New Delhi, Feb.1:
Finance Minister Piyush Goyal today amidst cheers from the treasury benched in the Lok Sabha presented his interim budget with a galore of sops that pleases farmers, middle class, salaried and above all 42 lakh workers in the unorganised sector with pension.
He presented a Rs.24,57,235 crore budget with a fiscal deficit at 3.4 per cent limit.
Under a unique scheme the minister announced direct cash payment of Rs.6000 per year in three instalments for farmers who have under 2 hectares of land and 2% interest subvention on crop loans to calamity hit farmers and additional 3% waiver on timely repayment of loans. Workers in the unorganised sector will get a monthly pension of Rs.3000 per month.
Big tax sops include an announcement of doubling of IT exemption ceiling.There will be no taxes for those earning upto Rs 5 lakh a year (up from Rs 2.5 lakhs) and taxpayers with a gross income up to 6.5 lakh rupees 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 rupees to 50,000 rupees TDS threshold on interest on bank and post office deposits raised from 10,000 to 40,000 rupees.“This will provide benefit of Rs 18,500 to 3 crore middle class taxpayers self employed, senior citizens,” he said, adding the number of beneficiaries will go up for those who have made investments in mediclaim and pension.
The Budget also proposed to exempt tax on notional rent for unsold housing units for two years.
Goyal also proposed that benefit of rollover of capital tax gains be increased from investment in one residential house to that in two residential houses, for a taxpayer having capital gains of up to Rs 2 crore.
However, it can be exercised once in a lifetime, he added.
The Income Tax department will move towards faceless assessment and verification of returns, Goyal said
Benefits under Sec 80 (i) BA being extended for one more year, for all housing projects approved till end of 2019-2020.
The minister also announced a big hike in gratuity limit from Rs.10 lakhs to Rs 30 lakhs.
The government will start a national programme on Artificial Intelligence to harness the benefit from new age technologies in identified areas, Finance Minister Piyush Goyal said Friday.
“India has become the second largest hub of start-ups. In order to take benefits of Artificial Intelligence (AI) and related technologies to the people, a national programme on artificial intelligence has been envisaged by our government. This should be catalysed by the establishment of the National Centre of AI as a hub along with centres of excellence. Nine priority areas have been identified,” Goyal said.
He said that a national AI portal will be developed soon.
AI technology helps in analysing data in various technologies to improve the efficiency of the system like power management in cars, mobile devices, weather predictions, video and image analysis etc.
The minister said that India is now leading the world in mobile data consumption which has increased 50 times monthly under the present regime with data and voice calls being offered at very low rates.
Goyal said that more than 3 lakh common service centres are operating across the country delivering government services that are available digitally to people in rural areas and helping government create digital villages.
1 lakh digital villages:“In the next five years, we will be creating 1 lakh digital villages,” Goyal said.
The finance minister also unveiled the government’’s vision for 2030 in which digital technologies will play a pivotal role.
Goyal said that the digital infrastructure in the digital economy of 2030 will be built upon successes achieved in recent years in digitisation of government processes and private transactions.
“Our youth will lead us in this endeavour with innumerable startups, creating digital India and millions of jobs in the ecosystem,” Goyal said.
He said that with renewables becoming a major source of energy supply, India will lead the world in the transport revolution through electric vehicle and energy storage devices.
Anti-black money measures including demonetisation have led to discovery of undisclosed income of Rs 1.30 lakh crore and seizure of Rs 50,000 crore, Finance Minister Piyush Goyal said Friday.
He said the government is committed to eliminating the ills of black money.
“Anti-black money measures including demonetisation led to the discovery of undisclosed income of Rs 1.30 lakh crore, seizure of Rs 50,000 crore,” Goyal said while presenting Interim Budget for 2019-20 in the Lok Sabha.
The government had demonetised currency notes of 500 and 1,000 denomination on November 8, 2016, to check black money. It later issued new Rs 500 and Rs 2,000 notes.