Ahead of the Lok Sabha polls and using it as their best chance, the NDA Government today announced a cash dole for small farmers, the mega pension scheme for the unorganized sector and tax benefits to the middle class, covering the crucial part of India's electorate.
Tax benefits
- Salary earners, pensioners to get the ax benefit. No income tax for annual income up to Rs 5 lakh
- Salary earners of up to Rs 6.5 lakh income to not pay tax if they make tax-related investments
- Standard deduction to be raised from Rs 40,000 to Rs 50,000
- No tax if you own the econd house
- No TDS on post office savings up to Rs 40,000
- No tax on notional rent on the second house
- Capital gains tax exemption under Section 54 raised to Rs 2 crore
- Tax on notional rent on unsold inventory to not be paid for 2 years
Bounty for farmers, unorganised labour
- All farmers affected by natural disasters to get 2% interest subvention upfront for the entire loan period
- Farmers up to 2 hectares of land to come under PM Kisan Samman Nidhi Scheme. Poor farmers to get Rs 6,000 per year in 3 instalments of Rs 2,000 each (with effect from December 2018)
- Government to implement mega pension scheme for unorganised labour. Unorganised labour to get Rs 3,000 per month after the age of 60 under the mega pension scheme.
- Government to contribute 14% under New Pension Scheme
- A National Programme for Artificial Intelligence covering 9 areas to be promoted
- Government projects to source 25% material from SMEs
- SME loans of Rs 1 crore to get 2% interest subvention
- Single window clearance to be made available to Indian film makers
- National education mission to get Rs 38,572 crore (in FY20)
-Integrated child development scheme to get Rs 27,584 crore (in FY20
- SC, ST welfare to get Rs 76,800 crore (in FY20)
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