The government presented the interim budget in Parliament on Friday. It marks the last budget before the General Election which are due by May this year.
Finance Minister Piyush Goyal focused on the lower and middle class strata in his address.
Here are some of the key announcements he made during the address
“No income tax for those earning under Rs 5 Lakh”
“Individual taxpayers with annual income up to Rs. 5 lakh will get full tax rebate. Individuals with gross income up to Rs. 6.5 lakh will not need to pay any tax if they make investments in provident funds and prescribed equities. Around three crore middle class taxpayers will get tax exemption due to this measure,” Piyush Goyal. He further announced that those with income less than Rs 6.5 lakh can also enjoy rebate if they make investments worth Rs 1.5 lakh.
Pradhan Mantri Shram Yogi Mandhan
Rs 3,000 pension monthly is to be given to unorganised sector workers after age of 60 years.
Pradhan Mantri Kisan Saman Nidhi
Farmers with less than 2 hectare land will get direct income support of Rs 6000 per year
A relief package of Rs 75,000 crore was announced for “distressed farmers who have seen their incomes stagnate because of plunging prices, barely enough to pay for loans and input costs”.
“50% increment in honorarium to ASHA workers”
Government triples Gratuity limit from Rs 10 lakh to 30 lakh
Gratuity is the money an employer pays to its workers at the end of service with a condition that they should have worked in the company for more than five years. Government tripled the limit to Rs 30 lakh which was earlier set at Rs 10 lakh.
Piyush Goyal presented the interim budget for the financial year 2019-20. Both the houses of Parliament- the Rajya Sabha and the Lok Sabha, will remain in session till February 13 for the Budget Session, which began on Thursday. A total of 10 sittings are slated to take place.