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.
* 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
*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.
* 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
* 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