All Over Budget .... Simple Understanding

*Pradhan Mantri KIsan SAmman Nidhi
(PM-KISAN)*

1. • “Direct Income Support Scheme”

2. • Rs. 6,000 per year

3. • having cultivable land UPTO 2 hectares• outlay of Rs.75,000 crore for the FY 2019-20

➖➖➖➖➖➖➖➖➖➖➖
*'Pradhan Mantri Shram-Yogi Maandhan'* 

1. • Pension Yojana

2. • For Unorganised sector workers

3. • With monthly income UPTO Rs. 15,000

4. • Monthly Pension of Rs. 3,000 from the Age of 60 years

5. • At the age of 29 years will have to contribute only Rs. 100 per month till the age of 60 years. 

6. • At 18 years, will have to contribute as little as Rs. 55 per month.

7. • Government will deposit equal matching share in the pension account of the worker every month.

8. • A sum of Rs. 500 crore has been allocated

💠 *TAXPAYERS* 

1. • Income UPTO Rs 5 Lakh to get full tax rebate.

2. • Finance Minister Piyush Goyal proposed amending Section 87A of the 

3. Income Tax Act to increase the rebate for taxpayers at the lower end of the 

4. spectrum.

5. • Currently, the Section provides for a rebate of ₹2,500 for all taxpayers with 

6. an income of less than ₹3.5 lakh a year.

7. • This means that those earning up to ₹5 lakh a year will be exempt from tax.

8. • However, those earning more than ₹5 lakh will not be eligible for this and will 

9. have to pay tax according to the normal rates. 

 *💠TAXPAYERS* 

1. • Tax Deduction at Source (TDS) threshold on interest earned on bank/post 

2. office deposits has been proposed to be raised from Rs.10,000 to Rs.40,000. 

3. • TDS threshold for deduction of tax on rent has also been proposed to be increased from Rs.1,80,000 to Rs.2,40,000.

4. • Budget also proposed increasing the standard deduction limit from the 

5. ₹40,000 announced last year to ₹50,000.TAXPAYERS

6. • It has been proposed to exempt the levy of income tax on notional rent on a second self-occupied house.

7. • Currently, income tax on notional rent is payable if one has more than one self-occupied house.

💠 *Defencee Budget 2019-20* 

1. • Rs. 3,18,931.22 crore has been earmarked for Defence (excluding Defence Pension).

2. • For Defence Pension, an amount of Rs. 1,12,079.57 crore has been provided in BE 2019-20. 

• *Health*

1. • 22nd AIIMS to be setup in Haryana *MGNREGA* rs. 60, 000 crore allocation for MGNREGA in BE 2019-20

• *Fiscal Programme* 

1. • Fiscal deficit pegged at 3.4% of GDP for 2019-20

2.  Target of 3% of fiscal deficit to be achieved by 2020-21.

3. Fiscal deficit brought down to 3.4% in 2018-19 RE from almost 6% seven years ago

*Substantial increase in allocation for the Scheduled Castes and Scheduled
Tribes –* 

1.  Allocation for SCs increased by 35.6% - from Rs. 56,619 crore in BE 2018-19 to Rs. 76,801 crore in BE for 2019-20

2.  Allocation for the STs increased by 28% - from 39,135 crore in BE 2018-19 to Rs. 50,086 crore in 2019-20 BE

3. Digital Villages

4.  The Government to make 1 lakh villages into Digital Villages over next five years

5. Other Announcement(s)

6. New National Artificial Intelligence portal to support National Program on Artificial Intelligence

7. Allocation of Rs.750 crore for Rashtriya Gokul Mission has been announced for the current year itself. Setting up of "Rashtriya Kamdhenu Aayog“.

8. The Aayog will also look after effective implementation of laws and welfare schemes for cow

House property income 
1. asas per the current laws if the tax prayer owns more than one house property for personal use the rest of the properties are considered as deemnd let out and income tax levied on a national retnal value it has been proposed to extend the exemption limit to two house properties owning to issues faced by the middle class having to maintain a family at two locations on account of job movements

Railways

1. Capital support of Rs.64,587 crore proposed in 2019-20 (BE) from the budget
2. Overall capital expenditure programme to be of Rs. 1,58,658 crores
3. Operating Ratio expected to improve from 98.4% in 2017-18 to 96.2% in 2018-19 (RE) and to 95% in 2019- 20 (BE)
4. Safest year’ for railways in its history
5. All Unmanned Level Crossings on broad gauge network eliminated.
6. Semi high-speed “Vande Bharat Express” introduced – first indigenously developed and manufactured.

Major Fund Allocations

• 60, 000 crore allocation for MGNREGA in 2019-20 BE(Budget Estimates).
  • For fiscal year 2018-19, NREGS was allocated Rs 55,000 crore.
  • Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) promises unskilled manual work to every adult for at least 100 days in rural parts of the country. It was introduced in 2005.
• PMAY-G, the allocation is less at Rs 19,000 crorefrom Rs 21,000 crore in 2018-19.
• PMGSY stands at Rs 19,000 crore for 2019-20, same as in 2018-19.
• Rs 93,847.64 crore allocated for education sector for 2019-20, an increase of over 10 per cent from Rs 85,010 crore 2018-19
  • Rs 37,461.01 crore has been allocated for higher education, Rs 56,386.63 crore has been earmarked for school education.
• Job and Skill Development from Rs 5,071 crore to Rs 7,511 crore 2019-20.
• Urban Rejuvenation Mission AMRUT and Smart Cities Mission: BE were increased from Rs 12,169 to Rs 13,900 crore for the 2019-20 fiscal year.
• Food subsidy to Food Corporation of India under National Food Security Act: increased from Rs 1,38,123 crore to Rs 1,51,000 crore.
• Space Technology: increased from Rs 6,576 crore to Rs 7,483 crore.
• National Highways Authority of India: increased from Rs 29,663 crore to Rs 36,691 crore.
• Direct Benefit Transfer: increased from Rs 16,478 crore to Rs 29,500 crore.
• Urea subsidiary: raised from Rs 45,000 crore to Rs 50, 164 crores.
• Sports Budget: increased from Rs 2002.72 (2018-2019) crore to Rs 2216.92 crore.
• National Education Mission allocation increased by about 20% to Rs. 38,572 crores in BE 2019-20
• Allocation for Integrated Child Development Scheme (ICDS) increased by over 18% to Rs. 27,584 crores in BE 2019-20
• Substantial increase in allocation for the Scheduled Castes and Scheduled Tribes –
  • Allocation for SCs increased by 35.6% – from Rs. 56,619 crores in BE 2018-19 to Rs. 76,801 crores in BE for 2019-20
  • Allocation for the STs increased by 28% – from 39,135 crore in BE 2018-19 to Rs. 50,086 crores in 2019-20 BE

Digital Villages

• The Government to make 1 lakh villages into Digital Villages over next five years 

Women

• Rs.1330 Crore allocate for the Mission for Protection and Empowerment for Women.
• Maternity leave of 26 weeks and Pradhan Mantri Matru Vandana Yojana for pregnant women in work.
• More than 70% of the beneficiaries of Pradhan Mantri MUDRA Yojana are women.
• 6 crore free LPG connections under the Ujjawala Yojana.

MSME and Traders

• 2% interest subvention on an incremental loan of Rs 1 crore for GST registered SMEs
• Atleast 3% of the 25% sourcing for the Government undertakings will be from women owned SMEs
• Renewed Focus on Internal trade; DIPP renamed to Department for Promotion of Industries and Internal trade

• New National Artificial Intelligence portal to support National Program on Artificial Intelligence
• A new committee under NITI Ayog to identify all the remaining De-notified nomadic and semi-Nomadic tribes.
• New Welfare development Board under Ministry of social justice and empowerment for development and welfare of De-notified nomadic and semi nomadic tribes

Vision 2030 in Budget

Ten dimensions of Vision for India of 2030:

1. Next Generation Infrastructure – to provide an “ease of living”.
2. Digital India – reached every corner of the economy and every citizen.
3. Clean and Green India – Making India pollution free by leading transport revolution with Electric Vehicles and focus on Renewables.
4. Rural Industrialization – using modern digital technologies to generate massive employment
5. Clean Rivers – safe drinking water to all Indians using micro-irrigation techniques.
6. Oceans and Coastlines – scaling up of Sagarmala
7. Space Programme – India becoming a launchpad of the world by placing an Indian astronaut in space by 2022
8. Self-Sufficient – in food and improving agricultural productivity with emphasis on organic food
9. Healthy India – with a distress-free and comprehensive wellness system for all
10. Minimum Government, Maximum Governance – with proactive, responsible, friendly bureaucracy and electronic governance.

“Union government present a Vote-on-Account along with the interim budget 2019″

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