The highlights of the Budget for Economic Growth of the country.
The budget seems to give in a positive note to the common man and business ventures with a higher economic prospect.
- The interchangeability of PAN and Aadhaar to file one’s I-T Returns soon.
- ₹5 lakh becomes the minimum limit for taxpayers. The incomes earners between ₹2-5 crore and ₹5 crore-and-above a year shall have to pay an increased tax rate by 3% and 7%, respectively.
- The GST rate shall be lowered by 5% on electric vehicles with an additional income tax deduction of ₹1.5 lakh on interest on loans taken to purchase electric vehicles.
- Home buyers shall see an additional deduction of ₹1.5 lakh on loans up to March 31, 2020, for instigating home affordability.
- No waiting period for NRI’s holding Indian Visas for the providence of their Aadhaar cards.
- Introduction of a ₹20 coin.
- ₹1 hike on excise duty of fuel.
- No scrutiny over startups in regards to funds by the IT department. This measure shall help in resolving the angel tax issue.
- For discouraging business payments in cash a TDS of 2% shall be levied on cash withdrawals exceeding ₹1 crore in a year from bank accounts.
- Period of exemption for capital gains from the sale of the house for investment in startups shall be extended to March 31, 2021.
- ₹70,000 crore shall be invested for the recapitalisation of public sector banks.
- The year’s target for disinvestment is 1.05 lakh crore.
- For promoting startups and matchmaking for funds, a TV channel is proposed to be launched.
- The new national educational policy stresses on transforming Indian education into one of the best in the world.
- Under PM Karam Yogi Maan Dhan Scheme the pension benefit will be extended to 3 crore retail traders. The application of the scheme shall require only Aadhaar numbers and bank accounts.
- MSMEs shall be able to avail ₹1 crore worth of loans.
- ₹50 lakh crores proposed for Railway infrastructure.
- Stress has been made on zero-budget farming with minimum external intervention.
- FIIs and FDIs shall be allowed to invest in debt securities in infrastructure. Debt funds shall also be allowed. Minimum public shareholding in listed companies may be increased from 25% to 35%.
- A target of the year 2022 which is also the 75th year of Independence has been set to provide every single rural family with electricity and clean cooking facility. It does not include those who are unwilling to take the connection.
- Global Investors Meet to happen in India.
