The interim budget was presented in the Lok Sabha, today, by Mr. Piyush Goel, the minister of railways standing in as the FM, in place of Arun Jaitley away in the US for treatment. The highlights are:-
1. Within two years, tax assessment will be done electronically.
2. IT returns processing in just 24 hrs.
3. Minimum 14% revenue of GST to states by the central government.
4. Customs duty abolished from 36 capital goods.
5. Recommendations to GST council for reducing GST rates for home buyers.
6. Full tax rebate up to Rs.5 lakh annual income after all deductions.
7. Standard deduction increased from Rs.40,000/- to Rs.50,000/-.
8. Exempt on tax on second self occupied house.
9. Ceiling limit of TDS u/s 194A increased from Rs.10,000/- to Rs.40,000/-.
10. Ceiling limit of TDS u/s 194I increased from Rs.1,80,000/- to Rs.2,40,000/-.
11. Capital tax benefit u/s 54 increased from investment in one residential house to two residential
houses.
12. Benefit u/s 801B increased to one more year ie. 2000.
13. Benefit given to unsold inventory increased to one to two years.
Other areas.
14. State share increased to 42%.
15. PCA restriction abolished from three banks.
16. 2 lakh seats increase for the economic downtrodden reservation of 10%.
17. Rs.60,000 crores for MANREGA.
18. Rs.1.7 lakh crore to ensure food for all.
19. 22nd AIIMS to be opened in Haryana.
20. Approval for PM Kisan Yojana.
21. Rs.6,000/- per annum to be given to every farmer having up to 2 hectare land. Applicable from
Sep '18. Amount to be transferred in three installments.
22. National kamdhenu ayog for cows. Rs.750 crores for National Gokul Mission.
23. 2% interest subvention for farmers pursuing animal husbandry and also create separate
department for fisheries.
24. 2% interest subvention for farmers affected by natural calamities and additional 3% interest
subvention for timely payment.
25. Tax free gratuity limit increase to 20 lakhs from 10 lakhs.
26. Bonus will be applicable for workers earning Rs.21,000/- monthly.
27. The scheme called Pradhan Mantri Shram Yogi Mandhan will provide assured monthly pension
of Rs.3,000/- with contribution of Rs.100/- per month for workers in unorganised sector after 60
after 60 years of age.
28. Our government delivered 6 crores free LPG connections under Ujjwala scheme.
29. 2% interest relief for MSME GST registered person.
30. 26 weeks of maternity leave to empower women.
31. More than Rs.3 lakh crores for defence.
32. One lakh digital villages in next 5 years.
33. Single window for approval of India film makers.
Tailpiece.
1. Well, a good budget that looks for long term development. The sickening farm loan waivers have been done away with, the farmers will get their benefits by direct bank transfer. The budget has also catered for the middle class.
2. Our coconut palm has flowered for the first time after a five year wait!
PS.
Today was Vichani kunjamma's 13th day ceremony. Everyone of the family had conglomerated at the place where she'd spent her last days to be part of the proceedings. I've included her in my morning prayers.
1. Within two years, tax assessment will be done electronically.
2. IT returns processing in just 24 hrs.
3. Minimum 14% revenue of GST to states by the central government.
4. Customs duty abolished from 36 capital goods.
5. Recommendations to GST council for reducing GST rates for home buyers.
6. Full tax rebate up to Rs.5 lakh annual income after all deductions.
7. Standard deduction increased from Rs.40,000/- to Rs.50,000/-.
8. Exempt on tax on second self occupied house.
9. Ceiling limit of TDS u/s 194A increased from Rs.10,000/- to Rs.40,000/-.
10. Ceiling limit of TDS u/s 194I increased from Rs.1,80,000/- to Rs.2,40,000/-.
11. Capital tax benefit u/s 54 increased from investment in one residential house to two residential
houses.
12. Benefit u/s 801B increased to one more year ie. 2000.
13. Benefit given to unsold inventory increased to one to two years.
Other areas.
14. State share increased to 42%.
15. PCA restriction abolished from three banks.
16. 2 lakh seats increase for the economic downtrodden reservation of 10%.
17. Rs.60,000 crores for MANREGA.
18. Rs.1.7 lakh crore to ensure food for all.
19. 22nd AIIMS to be opened in Haryana.
20. Approval for PM Kisan Yojana.
21. Rs.6,000/- per annum to be given to every farmer having up to 2 hectare land. Applicable from
Sep '18. Amount to be transferred in three installments.
22. National kamdhenu ayog for cows. Rs.750 crores for National Gokul Mission.
23. 2% interest subvention for farmers pursuing animal husbandry and also create separate
department for fisheries.
24. 2% interest subvention for farmers affected by natural calamities and additional 3% interest
subvention for timely payment.
25. Tax free gratuity limit increase to 20 lakhs from 10 lakhs.
26. Bonus will be applicable for workers earning Rs.21,000/- monthly.
27. The scheme called Pradhan Mantri Shram Yogi Mandhan will provide assured monthly pension
of Rs.3,000/- with contribution of Rs.100/- per month for workers in unorganised sector after 60
after 60 years of age.
28. Our government delivered 6 crores free LPG connections under Ujjwala scheme.
29. 2% interest relief for MSME GST registered person.
30. 26 weeks of maternity leave to empower women.
31. More than Rs.3 lakh crores for defence.
32. One lakh digital villages in next 5 years.
33. Single window for approval of India film makers.
Tailpiece.
1. Well, a good budget that looks for long term development. The sickening farm loan waivers have been done away with, the farmers will get their benefits by direct bank transfer. The budget has also catered for the middle class.
2. Our coconut palm has flowered for the first time after a five year wait!
PS.
Today was Vichani kunjamma's 13th day ceremony. Everyone of the family had conglomerated at the place where she'd spent her last days to be part of the proceedings. I've included her in my morning prayers.
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