While presenting the Budget on 1 February, interim Finance Minister Piyush Goyal announced that individual taxpayers with annual income up to Rs 5 lakh will get a full tax rebate.
Individuals with gross income up to Rs 6.5 lakh wouldn’t be required to pay any tax if they invest in provident funds and prescribed equities.
The standard tax deduction for salaried persons has been increased from Rs 40,000 to Rs 50,000.
Goyal also announced the Pradhan Mantri Kisan Samman Nidhi scheme to help vulnerable farmers get direct income support of Rs 6,000 annually. The scheme is for farmers with less than two hectares of landholding. A sum of Rs 60,000 crore has been allocated to MNREGA for financial year 2019-20.
Other Key Announcements
- Monthly pension of Rs 3,000 to unorganised sector workers after the age of 60
- Defence Budget enhanced beyond Rs 3 lakh crore
- Allocation for the northeastern region proposed to be increased to Rs 58,166 crore – a 21 percent rise over the previous year
- GST collection in January 2019 has crossed Rs 1 lakh crore
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