Finance minister Piyush Goyal on Friday presented the much awaited Interim Budget in Lok Sabha.
- Govt announces no tax on income till Rs 5 lakh, Individual taxpayers with annual income up to 5 lakh rupees to get full tax rebate.
- Individuals with gross income up to 6.5 lakh rupees will not need to pay any tax if they make investments in provident funds and prescribed equities
- TDS threshold for home rent increased from Rs 1.8 lakh to 2.4 lakh
- Interest income up to Rs 40,000 in post offices and banks made tax free
- Capital gains tax exemptions under Section 54 to be available up to Rs 2 crore. Capital gains exemption to be available on 2 house properties
- Income Tax returns to be processed within 24 hours and refunds will be paid immediately
- Rs 6,000 per year assured income support for small and marginal farmers
- Farmers having up to 2 hectare of lands will get Rs 6,000 per year in three equal instalment. The scheme will be effective from December 1, 2018.
- Gratuity limit increased for workers to Rs 30 lakh
- Rs 3,000 per year pension for unorganised sector workers
- Farmers affected by natural calamities to get 2% interest subvention and additional 3% interest subvention upon timely repayment
- 2% interest subvention to farmers who pursue animal husbandry, fisheries jobs through Kisaan credit cards
- Kamdhenu scheme for animal husbandry
- Rs 60,000 crore for MNREGA
- Rs 19,000 allocated for construction of rural roads under Gram Sadak yojana
- Govt increases defence budget to over Rs 3 lakh crore. Govt will provide additional funds for Defence, if needed.
- One lakh villages to go digital over next five years, says Piyush Goyal
