“Not just an interim budget, but vehicle for nation’s developmental transformation” Piyush Goyal

Increased allocation for Rashtriya Gokul Mission to 750 crore in current year: Piyush Goyal

Piyush Goyal announces assured income support for small, marginal farmers. Piyush Goyal said the Pradhan Mantri Kisan Samman Nidhi has been approved to provide assured income support for small and marginal farmers. He said 6,000 rupees would be transferred annually in three installments to each farmer directly to farmers’ bank accounts, for farmers with less than 2 hectares land holding.

FOR FARMERS

* Rs 75,000 crore for farmers under PM KISAN in 2019-20

* Rs 6,000 for 12 crore farmers

* MSP increased by 1.5 times for all 22 crops

* 2 per cent interest subvention to farmers pursuing animal husbandry and fisheries

Mega Pension Yojana, namely Pradhan Mantri Shram Yogi Mandhan, to provide assured monthly pension of Rs 3,000, with contribution.

Welfare Development Board to be set up for welfare of these hard-to-reach communities and for tailored strategic interventions:

  • One Rank One Pension: Rs 35000 crore disbursed.
  • Allocation for Defence crosses Rs 3 lakh crore for the first time.
  • PM Kaushal Vikas Yojana: 1 Crore youth being trained to earn livelihood.
  • Ujjwala Yojana: Next year we will achieve target of 8 crore connections.
  • Ujjwala Yojana: 6 crore free cooking gas connections given.
  • Gratuity limit increased from Rs 10 lakh to Rs 30 lakh.
  • Panel under NITI Aayog to identify nomadic communities.
  • Aim to have 1 lakh digital villages in the next five years.
  • Vande Bharat Express will provide speed, service & safety to citizens.
  • 34 crore Jan Dhan accounts opened in last five years.
  • Single window clearance for shooting films for Indian filmmakers.
  • Capital support for Railways at Rs 64,587 crore for FY20.
  • Direct tax reduced and tax interface made simpler and faceless to make life easier: Piyush Goyal
  • Simplification of direct tax system will benefit taxpayers:
  • 99.54% of all tax returns accepted without scrutiny, within next 2 yrs, all assessment of returns to be done electronically.
  • Tax returns up from 3.79 crore to 6.85 crore.
  • GST biggest taxation reform since independence. GST returns are fully online. Interstate movements faster.

However, in a major disappointment to the middle-class, the government announces no changes in the Income Tax slabs. It was widely expected that basic exemption limit may be raised from Rs 2.5 lakh to Rs 3 lakh for individuals of less than 60 years of age and from Rs 3 lakh to Rs 3.5 lakh for those aged 60 years or more but less than 80.

* Feb 1, 2019 | 12:02 pm (IST)
As expected the interim budget till now, has largely focused on pro-poor policies, particularly the farmers of the country under the backdrop of the looming agrarian classes. Here are the main highlights of the BJP’s rural outreach program ahead of the Lok Sabha polls:

1) Govt to allocate Rs 75,000 crore per year to support farmers’ incomes
2) Impact of Rs 20,000 crore in current fiscal year
3) Vulnerable farmers to receive Rs 6,000 per year in three equal instalments
4) Government to allocate Rs 60,000 crore for UPA’s flagship MNREGA in 2019/20
5) Allocation of Rs 19,000 crore for construction of rural roads in 2019-20
6) Farmers and unorganised sectors giving much weightage

* No tax for individuals with gross income up to Rs 6.5 lakh IF they do the following

  • Piyush Goyal said individuals with gross income up to Rs 6.5 lakh will not need to pay any tax, if they make investments in provident funds and prescribed equities.
  • Rs 76,800 crore for SC, ST welfare
  • Piyush Goyal said the Rs 56,619 crore made in the budget estimate in 2018-19 for the welfare of Scheduled Castes and Scheduled Tribes — and increased to Rs 62,474 crore in the revised estimate in 2018-19 — has been further increased to Rs 76,800 crore in BE 2019-20.
  • Standard tax deduction for salaried persons raised from Rs 40,000 to Rs 50,000:
  • Goyal announces full tax rebate for individuals with income up to Rs 5 lakh

* TDS threshold on rental income raised from Rs 1.8 lakh to Rs 2.4 lakh:

  • The benefit of the rollover of capital tax gains would increased from investment in one residential house to that in two residential houses, for a taxpayer having capital gains up to 2 crore rupees. This can be exercised once in a lifetime,
  • Benefits under Sec 80(i)BA being extended for 1 more year, for housing projects approved till 2019-20 end
  • Benefit of Rs 18,500 crore to 3 crore middle class taxpayers

Five key proposals:

1. Rs 6,000 direct income for farmers

2. Full tax rebate if annual income upto Rs 5 lakh

3. No tax if rent is upto Rs 2.4 lakh

4. Pension for 10 crore workers

5. Two per cent interest relief for SMEs