After the jaw breaking pre-election union budget the NDA Government presented the Union Budget which came out today which is very promising to boost the current economy. Finance Minister Nirmala Sitharaman today announced no changes in Personal income tax rates, tax on petrol and diesel, levied an additional surcharge on super rich as she sought to spur growth with a reduction in corporate tax and sops to the housing sector, startups, and electric vehicles. Among in all these announcements, Sitharaman said the digital payments will get cheaper, Govt will launch ATM-like one nation one card for PAN India travel and new model rental laws will be unveiled to boost affordable housing.
Here are some key highlights from the speech of Finance Minister
Tax ka fanda
- There is no change in Personal Loan Income Tax Rates
- Additional Tax relief on Rs. 1.5lacs on purchase of home loan up to Rs. 45 lacs
- Petrol, Diesel, and Gold got costlier.
- 3% surcharge on an income of Rs. 2 cr. and in the case of 5 cr or above it will be 7%.
- The corporate tax turnover up to Rs. 400 cr slashed 25% from a current rate of 30%.
- For those who do not have PAN Cards, they will have the interchangeability of PAN and Aadhaar for ITR.
- GST council is advised to decrease the tax rate on EVs from 12% to 5%.
- To promote house renting modern tenancy laws will be shared with states, Rental laws to be reformed.
#pay_digitaly, go cashless
- There will be 2% if withdraw 1 crore or more in a year from your bank account for business payments.
- No charge on digital payments, go cashless as MDR charges are waived.
- For non-residential Indians, there will be Aadhar Card on arrival in India.
- For informal workers, there will be a pension of Rs. 3000 per month.
- One nation one transport card
- Govt is planning to create Manufacturing Repair an Operate industry.
- PPP for faster development and passenger freight services.
- Plan of restructuring National Highways Program.
- Government envisions using rivers for cargo transport to decongest roads and railways.
- There is a fiscal deficit in Financial Year 19 at 3.3% of the GDP.
- Govt will take part in borrowing foreign currency.
- Propose of easing angel tax for startups.
- Angle tax does not require any scrutiny from the I-T department for a startup.
- Stand up India scheme to continue till 2025.
- New Platform payment for MSMEs to be created.
- Long Term bonds for market
- To merge the NRI portfolio route with FPI route.
- To set up for a Credit guarantee enhancement corporation.
- Govt will take up measures to make RBI & SEBI depositories inner-operable.