TAX
1) Within 2 years, Tax assessment will be done electronically.
2) IT returns processing in just 24 hours.
3) Minimum 14 per cent revenue of GST to states by Central Govt.
4) Custom duty has 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 has increase 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 has increased from Rs 10,000 to Rs 40,000.
10) Ceiling Limit of TDS u/s 194I has increased from Rs 1,80,000 to Rs 2,40,000.
11) Capital tax Benefit u/s 54 has increased from investment in one residential house to two residential houses.
12) Benefit u/s 80IB has increased to one more year i.e. 2020.
13) Benefit has given to unsold inventory has increased to one year to two years.
 
OTHER AREAS
14) State share has increased to 42 percent.
15) PCA restriction has abolished from 3 major banks.
16) 2 lakhs seats will increase for the reservation of 10 percent.
17) Rs 60,000 crores for MGNREGA.
18) Rs 1.7 Lakh crore to ensure food for all.
19) 22nd AIIMS has to be opened in Haryana.
20) Approval has to be given to PM Kisan Yojana.
21) Rs 6,000 per annum has to be given to every farmer having up to 2 hectare land. Applicable from September 2018. Amount will be transferred in 3 installments.
22) National kamdhenu ayog for cows at Rs 750 crores for National Gokul Mission.
23) 2 per cent interest subvention for farmers pursuing animal husbandry and also create separate department for fisheries.
24) 2 per cent interest subvention for farmers affected by natural calamities and additional 3 per cent 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 years of age.
28) Our government delivered 6 crores free LPG connections under Ujjawala scheme.
29) 2 per cent interest relief for MSME GST registered person.
30) 26 weeks of Maternity Leaves to empower the women.
31) More than 3 Lakhs crores for defence.
32) One lakh digital villages in next 5 years.
33) Single window for approval of India film makers.
FM Piyush Goyal presents Budget
1) I can confidently say, India is solidly back on track and marching towards growth and prosperity.
2) Inflation is a hidden and unfair tax; from 10.1 per cent during 2009-14, we have broken the back of back-breaking inflation.
3) Inflation in December 2018 was 2.1 per cent. Fiscal deficit has been brought down to 3.4 per cent in the revised estimate of 2018-19.
4) Current account deficit is expected to be 2.5 per cent this year.
5) Almost Rs 3 lakh crore has already been recovered in favour of banks and creditors, big defaulters have also not been spared by our government.
6) Recapitalisation of banks amounting to Rs 2.6 lakh crore has been done.
7) We are moving towards realizing the dream of New India by 2022.
8) As a tribute to Mahatma Gandhi, world’s largest behavioural change movement Swachh Bharat initiated; more than 98 per cent rural sanitation coverage has been achieved; more than 5.45 lakh villages declared ODF.
9) Efforts have been initiated to bring full representation for economically weak backward classes, by giving them reservation in jobs and education.
10) During 2014-18, 1.53 lakh houses have been constructed under PM Awas Yojana.
11) Rs 1,70,000 crore spent for bringing food at affordable rates to poor people.
12) Pace of construction of rural roads has been tripled under our tenure.
13) Ayushman Bharat the world’s largest healthcare programme was launched to provide medical care to almost 50 crore people, resulting in 3,000 crore savings by poor families.
14) For the welfare of farmers and for doubling their income, historic decision was taken to increase MSP by 1.5 times the production cost for all 22 crops.
15) To provide assured income support for small and marginal farmers, Pradhan Mantri Kisan Samman Nidhi scheme has been approved.
16) Under the Pradhan Mantri Kisan Samman Nidhi, Rs 6,000 per year for each farmer, in three instalments, to be transferred directly to farmers’ bank accounts, for farmers with less than 2 hectares landholding. This initiative will benefit 12 crore small and marginal farmers, at an estimated cost of Rs. 75,000 crore.
17) Instead of rescheduling of crop loans, the farmers severely affected by natural calamities will get 2 per cent interest subvention and additional 3 per cent interest subvention upon timely repayment.
18) Increased allocation for Rashtriya Gokul Mission to 750 crore in current year.
19) 50 per cent of the GDP comes from sweat and toil of 42 crore workers in unorganised sector.
20) A pension scheme is being launched called Pradhan Mantri Shram Yogi Mandhan, to provide assured monthly pension of 3000 rupees per month, with the contribution of Rs 100 per month, for workers in unorganised sector after 60 years of age. Will benefit 10 crore workers in unorganised sector, may become the world’s biggest pension scheme for unorganised sector in five years.
21) Gratuity limit increased from Rs 10 lakh to Rs 30 lakh.
22) To ensure cleaner fuel and health assurance, we embarked upon Pradhan Mantri Ujjwala Yojana, a programme to give 8 crore free LPG connections to rural households, 6 crore connections have been given already.
23) 75 per cent of woman beneficiaries under Pradhan Mantri Mudra Yojana, 26 weeks of maternity leave and the Pradhan Mantri Matritva Yojana, are all empowering women in the country.
24) Rs 1 crore loan can now be obtained under 59 minutes.
25) Committee under NITI Aayog to be set up to identify and denotify nomadic and semi-nomadic communities.
26) Nine priority areas identified; National Artificial Intelligence Portal to be developed soon.
27) Our soldiers are our pride and honour; ‘One Rank One Pension’, which was pending for the last 40 years, has been implemented by us.
28) We have already disbursed Rs 35,000 crore for our soldiers under ‘One Rank One Pension’, substantial hike in military service pay has been announced.
29) Defence budget enhanced beyond Rs 3 lakh crore.
30) Today, India is the fastest highway developer in the whole world with 27km of highways built each day.
31) India has achieved over 98 per cent rural sanitation coverage.
32) Vande Bharat Express will provide speed, service, and safety to citizens and will give a boost to Make in India.
33) Allocation for NorthEasternRegion proposed to be increased to Rs 58,166 crore in this year, a 21 per cent rise over previous year.
34) Today there is not a single unmanned railway crossing on the broad gauge in India.
35) An urgent action is needed to increase hydrocarbon production to decrease imports.
36) A single window clearance for filmmaking to be made available to filmmakers, anti-camcording provision to also to be introduced to Cinematography Act to fight piracy.
37) Cost of data and voice calls in India is now possibly the lowest in the world; mobile and mobile part manufacturing companies have increased from 2 to 268.
38) In the last 5 years under all categories of workers, minimum wages increased by 42 per cent which is the highest ever.
39) Direct tax collections from Rs 6.38 lakh crore in 2013-14 to almost Rs 12 lakh crore; tax base up from Rs 3.79 crore to Rs 6.85 crore.
40) 6 crore free LPG connections provided under Ujjwala yojana.
41) Within almost 2 years, almost all assessment and verification of IT returns will be done electronically by an anonymised tax system without any intervention by tax officials.
42) GST has been continuously reduced resulting in relief of Rs 80,000 crore rupees to the consumers; Most items of daily use are now in the 0 per cent -5 per cent tax bracket.
43) The Group of Ministers is examining how prospective house buyers can benefit under GST.
44) GST collections in January 2019 has crossed Rs 1 lakh crore.
45) Committed to eliminating the scourge of black money; anti-black money measures taken have brought an undisclosed income of about Rs 1.30 lakh crore to the fore; 3.38 lakh shell companies were deregistered.
46) 18 per cent increase in direct tax collections in 2017-18, 1.06 crore people included in the tax base.
POINTS TO BE NOTED
* 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.
* Standard tax deduction for salaried persons raised from Rs 40,000 to Rs 50,000.
* TDS threshold on interest on bank and post office deposits raised from Rs 10,000 to Rs 40,000.
* TDS threshold on rental income raised from Rs 1.8 lakh to Rs 2.4 lakh.
* Benefit of rollover of capital tax gains to be increased from investment in one residential house to that in two residential houses, for a taxpayer having capital gains up to Rs 2 crore; can be exercised once in a lifetime.
*Benefits under Sec 80(i)BA being extended for one more year, for all housing projects approved till end of 2019-2020.
