INTERIM Budget: Several Measures Announced To Tackle Rural Distress, Sops for Salaried & Working People

INTERIM Budget for 2019-20 was presented by Acting Finance Minister Piyush Goel on February 1 in the Lok Sabha. While the ruling NDA has hailed it as a path- breaking budget, the opposition   says the government is trying to befool the people through several so-called sops. The following major proposals were made by the government: Within 2 years, Tax assessment will be done electronically to complete   I–T returns processing in just 24 hours. Minimum 14% revenue of GST to states by Central Govt.Custom duty has abolished from 36 Capital Goods. Recommendations will be made to GST council for reducing GST rates for home buyers. Full Tax rebate up to 5 lakh annual income after all deductions. Standard deduction has been increased from INR 40,000 to INR 50,000 annually. Exempt on tax on second self-occupied house and ceiling on TDS u/s 194A has increased from 10,000 to 40,000.Ceiling Limit of TDS u/s 194I has increased from 18,0000 to 24,0000.Capital tax Benefit u/s 54 has increased from investment in one residential house to two residential houses. Benefit u/s 80IB has increased to one more year i.e. 2020.Benefit has given to unsold inventory has increased to one year to two years.PCA restriction has  been abolished from 3 major banks after their merger.2 lakhs seats will be  increased  for the reservation of 10  per cent  for economically  backward among  forward  castes. Highest ever allocation of 60,000 crores has been made under MANREGA to reduce rural distress.INR 1.7 Lakh crore provided to ensure food for all. The 22nd AIIMS has to be opened in Haryana.INR 6,000 per annum has to be given to every farmer having up to 2 hectare land effective  from September  2018. Amount will be transferred in 3 instalments to the beneficiaries. A National Kamadhenu Aayog will be put in place for cows and INR 750 crores will be given for National Gokul Mission. Two per cent   interest subvention for farmers pursuing animal husbandry and also create separate department for fisheries .In addition,2 % interest subvention for farmers affected by natural calamities and additional 3% interest subvention for timely payment. Tax free Gratuity limit increase to 20 Lakhs from 10 Lakhs. Bonus will be applicable for workers earning 21,000 monthly. The scheme, called Pradhan Mantri Shram Yogi Mandhan, will provide assured monthly pension of Rs. 3,000 with contribution of Rs. 100 per month for workers in unorganized sector after 60 years of age.2% interest relief for MSME GST registered person. More than 3 Lakhs crores, the highest ever, proposed for strengthening .One lakh digital villages will be set up in next 5 years. For promotion of film industry, arrangement will be made for single window for approval of India film makers.

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