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NEWS Details


News Details

01

Feb - 2019

Highlights from the budget 2019-2020

Here are the highlights from the FM's speech: 

Income Tax reliefs: 

* No tax for those whose taxable income is less than Rs 5 lakh 

* Standard deduction increased to Rs 50,000 from Rs 40,000 for salaried class 

Tax exemptions on investments: 

* Individuals with gross income up to 6.5 lakh rupees will not need to pay any tax if they make investments in provident funds and prescribed equities 

* TDS threshold for home rent increased from Rs 1.8 lakh to 2.4 lakh 

* Interest income up to Rs 40,000 in post offices and banks made tax free 

* Capital gains tax exemptions under Section 54 to be available up to Rs 2 crore. Capital gains exemption to be available on 2 house properties 

* Income tax relief on notional rent from unsold houses extended to 2 years from 1 year 

Other tax related reliefs:

* Income Tax returns to be processed within 24 hours and refunds will be paid immediately 

* Within nearly two years, almost all assessment and verification of IT returns will be done electronically by an anonymised tax system without any intervention by officials.

For farmers: 

* Rs 6,000 per year assured income support for small and marginal farmers 

* Farmers having up to 2 hectare of lands will get Rs 6,000 per year in three equal instalment. The scheme will be effective from December 1, 2018. 

Interest subvention for farm loan takers: Farmers affected by natural calamities to get 2% interest subvention and additional 3% interest subvention upon timely repayment 

* 2% interest subvention to farmers who pursue animal husbandry, fisheries jobs through Kisaan credit cards 

Railways: 

*Railway's operating ratio seen 96.2% in FY19 Vs 95% FY20. 

*Railway capex for FY20 set at record Rs 1.6 lakh crore 

* Today there is not a single unmanned railway crossing on the broad gauge in India. 

Defence Budget: 

* Govt increases defence budget to over Rs 3 lakh crore. Govt will provide additional funds for Defence, if needed. 

* We have disbursed 35,000 crore rupees under #OROP scheme in the last few years 

Fiscal Deficit: 

* For FY19, government has revised the fiscal deficit target to 3.4 percent in FY 19. Fiscal deficit for 2019/20 estimated at 3.4 percent of GDP. 

* Government's stated commitment earlier was to bring down the fiscal deficit to 3.1 percent of GDP by the end of March 2020, and to 3 percent by March 2021 

*Current account deficit at 2.5% of the GDP 



 

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