Finance Minister Arun Jaitley presented his third Union Budget .In his speech, he outlined the nine pillars on the basis of which he hopes to enhance India's economic growth. FM focused on agriculture to tax and financial sector reforms.
Key
Points:-
To lessen burden on individuals with income not exceeding 5 lakh, sealing of tax rebate under sec 87A from Rs 2000 to Rs 5000.
For taxpayers earning below Rs 5 lakh, ceiling on tax rebate increased by Rs 3,000.
No changes have been made to existing income tax slabs.
Excise duty on Tobacco products increased by 10-15%.
People who do not have any house of their own and don’t get any house rent allowance from their employer are eligible for reduction of Rs 24000 per year.
Deduction for rent payers raised from Rs 20,000 to Rs 60,000 to benefit those living in rented houses.
Department of Disinvestment renamed as Department of Investment and Public Asset Management.
Rs. 9,000 crore allotted for Swachch Bharat Abhiyan.
Total rural sector allocation Rs. 87,769 crore.
Small shops should be given the choice to remain open on all 7 days a week.
28.5 lakh hectares to be brought under irrigation.
Govt will reorganise agricultural policy to double farmer income in five years.
Government to provide health insurance of upto Rs. 1 lakh per family; top up of Rs. 35,000 for people above 60 years. 3,000 stores to be opened for generic drugs.
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To lessen burden on individuals with income not exceeding 5 lakh, sealing of tax rebate under sec 87A from Rs 2000 to Rs 5000.
For taxpayers earning below Rs 5 lakh, ceiling on tax rebate increased by Rs 3,000.
No changes have been made to existing income tax slabs.
Excise duty on Tobacco products increased by 10-15%.
People who do not have any house of their own and don’t get any house rent allowance from their employer are eligible for reduction of Rs 24000 per year.
Deduction for rent payers raised from Rs 20,000 to Rs 60,000 to benefit those living in rented houses.
Department of Disinvestment renamed as Department of Investment and Public Asset Management.
Rs. 9,000 crore allotted for Swachch Bharat Abhiyan.
Total rural sector allocation Rs. 87,769 crore.
Small shops should be given the choice to remain open on all 7 days a week.
28.5 lakh hectares to be brought under irrigation.
Govt will reorganise agricultural policy to double farmer income in five years.
Government to provide health insurance of upto Rs. 1 lakh per family; top up of Rs. 35,000 for people above 60 years. 3,000 stores to be opened for generic drugs.
For other latest headlines in india and news headlines today
please visit Newsdistill.com
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