Individual taxpayers having taxable annual income up to Rs.5 lakhs will not be required to pay any income tax. Benefited to 3 crore taxpayers.
Exemption of interest income on deposits with banks and post offices are proposed to be increased from Rs. 10,000 to Rs. 50,000.
Tax rebate and hike in Standard Deduction from Rs. 40,000 to Rs. 50,000, there is no change in tax slabs or deduction limits. Eg. If your Salary is 5,60,000 p.a. so now you will get the rebate of 10,000 more as compare to previous.
Tax free gratuity limit increases to 20 Lakh from 10 Lakh.
Hike in deduction limit for health insurance premium and/ or medical expenditure from Rs. 30,000 to Rs. 50,000.
Persons having gross income up to Rs. 6.50 lakhs are not required to pay any income tax if they make investments in provident funds, specified savings and insurance etc.
Informal workers of unorganized sector, earning up to Rs. 15,000 a month shall receive a monthly pension of up to Rs. 3,000, with contribution of Rs. 100 per month, after the age of 60 years.
There will be no tax on your second self occupied house.
4% cess on total tax, 10% Surcharge on income of 50 Lakh and 15% if above 1 Crore.
Introduced New Scheme- namely “Pradhan Mantri KIsan SAmman Nidhi (PM-KISAN)” to extend direct income support.
PM-KISAN will provide Rs. 6,000 per year to farmer families, having cultivable land up to 2 hectares.
Rs. 6,000 to be provided in three equal installment of Rs. 2,000 each, which will be transferred to the bank accounts of around 12 crore Small and Marginal farmer families.
This program would be made effective from 1st December 2018 and the first installment for the period upto 31st March 2019 would be paid during this year itself.
Pradhan Mantri Gram Sadak Yojana (PMGSY) is being allocated Rs.19,000 crore in BE 2019-20 as against Rs.15,500 crore in RE 2018-19.
Announcing an allocation of Rs.60,000 crores for MGNREGA for Budget Estimates 2019-20, the Finance Minister said that additional allocations will be made, if required.
The Government has been successful in bringing down average inflation to 4.6% over last five years. The average rate of inflation during previous five years 2009-2014 was a backbreaking 10.1%..
No hike train passenger fare, focus on safety and security.
Ayushman Bharat gets Rs. 6,400 Crore.
Rashtriya Kamdhenu Aayog allotted Rs.500.
Single window approval for Indian film maker.
Ministry of Home Affairs exceed 1 Lakh crore for the first time, which is Rs.1,03,927 crore.
1,00,000 digital village in next 5 years.
22nd AIIMS has to be opened in Haryana.
More than 3,00,000 crore for defence.
Allocation for Integrated Child Development Scheme (ICDS) is being increased from Rs.23,357 crore in RE 2018-19 to Rs.27,584 crore in BE 2019-20.
The Department of Industrial Policy and Promotion will now be renamed as the Department for Promotion of Industries and Internal Trade.
From being the 11th largest economy in the world in 2013-14, we are today the 6th largest in the world”.