With the general elections less than 100 days away, the Modi government has left no stone unturned to woo the farmers ahead of the general election due by May this year. As expected, presenting the interim budget 2019, Union minister Piyush Goyal announced a slew of measures to appease the public, who have been largely disgruntled with the Centre as was evident in the recently concluded assembly elections to Rajasthan, Madhya Pradesh and Chhattisgarh.
Here are the major takeaways from budget 2019 in a nutshell:
Income tax
Full tax rebate upto Rs 5 lakh annual income after all deductions
READ: Budget 2019: What changed for tax payers?
Standard deduction has increase from Rs 40,000 to Rs 50,000
Exempt on tax on second self-occupied house
Ceiling Limit of TDS u/s 194A has increased from 10000 to 40000
Ceiling Limit of TDS u/s 194I has increased from 180000 to 240000
Capital tax Benefit u/s 54 has increased from investment in one residential house to two residential houses.
Benefit u/s 80IB has increased to one more year i.e. 2020
Benefit has given to unsold inventory has increased to one year to two years
Agriculture
Approval has to be given to PM Kisan Yojana
Rs 6,000 per annum has to be given to every farmer having upto 2 hectare land. Applicable from September 2018. Amount will be transferred in 3 installments
National kamdhenu ayog for cows. Rs 750 crore for National Gokul Mission
2 per cent interest subvention for farmers pursuing animal husbandry and also create separate department for fisheries
2 per cent interest subvention for farmers affected by natural calamities and additional 3 per cent interest subvention for timely payment
Tax
Within 2 years, Tax assessment will be done electronically
IT returns processing in just 24 hours
Minimum 14 per cent revenue of GST to states by Central Govt.
Custom duty has abolished from 36 Capital Goods
Recommendations to GST council for reducing GST rates for home buyers
Jobs
2 lakhs seats will increase for the reservation of 10%
Rs 60,000 crore for MGNREGA
Tax free Gratuity limit increase to Rs 20 lakhs from 10 lakhs
Bonus will be applicable for workers earning Rs 21,000 monthly
Poor and middle- class
Rs 1.7 lakh crore to ensure food for all
The scheme, called Pradhan Mantri Shram Yogi Mandhan, will provide assured monthly pension of Rs 3,000 with contribution of Rs 100 per month for workers in unorganized sector after 60 years of age
Banking
PCA restriction has abolished from 3 major banks
Healthcare
22nd AIIMS to be opened in Haryana
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Businesses
2% interest relief for MSME GST registered person
26 weeks of Maternity Leaves to empower the women
Defence
More than Rs 3 lakhs crore for defence
Miscellaneous
State share has increased to 42%
One lakh digital villages in next 5 years
Single window for approval of India film makers
