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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.
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