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Budget 2019: Here is how people earning upto Rs. 75,000 per month can pay zero income tax

OpIndia Staff
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Budget 2019: Here is how people earning upto Rs. 75,000 per month can pay zero income tax

Today finance minister increased both the rebate and threshold for the rebate in the Interim Budget 2019. Earlier the rebate was ₹2,500 for net taxable income up to 3.5 lakhs, now the rebate will be up to ₹12,500 for net taxable income up to 5 lakhs.

But this does not mean only people with income up to ₹5,00,000 will not have to pay income tax. As the income tax act already provides various exemptions, the effect of the income tax due to this rebate will be much more.

It is important to note that the rebate is applicable for income after net of deductions. This means, even if your gross income is more than ₹5 lakhs, if it comes down to ₹5 lakhs or less after various deductions, you won’t have to pay any income tax, provided you are able to take the benefits of various subsections available under the section 80 of the Income Tax Act.

Let’s take the example of one individual with a monthly salaried income of ₹75,000.00.

The annual income will be  ₹9,00,000.00
From this, the following deductions are allowed
Standard Deduction  ₹50,000.00
Interest on House Loan  ₹2,00,000.00
Deductions under section 80C  ₹1,50,000.00
Deduction under National Pension Scheme  ₹50,000.00
Total Deduction  ₹4,50,000.00
Net Taxable Income  ₹4,50,000.00

 

As the net taxable income is less than ₹5 lakh, the section 87A rebate will be applicable, and there will be no tax payable on this income.

Fact-check: Congress lies profusely in an attempt to ‘fact-check’ Piyush Goyal’s Budget 2019 speech

OpIndia Staff
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Fact-check: Congress lies profusely in an attempt to ‘fact-check’ Piyush Goyal’s Budget 2019 speech

Acting Finance Minister Piyush Goyal presented a significant Interim Budget 2019 today where he announced numerous benefits to farmers, the middle class and MSMEs. With the various announcements that were made, it was natural for the Congress party to feel jittery about its electoral prospects ahead of General Elections later this year.

In a thread, it has made some quite a few misleading arguments to downplay the significance of Piyush Goyal’s speech.


The Congress party appears to have picked two years randomly to assert that the GDP growth rate was better under its rule. This cherry-picking of data does not depict reality very accurately.

The GDP growth rate was 6.72% in 2008-09, 8.59% in 2009-10,  8.91% in 2010-11, 6.69% in 2011-12, 4.47% in 2012-13 and 6.6% in 2013-14. Compared to UPA-II, the Modi government’s GDP growth rate has been 7.2% in 2014-15, 7.9% in 2015-16, 8.2% in 2016-17 and 7.2% in 2017-18. It shows that while the GDP growth rate fell drastically during the later years of the UPA regime, the NDA government has consistently maintained a growth rate of above 7%.

Moreover, the BJP government has controlled the high rates of inflation remarkably and brought it under 4%. The Congress also appears to have forgotten that India is the fastest growing major economy in the world currently.

In another tweet, the Congress said that Goyal was wrong to assert that the Modi government put Mizoram and Tripura on the railway map for the first time.


While it is true that railways have been operating in Tripura even before the NDA government came to power in 2014, it is only during Prime Minister Modi’s tenure that Broad Gauge services have reached the state. And it is only during this government’s rule that the state has been connected to the rest of the country through Broad gauge.

As for Mizoram, the 84.25 km broad gauge railway line from Katakhal Junction to Bairabi railway stations was sanctioned in 2000 but it was only in 2016 that the project was completed. Therefore, it is a straightforward lie by the Congress party that Modi government didn’t put the state on the rail map of India for the first time.

The Congress also appears to have lied outright when it claims that 3.65 million houses have been constructed by the Modi government. It claims that till December 2018, 1.25 million houses were constructed under the Urban Housing Scheme and 2.4 million houses constructed under the Rural Housing Scheme.


However, as per an Economic Times report in August 2018, over 1 crore houses had been constructed under the Pradhan Mantri Awas Yojana-Gramin since 2014. As per another report by Business Standard in September, last year, about 9 lakh homes had been constructed under the Urban Housing scheme. Considering the time that has passed since then, the figure of 1.53 crores stated by Piyush Goyal appears to be an extremely reasonable figure.

The Congress party is still continuing with its narrative that Demonetization was a disaster.


As Goyal quite clearly stated today, Demonetization brought to light that the anti-Black Money drive has brought an undisclosed income of Rs. 1.30 lakh crore rupees to the fore and over 3 lakh shell companies have been deregistered as a consequence. We, at OpIndia.com, have continuously reported on the various ways in which demonetization has helped fix the economy.

West Bengal: CBI summons Derek O’Brien, grills Mamata Banerjee’s close aide over sale of her paintings to chit fund companies

OpIndia Staff
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West Bengal: CBI summons Derek O’Brien, grills Mamata Banerjee’s close aide over sale of her paintings to chit fund companies

The Central Bureau of Investigation (CBI) on Thursday, have questioned Manik Majumdar, a close aide of the West Bengal CM Mamata Banerjee, about the sale proceeds of the paintings and even sent a notice to her party’s MP Derek O’Brien.

The CBI has reportedly questioned Majumdar over how the proceeds of the CM’s paintings were utilised.

The Trinamool Congress has been hellbent, ever since, claiming that the sale proceeds of her paintings were used to set up and expand operations of Jago Bangla, the mouthpiece newspaper of the party.

CBI officials have reportedly stated that they are “Investigating the route of chit fund money in various directions so as to the find out the larger conspiracy angle as has been directed by the Supreme Court of India.”

Banerjee’s close aide, Manik Majumdar, who was questioned by the CBI, is an authorised signatory of the bank account of the newspaper, while the Trinamool legislator, Derek O’Brien is the printer and publisher and party general secretary, Subrata Baxi is the editor of the Trinamool’s mouthpiece newspaper, Jago Bangla.

Subrata Baxi was summoned by the CBI back in December 2018, regarding the same case. Derek O’Brien too was sent a notice, then but was unable to go to the CBI office as he was at that time in New Delhi attending parliament.

As the TMC MP did not join the probe, he was issued a fresh summons. According to CBI sources, the TMC Leader in Rajya Sabha, Derek O’Brien, has been asked to appear before the Agency by the third week of this month with relevant documents detailing transactions done in the respective accounts.

As per reports, O’Brien has stated that though he has heard of the summons, he has not received it and will decide on his response after receiving the summons.

The CBI had on January 31, alleged that the West Bengal CM, Mamta Banerjee and her government were impeding the investigations going on in the multi-crore Saradha ponzi scam. It has alleged that the “hostile” government is delaying the filing of the final charge sheet.

BJP President, Amit Shah, while addressing his rally in West Bengal, on Tuesday, went hammer and tongs against the TMC supremo, accusing the West Bengal Chief Minister, Mamata Banerjee of selling her paintings at inflated prices to chit fund companies in dubious deals.

CM Banerjee had become furious at the allegations and stated that her party will issue a notice to Amit Shah and will consider filing a defamation suit.

The state government has been at loggerheads with the CBI on a number of issues. Recently, CBI officials had claimed that the WB government is obstructing the investigations into the Saradha Chit Fund scam case.

The reports further mentioned that banking security fraud branch, special crime branch and the economic offender wings of the premier investigative agency has been rendered non-operational after West Bengal had withdrawn the general consent to CBI, last year.

“Only the Economic Offences IV (chit fund probe wing) is functioning in the state,” The official was quoted further.

In August, last year, the CBI had written to the Director General of Police in West Bengal, seeking to question members of the SIT team that investigated the Saradha Chit Fund Scam alleging that the documents provided to them were manipulated and few were even missing.

Earlier this month, CBI had nabbed Chief of Shree Venkatesh Films, Shrikant Mohta, in connection to the Rose Valley Chit Fund scam. It is alleged that Mohta’s production house was paid Rs 25 crore by Rose Valley for producing 17 films.

Here is how the market reacted: Sensex and NIFTY rise sharply after Union Budget 2019

OpIndia Staff
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Here is how the market reacted: Sensex and NIFTY rise sharply after Union Budget 2019

Indian equity benchmarks showed major gains after Finance Minister declared the fiscal deficit target at 3.4 per cent of GDP for Financial Year 2019-20 during the Budget 2019 speech and proposed no tax on the income of up to Rs 5 lakhs per annum. About 1303 shares traded in green, 935 shares declined, and 117 shares remained unchanged, according to Money Control.

Bombay Stock Exchange (BSE) Sensex jumped 500 points following the finance minister’s announcement to increase the income tax exemption limit to Rs 5 lakh, reports BloombergQuint.

The Sensex today opened at 36,311.74 and reached the high of 36,706.41 points. The latest figures set the Sensex at 36,691.99, an increase of 435.30 points. Similarly, the NIFTY 50 opened today at 10,851.35 and reached a high of 10,981.55 points. The latest figures put it at 10,980.15, an increase of 149.20 points.

BSE SENSEX

The consumption stocks, especially the NIFTY Consumption index, witnessed a good surge after Finance Minister Piyush Goyal announced tax rebate up to

NSE NIFTY

Rs 5 lakh.

In addition to Consumer stocks, The Dalal street witnessed gains led by buying in auto, realty and pharma stocks. The major stocks like HDFC, HDFC Bank, Maruti and Reliance contributed heavily to the Sensex gains.

India’s Defence budget for FY 2018-19 was 2.95 lakh crores. Finance Minister has announced that defence budget will now get an increase to an all-time high of Rs 3 lakh crore. “The Defence Budget has crossed Rs. three lakh crore for the first time. Additional funds will be provided, if necessary,” said Piyush Goyal. On the heels of this, defence stocks like Larsen and Toubro showed an upward trend.  The stocks like Bharat Electronics, Walchandnagar Industries, Reliance Naval and Bharat Dynamics also showed a similar trend.

As it was speculated earlier, the Budget 2019 featured numerous sops to farmers to counter farmer distress. The biggest of them all was the declaration of structured income support to farmers through the Pradhan Mantri Krishan Samridhi Yojana. After the announcement, Agriculture stocks like Nagarjuna Fertilizers traded at 5.92 per cent higher on the National Stock Exchange. Similarly, companies which are connected to Agriculture products like Mahindra and Mahindra, Monsanto India also showed a green trend.

 

Budget 2019: All the significant announcements made by acting Finance Minister Piyush Goyal

OpIndia Staff
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Budget 2019: All the significant announcements made by acting Finance Minister Piyush Goyal

The last budget presented by the Modi government in its first tenure has made some sweeping announcements that are likely to have a great impact, both electorally and on the lives of all Indians. Considering the fact that the importance of the 2019 General Elections is being equated with the Third Battle of Panipat, it’s hardly any surprise.

Here’s a round-up of the key points of the Acting Finance Minister Piyush Goyal’s Budget speech.

1. Sops for Farmers

The most significant announcement was that structured income support will be provided to farmers through the Pradhan Mantri Krishan Samridhi Yojana. Rs. 6000 will be provided to farmers with less than 2 hectares of land annually in three instalments. It will cost the state Rs. 75,000 crores per year.

In addition, a 2% interest subvention has been provided to farmers who practice animal husbandry and fisheries. An additional 1% interest subvention will be given if loans are repaid on time. Farmers who have been severely affected by natural calamities will receive a 2% interest subvention on loans and additional 3% subvention on timely repayment.

2. Mega Pension for workers in Unorganized Sector

The NDA government has now launched a new pension scheme called ‘Pradhan Mantri Shram Yogi Mandhan‘, to provide assured monthly pension of Rs.3000 per month for workers in unorganized sector after 60 years of age, with the maximum contribution of just Rs.100 per month. Any worker in the unorganised sector earning less than Rs 15,000 a month will be covered under the first phase of the scheme, said Piyush Goyal.

The acting Finance Minister Goyal said that the mega pension scheme for unorganised sector workers is set to benefit 10 crore workers, adding that the government has allocated Rs 500 crore for the new scheme. Any worker working in the unorganised sector can avail the benefits of this scheme. Workers between 18-28 years of age have to pay Rs 55 per month, while workers above 29 years will be paying Rs 100 per month to avail the benefits. The union government will also contribute an equal share every month, said the Finance Minister.

3. The Fight Against NPAs, Black Money and Corruption

Goyal stated that Rs 3 lakh crore has already been recovered in favour of banks and creditors. He also spoke about recapitalisation of banks to the tunes of Rs 2.6 lakh crores.

The Finance Minister said that the years between 2008 and 2014 witnessed a high credit growth, which also took the NPA level from Rs 18 lakh crore to a whopping Rs 54 lakh crore. He added that till 2014 many lakh crores of NPAs were not even identified properly or were re-written so as to hide them. But, Piyush Goyal said that after Modi government was voted to power, it constructed Asset Quality review to weed out the bad loans. He said that NPAs were a consequence of giving loans to those firms which failed to work properly or showed poor performance.

Piyush Goyal praised the initiative of Insolvency and Bankruptcy code, which has helped the government to curb the NPA menace.

He also stated that the anti-Black Money drive has brought an undisclosed income of Rs. 1.30 lakh crore rupees to the fore and over 3 lakh shell companies have been deregistered as a consequence.

4. Respite for the Middle Class

Goyal also thanked the taxpayers in the Budget 2019 speech of the country for their contribution to nation-building and for providing a better quality of life to the poor and marginalized sections of society. He also said that their taxes help provide for the gas connections in the households of poor and healthcare to marginalized sections of society. He also said it was the taxpayers who help pay for the OROP for Army men.

The budget announced a full rebate of income tax for income up to ₹5 lakh. This will mean that individual taxpayers up to a gross income of ₹6.5 lakhs will need not pay any income tax if they make investments in provident fund and prescribed equities. Around 3 crore middle-class taxpayers will get tax exemption due to this measure.

The standard deduction for salaried income has also been raised to ₹50,000 from current ₹40,000. The finance minister also announced tax relief on interest income, as TDS threshold on interest on bank and post office deposits raised from ₹10,000 to ₹40,000. This means if the interest earned on deposits made at banks and post offices remain below ₹40,000, there will no TDS deduction on the interest paid.

Similarly, TDS threshold on rental income raised from ₹1.8 lakh to ₹2.4 lakh. Benefits under section 80(i)BA is also being extended for one more year, for all housing projects approved till the end of 2019-2020.

5. Nomadic and semi-nomadic tribes to be included in social welfare schemes

Acknowledging the remoteness of nomadic and semi-nomadic tribes and their exclusion from the economy, Piyush Goyal declared that the government will identify such tribes and extend the welfare schemes to them.

The government will set up a committee under NITI Aayog to identify the nomadic and semi-nomadic tribes who have not benefitted from the government welfare schemes owing to their isolation. Welfare development board will be set up under the Ministry of Social Justice and Empowerment to reach out to these faraway tribes and develop tailored strategic interventions for providing them with social and economic assistance.

6. OROP and the Defense Budget

Piyush Goal has announced that the government has released funds to the tune of ₹35,000 crores to Army personnel as part of the One Rank One Pension (OROP) scheme. The One Rank One Pension (OROP) demand by the former defence personnel had been ignored by the previous government for almost 40 years now. The previous Congress government headed by had allocated just Rs.500 crore for the implementation of the OROP.

In addition to the OROP, Finance Minister Piyush Goyal also said that the Centre has also enhanced the Defence spending to ₹3 lakh crore. “The Defence Budget has crossed Rs. three lakh crore for the first time. Additional funds will be provided, if necessary,” said Piyush Goyal.

“The previous governments announced it in 3 budgets but sanctioned a mere Rs 500 crore in the interim budget of 2014-15. This had been pending for 40 years but has been implemented by us. In contrast, we have already disbursed over ₹35,000 crores as part of OROP after implementing it in the true spirit,” Goyal said.

7. GST and the MSMEs

A 2% interest subvention was announced for MSMEs that have taken a loan of upto Rs. 1 crore. Goyal stated that the government had also increased the share of government procurements from MSMEs through Government eMarketplace (GeM) to 25 per cent, including 3 per cent from MSMEs run by women.

It was also announced that businesses with an annual turnover of upto Rs. 5 crores, comprising over 90% of GST payers, will be allowed to file quarterly GST returns. The Government also abolished duties on 36 capital goods.

The GST council has also been asked to devise ways to reduced GST for homebuyers.

8. Vision 2030

Finance Minister, Piyush Goyal while rolling out the interim budget 2019 in the parliament today, underlined 10 important dimensions for ‘Vision 2030’, the reforms the government would implement that could build a developed India by 2030.

  • Talking about the first dimension, the government aims to build next-gen infrastructure, physical as well as social, for a $10 trillion economy and also provide ease of living.
  • The Government aims to build a digital India and creating innumerable startups and job opportunities through the same it aims to reach every citizen of the country.
  • The third dimension the FM spoke about is Clean and Green India – an India that drives electric vehicles, with renewables becoming a major source of energy.
  • The government aims to expand rural industrialization using modern industrial technologies, based on Make In India approach.
  • The FM announced that the fifth dimension is Clean Rivers – with safe drinking water to all Indians, sustaining and nourishing life, using micro-irrigation techniques; long coastline can be pivotal for the economy, using the strength of the blue economy and Sagar mala.
  • Oceans and coastlines are the sixth dimensions of the government’s vision for 2030
  • Our seventh dimension is the aim to become launchpad of the world, placing an Indian astronaut in space by 2022, said FM Piyush Goyal
  • By giving emphasis on organic food forms and improving agricultural productivity along with providing self-sufficiency in food is the eighth dimension of the government’s vision.
  • Creating a healthy India, with distress-free and comprehensive wellness system for all became the ninth dimension to the vision 2030.
  • Finally, the Finance minister spoke about the tenth dimension which is ‘Minimum Government Maximum Governance’, a proactive, responsible and a friendly bureaucracy.

9. Goyal’s Introductory remarks

In his initial remarks ahead of Budget 2019, Acting Finance Minister Piyush Goyal illustrated the achievements of the Modi government. He said India is marching towards growth and prosperity.

Goyal also remarked that the goal was to have a New India by 2022 where everyone had a house, where everyone has access to toilets and basic healthcare. He also asserted that under the Modi government, India had risen from being the 11th largest economy in the world to being sixth.

Goyal also remarked that due to the policies implemented by the Modi government, India is now the fastest growing major economy in the world. He also boasted about the manner in which the government has drastically brought down the rate of inflation in the country.

Verdict

The Interim Budget presented by the Acting Finance Minister Piyush Goyal has certainly delivered on the massive expectations that were building on it. Most of the speculations ahead of the budget came true as it contained numerous sops to address Farmer Distress. The issue of middle-class disenchantment with the party was also addressed with providing income tax rebates to the salaried class. Small businesses too received a variety of concessions as speculated. It was certainly a populist budget as was expected in the Election year.

Don’t lie, P Chidambaram

OpIndia Staff
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Don’t lie, P Chidambaram

Former Union Minister of Finance, P. Chidambaram, who is facing corruption and money laundering charges took to Twitter to take credit for the interim budget announced by Finance Minister Piyush Goyal earlier today. Trying to take claim for the pro-poor budget, Chidambaram said that the interim Finance Minister has copied Congress’ declaration that the poor have the first right to resources of the country.


Unfortunately, the former minister is lying, to say the least. Back in 2006, senior Congress leader and Prime Minister Dr Manmohan Singh, while speaking on the UPA government’s plans for the minorities, had said that Muslims have the first claim on the resources. Prior to that, while speaking at the National Commission for Minorities, the former Prime Minister had even favoured ‘fair share for minorities’ in government as well as private jobs.

So unless Chidambaram is trying to imply that the minorities, especially the Muslims, are ‘poor’, he is lying about Congress’ ‘pro-poor’ stance with respect to the resources.

In the interim budget presented today, Finance Minister Piyush Goyal gave numerous sops to farmers. The Centre also gave relief to the middle-class as individuals with annual income up to Rs 5 lakh will get full income tax rebate. Over and above that, the Union Government recently passed a law giving 10% reservation for economically weaker section of the society.

Budget 2019: Centre has released 35,000 crores for OROP scheme, Defence spending gets a boost with ₹3 lakh crore allocation

OpIndia Staff
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Budget 2019: Centre has released 35,000 crores for OROP scheme, Defence spending gets a boost with ₹3 lakh crore allocation

During the interim budget on Friday, acting Finance Minister Piyush Goyal has announced a significant financial outlay for the One Rank One Pension (OROP) scheme. Piyush Goyal, while delivering the last budget of the present NDA government, spoke about the One Rank One Pension (OROP) scheme that had been implemented by the Centre.

Piyush Goal has announced that the government has released funds to the tune of ₹35,000 crores to Army personnel as part of the One Rank One Pension (OROP) scheme. The One Rank One Pension (OROP) demand by the former defence personnel had been ignored by the previous government for almost 40 years now. The previous Congress government headed by had allocated just Rs.500 crore for the implementation of the OROP.


 

In addition to the OROP, Finance Minister Piyush Goyal also said that the Centre has also enhanced the Defence spending to ₹3 lakh crore. “The Defence Budget has crossed Rs. three lakh crore for the first time. Additional funds will be provided, if necessary,” said Piyush Goyal.

“The previous governments announced it in 3 budgets but sanctioned a mere Rs 500 crore in the interim budget of 2014-15. This had been pending for 40 years but has been implemented by us. In contrast, we have already disbursed over ₹35,000 crores as part of OROP after implementing it in the true spirit,” Goyal said.

The defence budget was increased for the first time to ₹3 lakh crore in 2019-20 “for securing our borders and to maintain preparedness of highest order and if necessary additional funds will be provided,” Goyal said.

 

Rajasthan: Gehlot government blames BJP for not being able to implement loan waiver that Congress promised

OpIndia Staff
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Rajasthan: Gehlot government blames BJP for not being able to implement loan waiver that Congress promised

As Lok Sabha elections are around the corner, the Congress government in Rajasthan led by Ashok Gehlot have now started playing politics over their incapability of fulfilling their pre-poll promise of farm loan waiver.

According to a report by The Economic Times, the Congress has now come up with a way to blame the previous BJP regime for leaving the state in massive debt, and are citing this as the reason behind them being unsuccessful to keep up their promise.

Gehlot on Thursday said that the farm loan waiver involving cooperative banks would amount to Rs 18,000 crore at a time when the state was caught in debt of Rs 3 lakh crore left by the former BJP government.

“We want to do the loan waiver as the other states (Congress-ruled Madhya Pradesh and Chhattisgarh) have done. We have set up a committee to find a way out. Regarding the loans with nationalised banks, negotiations need to be done with them as they invariably do with farmers in case of NPAs (non-performing assets or bad loans),” said Gehlot.

Gehlot’s comment gave the BJP an opportunity to mock the Congress government for going back on its promises. BJPs’ Gulab Chand Kataria told ET, “They know they simply cannot do a comprehensive loan waiver, as they had promised, given the huge amount involved. Forget the waiver, the state government does not even know its total extent – no lists of eligible farmers have been prepared. We are now planning a big jail Bharo Aandolan (fill jails campaign) on February 7 or 8 to protest against this cheating with the farmers of the state,” said Kataria.

Gehlot’s statement has made it obvious that since the model code of conduct is not expected to come into effect before the first week of March, it is highly unlikely for the state government to be able to implement the loan waiver before the general election.

“This will surely impact Congress chances in the state in the Lok Sabha polls since loan waiver was a major promise,” said another senior BJP leader.

Meanwhile, the Bharatiya Janata Party (BJP) has been lashing out at the Ashok Gehlot government alleging that the Congress has not fulfilled its promise to waive off farm loans. The BJP has further alleged that the deceived Rajasthan farmers have started committing suicide because of the state government’s unfulfilled promises regarding loan waiver, which was an integral part of the Congress’ election manifesto.

The party claimed that three deaths, including a suicide, have been reported in the state.

The BJP had also slammed the Rajasthan government’s decision to waive off farm loans of those who have committed suicide.

It is notable to mention that cases of non-existent names appearing on the list surfaced in Rajasthan after the Congress government initiated the loan waiver scheme. Scores of names have appeared in the list of beneficiaries for the farm loan waiver scheme who had no loans against their names.

This is similar to the dubious cases, amounting to Rs 120 crores, of non-existent farm loans being waived off in Madhya Pradesh where Congress formed its government.

Apart from this, the Congress governments in both Madhya Pradesh and Rajasthan are facing severe outrage from the farmers within weeks of their government formation, for mismanaging the supply of urea.

Budget 2019: individual taxpayers with annual income up to ₹5 lakh to get full income tax rebate

OpIndia Staff
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Budget 2019: individual taxpayers with annual income up to ₹5 lakh to get full income tax rebate

Although the finance minister did not make any change to the income tax structure, as he was presenting an interim budget, Piyush Goyal in Budget 2019 announced significant reliefs to individual income taxpayers in the last budget of the current Modi government.


The Budget 2019 announced a full rebate of income tax for income up to ₹5 lakh. This will mean that individual taxpayers up to a gross income of ₹6.5 lakhs will need not pay any income tax if they make investments in provident fund and prescribed equities. Around 3 crore middle-class taxpayers will get tax exemption due to this measure.

The standard deduction for salaried income has also been raised to ₹50,000 from current ₹40,000. The finance minister also announced tax relief on interest income, as TDS threshold on interest on bank and post office deposits raised from ₹10,000 to ₹40,000. This means if the interest earned on deposits made at banks and post offices remain below ₹40,000, there will no TDS deduction on the interest paid.

Similarly, TDS threshold on rental income raised from ₹1.8 lakh to ₹2.4 lakh. Benefits under section 80(i)BA is also being extended for one more year, for all housing projects approved till the end of 2019-2020.

Budget 2019: Piyush Goyal underlines 10 important dimensions that will guide the government in ‘Vision 2030’

OpIndia Staff
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Budget 2019: Piyush Goyal underlines 10 important dimensions that will guide the government in ‘Vision 2030’

Finance Minister, Piyush Goyal while rolling out the interim budget 2019 in the parliament today, underlined 10 important dimensions for ‘Vision 2030’, the reforms the government would implement that could build a developed India by 2030.

  • Talking about the first dimension, the government aims to build next-gen infrastructure, physical as well as social, for a $10 trillion economy and also provide ease of living.
  • The Government aims to build a digital India and creating innumerable startups and job opportunities through the same it aims to reach every citizen of the country.
  • The third dimension the FM spoke about is Clean and Green India – an India that drives electric vehicles, with renewables becoming a major source of energy.
  • The government aims to expand rural industrialization using modern industrial technologies, based on Make In India approach.
  • The FM announced that the fifth dimension is Clean Rivers – with safe drinking water to all Indians, sustaining and nourishing life, using micro-irrigation techniques; long coastline can be pivotal for the economy, using the strength of the blue economy and Sagar mala.
  • Oceans and coastlines are the sixth dimensions of the government’s vision for 2030
  • Our seventh dimension is the aim to become launchpad of the world, placing an Indian astronaut in space by 2022, said FM Piyush Goyal
  • By giving emphasis on organic food forms and improving agricultural productivity along with providing self-sufficiency in food is the eighth dimension of the government’s vision.
  • Creating a healthy India, with distress-free and comprehensive wellness system for all became the ninth dimension to the vision 2030.
  • Finally, the Finance minister spoke about the tenth dimension which is ‘Minimum Government Maximum Governance’, a proactive, responsible and a friendly bureaucracy.

Finance Minister, Piyush Goyal is presenting Narendra Modi government’s sixth and final budget before the country goes in for the general elections 2019.

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