1. Individual tax payers
earning income up to Rs 5 Lac will get full tax rebate, ensuring if you invest
in 80C like PPF etc you won’t be taxed up to Rs 6.5 Lacs.
2. Standard Deduction for
salaried class increase from Rs 40,000/- to Rs 50,000/-.
3. TDS threshold on interest
on bank and post office deposits rose from 10,000 to 40,000 rupees.
4. No TDS on House Rent up to
Rs 2.4 Lakhs.
5. Benefit of rollover of
capital tax gains to be increased from investment in one residential house to
that in two residential houses, for a taxpayer having capital gains up to 2
crore rupees; can be exercised once in a lifetime.
6. Gratuity limit increased
from 10 lakh to 30 lakh rupees for all.
7. MSME registered under GST
will get of 2 per cent interest subvention on the incremental loan of 1 Crore.
8. NPS has been more
liberalised. The government has increased its share to 14 per cent from the
existing 10 per cent.
9. Computerised system to be
in place in next 2 years eliminating direct interference of officers and
clients in Scrutiny of Income Tax Cases.
10. Businesses with less than
Rs. 5 crore annual turnovers, comprising over 90% of GST payers, will be
allowed to return quarterly returns.
11. The Kisan yojana will be
effective December 1, 2018, and the money will be directly transferred into
their account.
12. Under Pradhan Mantri Kisan
Samman Nidhi, 6000 rupees per year for each farmer, in three installments, to
be transferred directly to farmers' bank accounts, for farmers with less than 2
hectares land holding.
13. 2018-19 Revised Fiscal deficits
at 3.4% Current account deficit to be contained to 2.5%.
14. Rs 3 lakh crore recovered
by banks through IBC.
15. Rs 3 lakh crores loan defaults have already
been recovered.
16. Close to 3 lakh crore
already recovered in favour of banks and creditors, big defaulters are not
spared by our government. Recapitalization of banks amounting to 2.6 lakh crore
has been done.
17. Budget allocation of Rs
60,000 crore for National Rural Employment Guarantee Act in 2019-20.
18. FY19 Food Subsidy Spend
Was Rs 1.7 Lakh Crore.
19. Rs 60,000 crores set aside
for MGNREGA this year.
20.21 AIIMS operating in India now, 14 of which were announced
from 2014, The 22nd AIIMS will be created at Haryana.
21. Mahatma Gandhi National
Rural Employment Guarantee program’s allocation increased by Rs 5000 crore to
Rs 60,000 crore.
22.Pradhan Mantra Gram Sadak Yojana allocation is set at Rs
19,000 crore.
23.Increased allocation for Rashtriya Gokul Mission to 750 crore
in current year.
24.2% interest subvention to farmers pursuing animal husbandry
and fisheries.
25.In place of rescheduling of crop loans, all farmers severely
affected by severe natural calamities will get 2% interest subvention and
additional 3% interest subvention upon timely repayment.
26.Without disturbing the existing reservation system, a 10%
reservation for economically weaker sections in educational institutions and
government jobs has been ensured.
27.New Pension Scheme has been further liberalized as
Government's contribution has increased to 14%.
28.Mega Pension Yojana, namely Pradhan Mantri Shram Yogi Mandhan,
to provide assured monthly pension of 3000 rupees per month, with contribution
of 100 rupees per month, for workers in unorganized sector after 60 years of
age.
29.For workers who receive grievous injuries, they will now get
Rs 6 lakh from Rs 2.5 lakh through EPFO.
30.For workers and labourers, a new pension scheme will come up.
The pension has been increased from Rs 3,500 to Rs 7,000.
31. 1 crore loan can now be
obtained under 59 minutes.
32.Defence budget this year is over 3 lakh crore.
33.Allocation for the north eastern region has been proposed to
be increased to Rs 58,166 crore in this year, it will be a 21% rise over the
previous year.
34.Within almost two years, almost all assessment and
verification of IT returns will be done electronically by an anonymized tax
system without any intervention by tax officials, Refunds to be processed
within 24 hours.
35.Unmanned system to be created for scrutiny of income tax
returns.
36.Exemption for GST for small business has been doubled to 40
lakhs - business having turnover upto 1.50 crores have been given an option
under composition scheme to pay 1 per cent flat rate and to file one annual
return.
37.Expenditure to rise by 13% from RE 2018-19 to BE 2019-20.
38.Centrally Sponsored Schemes To Get 3,27,679 Crore In FY20.
39.Amendments proposed to ensure streamlined system for levy of
stamp duties, to be imposed and collected at one place, seamlessly Along with
completion of fiscal deficit consolidation programme, we will now focus on
debt-to-GDP ratio consolidation.
40.56,619 crore made in BE 2018-19 for welfare of SCs and STs,
increased to 62,474 crore in RE 2018-19 has been further increased to 76,800
crore in BE 2019-20:
