National

2019 Bumper Budget: From Tax Exemptions To Space Programmes Check Out What All Is In Store For You

PRERNA YADAV | 0
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| February 2 , 2019 , 14:54 IST

*Individual taxpayers having annual income up to Rs 5 lakh will get a full tax rebate. 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.

* Around 3 crore middle-class taxpayers will get tax exemption due to this measure. TDS threshold on rental income raised from 1.8 lakh to 2.4 lakh rupees.

* For the welfare of farmers and for doubling their income, a historic decision was taken to increase MSP by 1.5 times the production cost for all 22 crops. To provide assured income support for small and marginal farmers, Pradhan Mantri Kisan Samman Nidhi scheme has been approved, FM had said. Farmer package to cost govt Rs 75,000 crore.

* All farmers affected by natural disasters to get 2% interest subvention upfront for the entire loan period.

* Defence budget has been increased to more than Rs 3 lakh crore for the financial year 2019-20.

* The government announced a pension scheme for the workers in the unorganized sector with a monthly income of up to Rs. 15,000. An assured monthly pension of Rs. 3,000 after they retire at 60 years of age.

* Rs.1330 Crore will be provided for the Mission for Protection and Empowerment for Women. 5% of woman beneficiaries under Pradhan Mantri Mudra Yojana, 26 weeks of maternity leave.

* Government allocated Rs.64,587 Crore for Ministry of Railways. Infra allocation for northeastern areas increased by 21% to Rs. 58,166 Crore.

* The government also decided to hike the gratuity limit from Rs. 10 lakh to Rs. 20 lakh from the next financial year.

* Fiscal deficit will be at 3.4 percent of GDP this year. Current account deficit is likely to be 2.5 percent of GDP this year.

*Bank of India, Bank of Maharashtra and Oriental Bank no more under RBI's prompt corrective action.

* A single window clearance for filmmaking to be made available to filmmakers, anti-camcording provision to also to be introduced to Cinematography Act to fight piracy.

* India is the second biggest hub for start-ups.

*A National Programme for Artificial Intelligence covering 9 areas to be promoted.

*Government projects to source 25% material from SMEs, 3% from only women-owned SMEs.

*Seventh dimension of India 2030 is to lead in space programmes