IMAGE: Finance Minister Piyush Goyal poses with a briefcase containing Budget papers at his North Block office in New Delhi on February 1, 2019. Photograph: Arun Sharma/PTI Photo
Here are the key highlights of the Interim Budget 2019-20 presented by Finance Minister Piyush Goyal in the Lok Sabha on Friday:
Income up to Rs 5 lakh exempted from income tax
Standard Deduction raised to Rs 50,000 from Rs 40,000
Direct tax proposals to provide Rs 23,000 cr relief to 3 cr taxpayers
Persons with gross income up to Rs 6.50 lakh not required to pay any income tax if they make investments in provident funds, specified savings and insurance.
12 crore small, marginal farmers to be provided assured yearly income of Rs 6,000 under PM-KISAN scheme
Allocated Rs 20,000 crore in 2018-19, Rs 75,000 crore for FY2019-20 for PM-KISAN scheme
TDS threshold raised to Rs 40,000 from Rs 10,000 on interest earned on bank/post office deposits
Tax exempted on notional rent on a second self-occupied house
TDS threshold for deduction of tax on rent to be increased to Rs 2.40 lakh from Rs 1.80 lakh
Tax benefits for affordable housing extended till March 31, 2020
Tax exemption period on notional rent on unsold inventories extended to two years from one year
Interest subvention of 2 pc during disaster to be provided to farmers for the entire period of reschedulement of loan
2 pc interest subvention to farmers for animal husbandry and fisheries activities; additional 3 pc in case of timely repayment
Rs 3,000/month pension for 10 cr unorganised sector workers with contribution of Rs 100/55 per month under PM Shram Yogi Maandhan scheme
Fiscal deficit pegged at 3.4 pc of GDP for 2019-20; target of 3 pc of fiscal deficit to be achieved by 2020-21
Current Account Deficit pegged at 2.5 pc of GDP for FY20
Total expenditure to rise by 13 pc to Rs 27.84 lakh cr in FY20
National Education Mission allocation increased by about 20 pc to Rs 38,572 cr
Allocation for Integrated Child Development Scheme increased by over 18 pc to Rs 27,584 cr
Disinvestment target of Rs 80,000 cr in 2018-19 likely to be met; Target for FY20 set at Rs 90,000 cr
25 pc additional seats in educational institutions to meet the 10 per cent reservation for the poor
Defence budget to cross Rs 3,00,000 cr for the first time
Allocation for North East increased by 21 pc to Rs 58,166 cr in FY20
Railways to get capital support of Rs 64,587 cr in FY20
Indian filmmakers to get access to single window clearance for ease of shooting films; regulatory norms to rely more on self-declaration
2 pc interest subsidy for MSMEs on an incremental loan of Rs 1 crore for GST-registered entities
At least 3 pc of the 25 pc sourcing for government undertakings to be from women-owned SMEs
One lakh villages to be transformed into digital ones in 5 years
New portal to support national programme on Artificial Intelligence
Reforms in stamp duty; amendments to ensure streamlined system for levy of stamp duties to be imposed and collected at one place
A separate department of fisheries to be created for welfare of 1.5 crore fishermen
22nd AIIMS to be set up, in Haryana
Rs 60,000 crore allocation for MGNREGA in 2019-20
India poised to become USD 5 trillion economy in next 5 years; aspires to become USD 10 trillion economy in the subsequent 8 years
