Major Announcements in the budget
Fiscal deficit target revised
For the second year in a row, the government’s fiscal consolidation path has slipped from the budgeted targets. For FY19, fiscal deficit target has been revised up to 3.4% of GDP from the Budget estimate of 3.3% of GDPIncome Tax
The existing income tax rates to continue. However, those with income of up to Rs 5 lakh per year will get full tax rebate
No relaxation on income tax rates for the salaried class this year.
Standard tax deduction for salaried persons raised from ₹40,000 to ₹50,000
TDS threshold on interest on bank and post office deposits raised from ₹10,000 to ₹40,000
TDS threshold on rental income increased from ₹1.8 lakh to ₹2.4 lakh
The benefit of rollover of capital gains to be increased from investment in one residential house to that in two residential houses for a taxpayer having capital gains up to Rs 2 crore; this can be exercised once in a lifetime
Pradhan Mantri Kisan Samman Nidhi
Piyush Goyal announced the Pradhan Mantri Kisan Samman Nidhi, under which Rs 6,000 per year will be transferred directly the bank accounts of farmers with less than 2 hectares land, in three instalments.
There are 12.56 crore marginal and small farmers having less than 2 hectares (5 acre) holdings. If Rs 6,000 is paid to each farmer, the total outlay will be Rs 75,360 crore.
The budget scheme is a modification of the Rythu Bandhu scheme of Telangana government, which provides assistance on per-acre basis (Rs 8,000 per acre per year) without any holding size limit. What Goyal has announced is a flat Rs 6,000 benefit to all marginal and small farmers.
8 crore free LPG connections
Over
8 crore free LPG connections to be given.
Presently, the government is
providing around 6 crore connections. Next year all 8 crore will be
given.
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
This move will benefit 10 crore workers in unorganised sector
Gratuity limit raised from Rs 10 lakhs to Rs 20 lakhs
Govt contribution in EPFO hiked to 14% from 10%
![(Image: Network18 Creative)]( "(Image: Network18 Creative)")
ESI cover limit has been increased to ₹ 21,000. Minimum pension was also increased to ₹ 1000.
Allocation of Rs 60,000 crore for UPA’s flagship MNREGA in 2019/20
Allocation of Rs 19,000 crore for construction of rural roads in 2019-20
Defence budget for the first time has increased to Rs 3 lakh crore and additional funds will be provided
Allocation of Rs 64580 crore to Railways
capital expenditure allocation of ₹ 1.58 lakh crore for the railways, the highest ever
22nd AIIMS will come up in Haryana
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
This move will benefit 10 crore workers in unorganised sector
Gratuity limit raised from Rs 10 lakhs to Rs 20 lakhs
Govt contribution in EPFO hiked to 14% from 10%
ESI cover limit has been increased to ₹ 21,000. Minimum pension was also increased to ₹ 1000.
Allocation of Rs 60,000 crore for UPA’s flagship MNREGA in 2019/20
Allocation of Rs 19,000 crore for construction of rural roads in 2019-20
Defence budget for the first time has increased to Rs 3 lakh crore and additional funds will be provided
Allocation of Rs 64580 crore to Railways
capital expenditure allocation of ₹ 1.58 lakh crore for the railways, the highest ever
22nd AIIMS will come up in Haryana
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