1. Income Tax Reliefs
- No tax till Rs 5 lakh income for individuals taxpayers
- Standard deduction increased to Rs 50,000 from Rs 40,000 for salaried class
2.Tax Exemptions on Investments:
- 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
- TDS threshold for home rent increased from Rs 1.8 lakh to 2.4 lakh
- Interest income up to Rs 40.
- Income tax relief on notional rent from unsold houses extended to 2 years from 1 year
3.Other Tax Related Reliefs:
- Income Tax returns to be processed within 24 hours and returns will be paid immediately
- Within nearly two years, almost all assessment and verification of IT returns will be done electronically by an anonymized tax system without any intervention by officials
4.For Farmers:
- Rs 6,000 per year assured income support. Rs 6,000 per year assured income support for small and marginal farmers
- Farmers having up to 2 hectares of lands will get Rs 6,000 per year in three equal installments. The scheme will be effective from December 1, 2018.
5.Interest Subvention for Farm Loan Takers:
- Farmers affected by natural calamities to get 2% interest subvention and additional 3% interest subvention upon timely repayment
- 2% interest subvention to farmers who pursue animal husbandry, fisheries obs through Kisaan credit cards
- Kamdhenu scheme for animal husbandry
6.GST:
- Group of Ministers to suggest ways to reduce GST for house buyers
- Direct tax collections increased from Rs 6.38 lakh crore in 2013-14 to almost Rs 12 lakh crore; The tax base is up from Rs 3.79 crore to 6.85 crore
- Businesses with less than Rs 5 crore annual turnover, comprising over 90% of GST payers, will be allowed to return quarterly returns
- Indian Customs to fully digitized exit transactions and leveraging RFID for logistic. Govt abolishes duty duties on 36 capital goods
- GST collections in January 2019 has crossed Rs 1 lakh crore
7.Scopes for Workers:
- Rs 3,000 per year pension for unorganized sector workers
- New Pradhan Mantri Shram Yogi Maandhan Yojana for unorganized sector workers with income up to Rs 15,000 per month. Beneficiaries will get Rs 3,000 per month pension with a contribution of Rs 100 per month after the retirement. Govt allocates Rs 500 crore for the scheme
- Gratuity limit increased for workers
8.Rural Allocations:
- Rs 60,000 crore for MNREGA
- Rs 19,000 allocated for construction of rural roads under Gram Sadak Yojana
9.Defense Budget:
- Govt increases defense budget to over Rs 3 lakh crore. Govt will provide additional funds for Defence if needed.
- We have disbursed 35,000 crore rupees under a #OROP scheme in the last few years
10.Railways:
- Railways operating ratio seen 96.2% in FY19 Vs 95% FY20.
- Railway capex for FY20 set at record Rs 1.6 lakh crore
- Today there is not a single unmanned railway crossing on the broad gauge in India.
11.State of Economy:
- India is poised to become a $5 trillion economy in next 5 years, $10-trillion economy in the next eight years
12.Black Money:
Committed to eliminating the scourge of black money; anti-black money measures taken have brought an undisclosed income of about 1.30 lakh crore rupees to the fore; 3.38 lakh shell companies were deregistered
- GST has been continuously reduced, resulting in relief of 80,000 crore rupees to consumers; most. rupees to consumers; most items of daily use for the poor and middle class are now in the 0%-5% tax bracket
- The fiscal deficit is seen at 3.4 percent in FY 19 and Current account deficit at 2.5% of the GDP
- We have recovered Rs 3 lakh crore through Insolvency and Bankruptcy Code. Govt expects banks on the central banks Prompt Corrective Action list to be removed soon.
13.Indian GDP:
Growth in the last 5 years has been higher than that by any other govt. Spent Rs 2.6 lakh cr crore in the recap of PSU Banks
- Average inflation in UPA government was 10% and we have brought that down that to 4 percent. Inflation in December 2018 was 2.1%. If we had not controlled inflation our families would have been spending 35-40 percent more on daily use items
- We conducted transparent auctioning of natural resources like coal and oil
- Domestic air traffic doubled in the last 5 years
- Over 90 percent of the country has been covered under sanitation coverage. People have made this a social revolution and I thank the 130 people of the country. More than 5.45 lakh villages have been declared Open Defecation Free
- In the past, false promises were made but we have taken targeted expenditure on all dimensions
- Everybody will get an electricity connection in the near future. We have provided 143 crore electricity bulb to the poor
- Ayushman Bharat, the worlds largest healthcare programme was launched to provide medical care to almost 50 crore people, resulting in 3,000 crore savings by poor families
- Lower costs of Stents & Knee implants have benefitted people. The government has announced 14 new AIIMS since 2014
- Loans worth Rs 7.23 lakh crore have been given under Mudra Yojana
- Monthly mobile data consumption has increased 50x in the last 5 years; the cost of data & voice calls in India is possibly the lowest in the world.
