Interim Budget Promises Rs 75,000 Crore Income Support for Farmers

Interim Budget Promises Rs 75,000 Crore Income Support for Farmers

Additionally, Piyush Goyal also announced that those having a gross income of up to Rs 6.5 lakh a year can get full tax rebate if they make investments in provident funds. This will be an interim budget ahead of 2019 Lok Sabha Elections, in which the PM Narendra Modi-led NDA government will try to woo voters through tax sops.

With the government taking a hit of almost Rs.1.15 lakh crore through these measures targeting farmers and middle class, it has slightly revised the fiscal deficit target for 2018-19 to 3.4% of GDP from the budget target of 3.3% a year ago. "This will provide tax benefit of Rs 18,500 crore to 3 crore people", he added. "Keeping this in view I propose to further reduce the tax burden on such taxpayers".

TDS limit on bank deposits raised from Rs 10,000 to Rs 40,000.

Moreover, the finance minister also announced that the introduction of an anti-camcording provision in the Cinematography Act to take action against piracy. The initiative will benefit 12 crore small and marginal farmers, at an estimated cost of Rs 75,000 crore, said Goyal.

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Income tax on notional rent is now payable if one has one self-occupied house.

The government also exempted tax on notional rent on a second self-occupied house.

All those earning up to Rs 5 lakh a year will now receive a full tax rebate.

The bonanza did not end there. While the scheme in Telangana is extended to all farmers, the scheme in Odisha and the one announced by Goyal are limited to small farmers (those with landholding less than 2 hectares of 5 acres). This benefit can be availed once in a lifetime. The government on Wednesday made it clear that the budget will be called an Interim Budget 2019-20 after media reports described the coming exercise as a General Budget. Around 3 crore middle class taxpayers will get tax exemption due to this measure.

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