Budget 2019: From income tax exemption to farmer benefits; All you need to know

Tax rebate slab increased for people earning Rs 5lakh per year from Rs 2.5 lakh per year. Now, taxes will not be deducted from salaries of people earning Rs 5 lakh per year or less.

Sops for farmers  The government has announced structural income support for the farmers by providing Rs 6000/ year assured income for farmers from December 2018 onward. The same will provided to farmers in 3 instalments of Rs 2000 quarterly. The PM Kisan Samman Nidhi Yojana will provide assured income support of Rs. 6,000 per year to small and marginal farmers who hold two hectares, through direct cash transfer. The same will provided to farmers in 3 instalments of Rs 2000 quarterly.  5% interest subversion on farmer loan in case of national and severe disasters. The same is likely to provide incentive to farmers for timely payment of dues.  Farmers hit by natural calamities will get 2 percent interest subvention and 3% more on timely repayment of loans

#Budget2019 announces new Scheme, namely “Pradhan Mantri KIsan SAmman Nidhi (PM-KISAN)” to extend direct income support at the rate of Rs. 6,000 per year to farmer families, having cultivable land up to 2 hectares #BudgetForNewIndia pic.twitter.com/jEhK0FxGCL

— PIB India (@PIB_India) February 1, 2019

Bonanza for middle class Tax rebate slab increased for people earning Rs 5lakh per year from Rs 2.5 lakh per year. Now, taxes will not be deducted from salaries of people earning Rs 5 lakh per year or less. Presenting the Interim Budget 2019-20, acting Finance Minister Piyush Goyal proposed doubling the standard deduction threshold for individual annual incomes from the current Rs 2.5 lakh to Rs 5 lakh. Individuals having gross income up to Rs. 6.5 lakh will not need to pay any tax provided they make investments in provident funds and prescribed equities. Around 3 crore middle class taxpayers will get tax exemption due to this measure

Individual taxpayers having annual income upto Rs 5 lakhs will get full tax rebate. Individuals with gross income up to 6.5 lakh rupees will not need to pay any tax if they make investments in provident funds and prescribed equities :FM Piyush Goyal#Budget2019#BudgetForNewIndia pic.twitter.com/4LgxrCK9u3

— PIB India (@PIB_India) February 1, 2019

Interest upto Rs40,000 on Fixed deposits exempted from tax. Standard deduction has been increased from Rs 40,000 to Rs 50,000.The same is going to benefit the salaried class.

Individual taxpayers having annual income upto Rs 5 lakhs will get full tax rebate. #Budget2019 #BudgetForNewIndia pic.twitter.com/DoxNoSmlnt

— PIB India (@PIB_India) February 1, 2019

Free LPGs to poor  Finance Minister Piyush Goyal has announced that the government aims to provide free LPG gas connections to 8 crore families under the Ujjwala scheme by 2020. Unorganized workers  Workers in the unorganized sector can now benefit from the Pradhan Mantri Shram Yogi Mandhan. In this scheme, workers in the unorganized sector who have reached 60 years will get Rs. 3,000 pension per month with the contribution of Rs. 100 or less per month. These workers who enroll in the pension scheme at 18 years will need to contribute Rs. 55/month and those joining at the age of 29 will have to contribute Rs. 100. Once they touch the age of 60, they will receive a minimum of Rs. 3,000/month. Rs 3000 monthly pension for labourers. The same will help labourers maintain a minimum life standard and get afford food for their families.  Raise in gratuity limit  High growth and formalistation of the economy has led to the expansion of employment opportunities as shown in EPFO membership, which has increased by nearly 2 crore in two years reflecting formalisation of the economy and job creations. Maximum ceiling of the bonus given to the labourers has been increased from Rs 3,500 pm to Rs 7,000 pm and the maximum ceiling of the pay has been increased from Rs 10,000 pm to Rs 21,000 pm. The ceiling of payment of gratuity has been enhanced from Rs 10 lakhs to Rs 20 lakhs. Black money "Anti-black money measures including demonetisation led to the discovery of undisclosed income of Rs 1.30 lakh crore, seizure of Rs 50,000 crore," Piyush Goyal said while presenting Interim Budget for 2019-20 in the Lok Sabha. Rs 6,900 Crore worth Benami assets and Rs 1600 Crore worth foreign assets attached. TDS on rent  Piyush Goyal has has increased the limit for TDS on rent paid to them by non-individuals, eg. corporates etc. The TDS threshold for rent has now been increased from Rs 1.8 lakh to 2.4 lakh. There's no tax on notional rent on second self-occupied house. There are also benefits under Sec 80(i)BA being extended for one more year, for all housing projects approved till end of 2019-2020. Panel for nomadic, semi-nomadic communities Piyush Goyal on Friday said that a committee under Niti Aayog will be set up to complete the task of identifying de-notified, nomadic and semi-nomadic communities not yet formally classified. The allocation of Rs 56,619 crore made in budget estimate of 2018-19 for scheduled caste, further increased to Rs 62,474 crore in revised estimate is proposed to be enhanced to Rs 76,801 crore in BE for 2019-20, an increase of 35.6 per cent over BE of 2018-19. For the scheduled tribes also, proposed allocation in 2019-20 BE is Rs 50,086 crore as against Rs 39,135 crore in BE 2018-19, an increase of 28 per cent, the minister said. Defence budget  A huge Defence Budget of Rs 3,00,000 has been allocated. A major hike in the allowances for officers and troops of defense forces posted in high altitude, field areas and counter insurgency areas. Rs 35,000 crore disbursed by government via One Rank One Pension. For Medium, Small and Micro Enterprises (MSMEs) While a Scheme of sanctioning loans upto Rs. 1 crore in 59 minutes has been launched, GST-Registered SME units will get 2% interest rebate on incremental loan of Rs. 1 crore. Piyush Goyal said that 25% sourcing by all the Government Undertakings will now have to be from SMEs. Of this, the material to the extent of at least 3% will be sourced from women owned SMEs, he added. Welfare of mother cow Government has also announced setting up of Rashtriya Kamdhenu Aayog to  enhance productivity of cows. This government will never shy away from honoring our Mother Cow, Piyush Goyal said.

2nd big announcement. Commission for welfare of the cow and its progeny. Rashtriya Kamadhenu Ayog

— Ram Madhav (@rammadhavbjp) February 1, 2019