
- Income Tax Exemptions
- In a move aimed at the middle class, Finance Minister Piyush Goyal announced a full tax rebate for individual tax payers earning an annual income of Rs 5 lakhs.
- Defence Budget
- The Defence Budget was increased beyond Rs 3 lakh crore.
- The Government has disbursed Rs 35,000 crore to the soldiers under the ‘One Rank One Pension’ scheme which was pending for the last 40 years.
- Pension for the Unorganised Sector
- Under the Pradhan Mantri Shram Yogi Maan Dhan Yojana, the unorganised sector workers will get a pension of Rs 3,000 per month after the age of 60.
- Direct Income Support for Farmers
- Under the Pradhan Mantri Kisan Yojana, the vulnerable farmers will get direct income support of Rs 6,000 per year.
- The scheme is applicable to farmers will less than two hectares of land.
- This initiative will benefit 12 crore small and marginal farmers at an estimated cost of Rs 75,000 crore.
- Gratuity Limited Extended
- Gratuity payment limit has been increased from Rs 10 lakhs to Rs 30 lakhs.
- Interest Subvention on MSMEs Loans
- GST-registered MSME units will get 2 percent interest subvention on loan of Rs 1 crore.
- Simplify Direct Tax System
- Income Tax returns will be processed within 24 hours and returns will also be paid immediately.
- The assessment and verification of IT returns will be done electronically without any intervention by officials.
- Standard Deduction Raise
- Standard deduction was raised from Rs 40,00 to Rs 50,000 per year.
- Changes in TDS
- TDS threshold on rental income raised from Rs 1.8 lakh to Rs 2.4 lakh per year.
- Also, no TDS on bank, post office interest up to Rs 40,000 as compared to Rs 10,000 earlier.
- Increase in Direct Tax Collection
- Direct Tax collections have increased from Rs 6.38 lakh crore in 2013-2014 to almost Rs 12 lakh crore.
- The tax base has also increased from Rs 3.79 crore to Rs 6.85 crore
- Vision 2030
- Building next-gen infrastructure
- Focus on digitalising India
- Making India clean and pollution free
- Expanding rural industrialisation to ensure massive employment
- Clean rivers
- Developing coastlines and inland waterways
- Make India a launchpad for space programmes by sending an Indian astronaut in space by 2022
- Healthy India
- Minimum Government and Maximum Governance with proactive and responsible bureaucracy
- Healthcare
- Ayushman Bharat, launched with an aim to provide medical care to nearly 50 crore people, has resulted in Rs 3,000 crore savings by families.
- AIIMS are operating or being established of which 14 have been announced since 2014.