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Interim Budget 2019-20: Key highlights

NEW DELHI

Following are the key highlights of the interim Budget 2019-20 presented by Finance Minister Piyush Goyal in the Lok Sabha Friday: 

– Income up to Rs 5 lakh exempted from income tax

– Standard Deduction raised to Rs 50,000 from Rs 40,000

– Direct tax proposals to provide Rs 23,000 cr relief to 3 cr taxpayers

– Persons with gross income up to Rs 6.50 lakh not required to pay any income tax if they make investments in provident funds, specified savings and insurance.

– 12 crore small, marginal farmers to be provided assured yearly income of Rs 6,000 under PM-KISAN scheme

– TDS threshold raised to Rs 40,000 from Rs 10,000 on interest earned on bank/post office deposits

– Tax exempted on notional rent on a second self-occupied house

– TDS threshold for deduction of tax on rent to be increased to Rs 2.40 lakh from Rs 1.80 lakh

– Tax benefits for affordable housing extended till March 31, 2020

– Tax exemption period on notional rent on unsold inventories extended to two years from one year

– Allocated Rs 20,000 crore in 2018-19, Rs 75,000 crore for FY2019-20 for PM-KISAN scheme

– Interest subvention of 2 pc during disaster to be provided to farmers for the entire period of reschedulement of loan

– 2 pc interest subvention to farmers for animal husbandry and fisheries activities; additional 3 pc in case of timely repayment

– Rs 3,000/month pension for 10 cr unorganised sector workers with contribution of Rs 100/55 per month under PM Shram Yogi Maandhan scheme

– Fiscal deficit pegged at 3.4 pc of GDP for 2019-20; target of 3 pc of fiscal deficit to be achieved by 2020-21

– Current Account Deficit pegged at 2.5 pc of GDP for FY20

– Total expenditure to rise by 13 pc to Rs 27.84 lakh cr in FY20

– National Education Mission allocation increased by about 20 pc to Rs 38,572 cr

– Allocation for Integrated Child Development Scheme increased by over 18 pc to Rs 27,584 cr

– Disinvestment target of Rs 80,000 cr in 2018-19 likely to be met; Target for FY20 set at Rs 90,000 cr

– 25 pc additional seats in educational institutions to meet the 10 per cent reservation for the poor

– Defence budget to cross Rs 3,00,000 cr for the first time

– Allocation for North East increased by 21 pc to Rs 58,166 cr in FY20

– Railways to get capital support of Rs 64,587 cr in FY20

– Indian filmmakers to get access to single window clearance for ease of shooting films; regulatory norms to rely more on self-declaration

– 2 interest subsidy for MSMEs on an incremental loan of Rs 1 crore for GST-registered entities

– At least 3 pc of the 25 pc sourcing for the government undertakings to be from women-owned SMEs

– One lakh villages to be transformed into digital ones in 5 years

– New portal to support national programme on Artificial Intelligence

– Reforms in stamp duty; amendments to ensure streamlined system for levy of stamp duties to be imposed and collected at one place

– A separate Department of Fisheries to be created for welfare of 1.5 crore fisherman

– 22nd AIIMS to be setup in Haryana

– Rs 60,000 crore allocation for MGNREGA in 2019-20

– India poised to become USD 5 trillion economy in next 5 years; aspires to become USD 10 trillion in the subsequent 8 years.

(PTI)

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