Union Minister Piyush Goyal today presented the last Interim Budget of the NDA government led by Prime Minister Narendra Modi before the Lok Sabha elections due by May. From direct cash transfer to small farmers and better gratuity terms to income tax relief, the Interim Budget appeared to be keeping the national elections in its radar.
Here are the top 5 announcements by Piyush Goyal:
Individual taxpayers with annual income up to Rs. 5 lakh will get full tax rebate. 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. Around three crore middle class taxpayers will get tax exemption due to this measure.
Within the next two years, assessment of all tax returns should be done electronically without any personal interface. Direct tax collections up from 6.38 lakh crore in 2013-14 to almost 12 lakh crore; tax base up from 3.79 crore to 6.85 crore. All income tax returns to be processed within 24 hours.
The PM Kisan Samman Nidhi Yojana will provide assured income support of Rs 6,000 per year to small and marginal farmers with landholding below two hectares, through direct cash transfer. It will be paid in three installments of Rs 2,000.
"EPFO shows two crore accounts in two years. This shows formalisation of the economy. When there is such a high growth, jobs are created," Piyush Goyal said. Gratuity limit has been increased from Rs 10 lakh to Rs 30 lakh.
Pension scheme for unorganised sector workers with monthly income up to Rs 15,000 will be given. Assured monthly pension of Rs 3,000 after they retire on reaching 60.
