Here are the highlights from Mr. Goyal\'s budget speech:
-> No income tax for earnings up to ₹5 lakh
-> Individuals with gross income of up to ₹6.5 lakh need not pay any tax if they make
investments in provident funds and prescribed equities
-> 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
-> I-T processing of returns to be done in 24 hours
-> Within the next 2 years, all verification of tax returns to be done electronically without any interface with the taxpayer
-> Package of ₹6000 per annum for farmers with less than 2 hectares of land. Scheme to be called Pradhan Mantri Kisan Samman Nidhi.
-> Vande Bharat Express, an indigenously developed semi high-speed train, to be launched
-> One lakh digital villages planned in the next five years
-> Fund allocation for the Northeast region increased to ₹ 58,166 crore, a 21% rise over last year for infrastructure development
-> Anti-camcord regulations to be introduced in the Indian Cinematograph Act to prevent piracy and contact theft of Bollywood films.
-> Single window clearance for Indian filmmakers.
-> 25 per cent of sourcing for government projects will be from the MSMEs, of which three per cent will be from women entrepreneurs.
-> National Artificial Intelligence portal to be developed soon
-> ESI cover limit increased to ₹ 21,000. Minimum pension also increased to ₹ 1000.
-> Mega pension scheme for workers in the organised sector with an income of less than ₹15,000. They will be able to earn ₹ 3000 after the age of 60. The scheme will be called Pradhan Mantri Shramyogi Maan Dhan Yojana.
-> 2% interest subvention for farmers pursuing animal husbandry.
-> All farmers affected by severe natural calamities to get 2% interest subvention and additional 3% interest subvention upon timely repayment
-> Decision taken to increase MSP (minimum support price) by 1.5 times the production cost for all 22 crops
-> The 22nd AIIMS to come up in Haryana
Mood Kya Hai