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Standard deduction to be raised, no tax on second house: Budget 2019 highlights

Highlights of Budget 2019

All farmers affected by natural disasters to 2%
interest subvention upfront for entire loan period

Current account deficit for 2018 / 19 seen at
2.5% of GDP

Farmers up to 2 hectare of land to come under PM
Kisan scheme

4.     Government launches
mega pension scheme for social security coverage of unorganised labour 

5.     5Fiscal deficit for
2018/19 seen at 3.4% of GDP

6.     6Recovered 3
lakh crore via bankruptcy code

7.     7Bank of India, Bank
of Maharashtra and Oriental Bank no more under RBI's prompt corrective

8.     8Poor farmers to
get 6,000 per year under PM Kisan scheme 

9.     9PM Kisan to
transfer cash directly to farmers under PM Kisan scheme 

10. 10Poor farmers to get
cash in three equal installments under PM Kisan scheme  

11. 11PM Kisan scheme for
poor farmers to cost government 75,000 crore FY20

12. 12PM Kisan scheme for
poor farmers to get 20,000 crore in FY19 

13. 13PM Kisan scheme to
transfer cash directly to farmers' accounts 

14. 14PM Kisan scheme to
start transfer of cash with effect from December 2018

15. 15Government
announces Rashriya Gokul Mission to support poor owning cows  

16. 16Rashriya Gokul
Mission cow scheme to get 750 crore in the current year

17. 17Central government
to alone support PM Kisan scheme 

18. 18All farmers
affected by natural disasters to get 2-5% interest subvention 

19. 19Government to
contribute 14% under New Pension Scheme 

20. 20Gratuity cap
doubled to 20 lakh

21. 21Government to
contribute equally in pension accounts under mega pension scheme 

22. 22Unorganised labour
to get 3,000 per month after age of 60 under mega pension scheme 

23. 23Government to
implement mega pension scheme for unorganised labour from this year

24. 24Mega pension scheme
is for people with income up to 15,000 per month

25. 25PM mega pension
scheme to benefit 10 crore people 

26. 26Total of 8 crore
cooking gas cylinders to be distributed by next year under PM Ujwala

27. 27India is the second
biggest hub for start-ups

28. 28A National
Programme for Artificial Intelligence covering 9 areas to be promoted 

29. 29Government projects
to source 25% material from SMEs, 3% from only women-owned SMEs

30. 30GEM platform to
cover all public sector enterprises to promote local industry, trade 

31. 31SME loans with
ticket size of 1 crore to get 2% interest subvention 

32. 32Defence Budget
crosses 3 lakh crore mark in FY20 Budget

33. 33Budgetary support
for railways for FY20 is 64,587 crore 

34. 34Railways' operating
ratio seen at 96.2% in FY19, 95% in FY20 

35. 35North-east states
to get 21% higher budget allocation at 58,166 crore in FY20

36. 36Will set up 1 lakh
digital villages in next 5 years 

37. 3JAN Dhan, Aadhar
and mobile have been game changers 

38. 3834 crore Jan Dhan
bank accounts opened in last 5 years 

39. 39Single window
clearance to be made available to Indian film makers 

40. 40TV: Railways FY20
capex seen at 1.58 lakh crore 

41. 41Direct tax
collections estimated at 12 lakh crore in FY19

42. 42Poised to become a
$5 trillion economy in 5 years

43. 4Aspire to become a
$10 trillion economy in 8 years 

44. 441.3 lakh crore
undisclosed income brought under tax net

45. 453,38,000 shell
companies detected and their directors disqualified

46. 46Average GST
collection 97,100 crore 

47. 47Government lays out
10-year roadmap to improve ease of living 

48. 48Making India a
pollution-free India in 10-year roadmap 

49. To lead world in
transport and energy storage devices

50. To bring down
dependent on imports for energy needs 

51. Roadmap envisions people
traveling in electric cars 

52. Tenth dimension of
govt's India 2030 vision is a healthy governance 

53. Fiscal deficit
pegged at 3.4% of GDP for FY20

54. Fifth dimension of
govt's India 2030 vision is clean rivers 

55. Government to scale
up Sagarmala programme 

56. Seventh dimension
of India 2030 is to lead in space programmes

57. Eighth dimension of
India 2030 is to grow food in environment friendly manner

58. Ninth dimension of
India 2030 is a healthy India 

59. Tenth dimension of
India 2030 programme is a comprehensive wellness system 

60. FY20 total
expenditure seen at 27.84 trillion rupees 

61. FY20 capital
expenditure seen at 3,36,292 crore 

62. Central schemes to
get 3,27,679 crore FY20

63. National education
mission to get 38,572 crore FY20

64. Integrated child
development scheme to get 27,584 crore FY20

65. SC, ST welfare to
get 76,800 crore FY20

66. Salary earners,
pensioners to get tax benefit 

67. Salary earners up
to 5,00,000 annual income to get full tax rebate 

68. No income tax for
income up to 5,00,000

69. Salary earners of
up to 6,50,000 income to not pay tax if they make tax related investments

70. Standard deduction
to be raised from 40,000 to 50,000

71. No tax if you own
second house 

72. No TDS on post
office savings up to 40,000

73. No TDS on rental
income up to 2,40,000 per year 

74. No tax on notional
rent on second house 

75. Capital gains tax
exemption under Section 54 raised to 2 crore 

Tax on notional rent on
unsold inventory to not be paid for 2 years 


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Posted on : Feb 01, 2019