- PAN and Aadhaar will become interchangeable. You can use your Aadhaar number to file your I-T Returns soon.
- ₹5 lakh minimum limit announced for taxpayers. In view of rising income levels, those in the ₹2-5 crore and ₹5 crore-and-above brackets will see increase in effective tax rate by 3% and 7%, respectively.
- GST rate on electric vehicles proposed to be lowered to 5%. Additional income tax deduction of ₹1.5 lakh on interest on loans taken to purchase electric vehicles.
- Additional deduction of ₹1.5 lakh on loans up to March 31 2020 for buying affordable houses, giving ₹ 7 lakh benefit to home buyers.
- Proposal to provide Aadhaar cards for NRIs with Indian passports, after their arrival in India, with no waiting period.
- ₹20 coin coming up.
- Excise duty on fuel hiked by ₹1.
- To resolve the angel tax issue, startups will not be subject to any scrutiny in respect to valuation. Funds raised by startups will not require any scrutiny by the I-T department.
- TDS of 2% on cash withdrawals exceeding ₹1 crore in a year from bank accounts, to discourage business payments in cash.
- Period of exemption for capital gains arising from sale of house for investment in startups to be extended to March 31, 2021.
- ₹70,000 crore in recapitalisation for public sector banks.
- ₹1.05 lakh crore disinvestment target for the year.
- TV channel to be launched for promoting startups and to help matchmaking for funds.
- New national educational policy hopes to transform Indian education into one of the best in the world, with focus on bringing in foreign students.
- ₹50 lakh crores proposed for Railway infrastructure.
- By 2022, the 75th year of Independence, every single rural family, except those who are unwilling to take the connection, will have electricity and clean cooking facility.
- Stress on zero-budget farming, which is a form of gardening as a self-sustainable practice, with minimum external intervention.
- The pension benefit will be extended to 3 crore retail traders under PM Karam Yogi Maan Dhan Scheme. It requires only Aadhaar numbers and bank accounts.
- ₹1 crore worth of loans proposed to MSMEs. The Government will extend pension benefits to 3 crore retail traders and shopkeepers who have a revenue of less than ₹1.5 crore.
- Investment by FIIs and FDIs in debt securities in infrastructure debt funds to be allowed. Minimum public shareholding in listed companies can be increased from 25% to 35%.
INCOME TAX
No change in income tax slabs. However, surcharge has been increased for those earning 2-5 crore and those earning 5 crore and above. The effective tax rate for these categories will increase by around 3% and 7%, respectively.
BANKING
FM says to discourage the practice of making business payments in cash the government proposes to levy TDS of 2% on cash withdrawal exceeding Rs 1 crore in a year from a bank account.
AADHAAR
More than 120 crore Indians now have Aadhaar. Sitharaman proposes to make the two documents interchangeable so that Aadhaar can be used for verification with no requirement for PAN.
HOUSING
An additional deduction of Rs 150000 on interest on loans borrowed under affordable housing.
ECONOMY
To resolve the issue of Angel Tax the startups and investors who file requisite declarations will not be subjected to any kind of scrutiny in respect of valuation of share premium. A mechanism of e-verification will be put in place and with this, the funds raised by startups will not require any tax scrutiny.
AUTOMOBILE
Additional Income Tax exemption Of`1.5 Lakh On Interest Paid On Loans for electric vehicles
ECONOMY
The government is setting an enhanced target of Rs 1,05,000 crore for disinvestment during FY20 and will continue with disinvestment of PSUs in the non-financial space as well.
WOMEN
FM proposes to expand self help groups to all districts; one woman in every SHG to get loan upto Rs 1 lakh under Mudra Yojana.
HOUSING
Regulation of HFCs to move to the Reserve Bank of India (RBI) from NHB.
BANKING
An expenditure of Rs 70,000 crore to be provided to Public Sector Banks (PSBs) in order to boost capital.
TOURISM
The government is developing 17 iconic tourism sites as world-class tourist centres to improve the flow of domestic and foreign tourists to these destinations. Objective of reserving rich tribal heritage a digital repository on the life and culture of the tribe will be stored.
AADHAAR
The government proposes to consider issuing Aadhaar cards to NRIs with Indian passports in India without having to wait for the necessary 180 days.
EMPLOYMENT
Govt to streamline multiple labour laws into a set of four labour codes
DATA
Government will increase efforts to improve the skills of our youth in newer areas such as Artifical Intelligence, Big Data, Robotics, etc valued highly within and outside the country to ensure they can secure high paying jobs both in India and abroad.
EDUCATION
Apart from the National Research Foundation (NRS), a draft legislation being prepared for setting up Higher Education Commission of India. . To make India a hub of higher education the government proposes 'Study in India' to bring in foreign students to pursue education here, she says. Education Board to be set up under KheloIndia scheme.
EDUCATION
A new education policy proposes major changes in higher education. Establish a National Research Foundation (NRS) to transform India and take its education to global standards which will function on the basis of various grants given by ministries. Higher education centres to become centre of innovation.
SWACHH BHARAT
Swachh Bharat has brought enormous environmental and health benefits. 9.6 crore toilets have been constructed and more than 5.6 lakh villages have become open-defecation free, Sitharaman says while proposing to expand and undertake solid waste management in every village. In urban areas, 96 million toilets built since Oct 2, 2016 under Swachh Bharat, says Finance Minister Nirmala Sitharaman.
WATER
Ensuring farmers access to safe and adequate water is another important initiative the government will work toward, she says. Water supply in an integrated and holistic manner will help ensure 'Har Ghar Jal' or water to each house.
ECONOMY
FM Nirmala Sitharaman says Sebi has been asked to consider increasing minimum public shareholding criterion from 25 per cent to to 35 per cent.
INFRASTRUCTURE
Nearly 1,25,000 km of roads will be upgraded under Pradhan Mantri Gram Sadak Yojana at estimated cost of nearly Rs 80,200 crore.
HOUSING
Nearly 1.95 crore houses are proposed to be provided to eligible beneficiaries under the Pradhan Mantri Awas Yojana, she points out. The completion of houses that required 314 days in 2015-16, it has now come down to 114 days since 2017.
ECONOMY
This year as we mark the 150 birth anniversary of Mahatma Gandhi. Gaav, Garib aur Kisan will remain at the centre of all our initiatives, she says. Two mega initiatives Ujjwala and Saubhagya have dramatically improved ease of living, easy access of clean cooking gas, and electricity supply to the needy, says Nirmala Sitharaman.
INSURANCE
"Will examine proposals on 100% FDI in aviation, media," says Finance Minister Nirmala Sitharaman.
ECONOMY
The government is contemplating organising an annual global meet to get all three sets of global players: Industrialists, corporate leaders, corporate sovereign and venture funds, she says
POWER
UDAY to be re-examained, new package for power sector tariffs, removal of unnecessary duties on power rates, open access & group captive projects to be initiated, says Finance Minister Nirmala Sitharaman.
PENSIONS
Pension benefits will be offered to 3 crore shopowners with annual turnover of less than Rs 1.5 crore under new scheme called Pradhan Mantri Man dhan Scheme, Nirmala Sitharaman says.
INFRASTRUCTURE
The FAME II scheme has taken wings. The main objective of the scheme is to provide necessary charging infra and incentivising easy and affordable mode of transportation for the common man, she says.
INFRASTRUCTURE
It is estimated that railway infra will need investment of Rs 50 lakh crore between 2018 and 2030. Given expenditure is Rs 1.4-1.6 lakh crore per annum, it could take decades to complete the projects. It is therefore, necessary to privatise, she says.
INFRASTRUCTURE
The ambitious project of Bharatmala will enhance road connectivity and Sagarmala will help port and waterways connectivity, she says. These along with other such initiatives such as Udaan scheme will improve India's infrastructure and enable connectivity and bridge the rural and urban divide, Sitharaman says.
ECONOMY
It is well within our capacity to reach the $5 trillion economy vision within the next few years, she says, highlighting the 10 points that the government has laid out to achieve this vision. With these visions and the mandate given by people we are determined to take India to the heights it deserves and with the clear-headed vision of our PM we are on track to achieve it, she says."It took India 55 years to reach $1 trillion economy and after that in five years we added another $1 trillion."
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