposes to raise the income tax exemption limit to Rs 5 lakh. Individuals with gross income up to Rs. 6.5 lakh will not need to pay any tax if they make investments in provident funds and prescribed equities.
  
• Piyush Goyal has announced Rs 6,000 per annum direct cash transfer to farmers owning less than 2 hectares of land. This initiative will benefit 12 crore small and marginal far
  mers to earn a respectable living.
• Rs 60,000 crore has also been set aside for MGNREGA, the rural employment scheme.
• Direct tax collections up from 6.38 lakh crore in 2013-14 to almost 12 lakh crore; tax base up from 3.79 crore to 6.85 crore. All income tax returns to be processed within 24 hours.
• The gratuity limit has been increased from Rs 10 lakh to Rs 30 lakh crore.
• Tax collection increased to Rs 12 lakh crore this year, returns filed to 6.85 crore.
• Goyal also announced Rs 500-crore mega pension plan. Under the scheme, monthly pension of Rs 3,000 will be paid to after retirement.
• The Finance Minister announced 8 crore free LPG connections under the Ujjwala Yojana.
• Goyal announced 'Rashtriya Gokul Mission', with an increased allocation of Rs 750 crore in current year.
• Defence budget for the first time has increased to Rs 3 lakh crore and additional funds will be provided. Over 100 operation airports in the country and domestic passenger traffic has doubled in last five years.
• Pension scheme for unorganised sector workers with monthly income up to Rs. 15,000 will be given. Assured monthly pension of Rs. 3,000 after they retire on reaching 60.
  
• Goyal announced a 10-year roadmap to improve ease of living and make India a pollution-free country by leading the world in transport and energy storage devices,
  bringing down dependency on imports for energy needs.