10 big announcements: Finance Minister of India on Saturday presented the Union Budget for the 8th consecutive time. The government has given relief to the middle class and income tax payers in the budget. Now employees with an average salary of one lakh rupees per month will not have to pay income tax
Income up to Rs 12 lakh has been excluded from the ambit of tax. Farmers, women, youth and students have been given a lot of care in the budget.
How will the general public benefit from this budget? Let’s know in 10 points-
- Union Finance Minister Nirmala Sitharaman has announced a new tax regime in the budget. Now no tax will have to be paid on annual income up to Rs 12 lakh. People with an annual income of Rs 25 lakh will get a tax benefit of Rs 110000. A person with an annual income of Rs 18 lakh will benefit from a tax of Rs 70000.
- Kisan Credit Card: The government has announced to increase the limit of Kisan Credit Card (KCC) from Rs 3 lakh to Rs 5 lakh in the budget. This will directly benefit 7.7 crore farmers, fishermen and dairy farmers across the country.
- Promotion of urea production: The central government has planned to make the country self-reliant in urea production. The government will restart three urea plants. In addition, a urea plant with an annual capacity of 12.7 lakh metric tonnes will be set up in Assam. With this, farmers will not have to face shortage of urea. At the same time, it will also help in reducing the import of urea.
- Care of gig staff: Gig staff has been taken care of in the budget. The government will provide identity cards to these employees. Apart from this, they will also be registered on the e-Shram portal. The special thing is that the gig workers will also get the benefit of PM Jan Arogya Yojana. It is estimated that this will benefit about one crore workers.
- Increased TDS limit: The government has removed TCS from education loans up to 10 lakhs. Further, it has announced to increase the annual TDS limit on rent from Rs 2.4 lakh to Rs 6 lakh. At the same time, the tax deduction limit for senior citizens has been increased to Rs 1 lakh. Earlier, the limit was Rs 50,000.
- Focus on pulses: Government will launch a mission of self-sufficiency in pulses. The main focus will be on Tur, Urad and Masur. The Atmanirbhar Dalan Mission will last for six years. Central agencies NAFED and NCCF will buy pulses from farmers for the next 4 years. Apart from increasing pulse production, the scheme will also help in controlling prices.
- Easy loans to women: A new scheme will be launched to provide term loans to five lakh women belonging to Scheduled Castes and Scheduled Tribes. However, this benefit will be available to women entrepreneurs for the first time. Under this, a loan of up to Rs 2 crore will be given over 5 years.
- Gift to MSMEs: 10 lakh customised credit cards with a limit of up to five lakh rupees will be issued in the first year for micro enterprises registered on the enterprise portal.
- Schools will be connected to broadband: Under the Bharat Net scheme, all government secondary schools and primary health centres in rural areas will be connected to broadband. The government will launch the Bharatiya Bhasha Book Scheme. In this, books in Indian languages will be provided in digital form to school and higher education students. In the next 5 years, 50 thousand Atal Tinkering Labs will be set up in government schools.