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Budget Part 2 BUDGET 2019
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Union Budget 2019-20- Highlights: Context: Finance Minister Piyush Goyal presented the Interim Budget 2019-20 on February 1, 2019. It was the last Budget of the present Government before the 2019 Lok Sabha elections. An interim budget is usually passed by the Lok Sabha without discussion BUDGET 2019-20 Highlights &Analysis
Interim Budget 2019 proposed a 10- point vision for 2030: 1. Physical and social infrastructure. 2. Digital India. 3. Pollution free nation with green Mother Earth. 4. Expanding rural industrialisation 5. Clean Rivers with safe drinking water to all Indians. 6. Coastline and ocean waters powering India's development and growth 7. Space programme Gaganyaan. 8. Making India self-sufficient in food and organic farming. 9. Healthy India - Ayushman Bharat Scheme. 10. Minimum Government Maximum Governance.
Tax proposals: 1. Individual tax payers with taxable income of up to Rs 5 lakh will get full tax rebate from now on. 2. Those earning Rs 6.5 lakh will not have to pay tax, if they invested in specified savings such as PF, PPF, etc. 3. However, the tax slabs will remain unchanged. 4. This move will benefit around 3 crore middle class tax payers. 5. For salaried persons, Standard Deduction is being raised from the current Rs 40,000 to Rs 50,000. The Tax Deducted at Source (TDS) on fixed deposits and postal deposits will be exempted for interest earned up to Rs 40,000 from Rs 10,000 currently. The rent up to Rs 2.4 lakh will be exempted from TDS. The benefit of capital gains of up to Rs 2 crore will be increased to investment on two residential houses. This benefit can be availed only once in a lifetime. 6. 7. 8. 9. The benefit of the section 80IBA of Income Tax Act will be extended for one more ar for availing of the affordable housing.
. Rastriya Kamdhenu Unorganised workers A new pension scheme- Pradhan Mantri Shram-yogi maandhaan for young workers in the unorganised sector Taxpayers While the tax been left untouched Section 87A of the IT Act has been amended to increase the rebate ceiling from 3.5 lakh to 25 lakh India Inc. * This aayog will undertake eei s hen e . PradhanWelin et omkouhse A new "direct income support scheme Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) for ononiaawnershandlindivoduals n With the focus on farmers and individuals, there were very few proposals aimed at corporate India rent for a second home has now been the development work for o Cow welfare . For making more homes available under affordable housing, the benefits under Section 80-IBA of the Income Tax Act are being extended for one more year - Real estate 6,000 per year will be 3,000 will be provided as assured monthly can Individuals with annual income of 5 lakh o less need not pay income tax hold unsold inventony for 2 years from the date of project completion without paying tax on notional rent having cultivable Land up to two hectares from the age of 60 on an affordable monthly amount during their working age 12.56 crore 000 projects approved till 31 March, 2020 Stamp duty to be levied on 1instrument relating to 1 transaction and will be collected at the stock exchange farmers likely to benefit taxpayers may be will be the monthly income limit for the . The benefit of rollover of capital gains under Section 75,000cr. allocated for the scheme for FY 2019-20 workers to join the 18.500 crore is the total tax benefit for taxpayers 54 of the Income laxRenewables to Act will be increased from investment in one residential house to two residential houses for a tax payer having capital gains up to 2 crore. These measures are expected to boost the realty 500 cr has been allocated become a major source of energy supply in the next decade 20,000 crore Those having gross income up to R6.50 takhs may not pay tax if they make investments in provident funds, specified savings, insurance, etc. for direct beftor the scheme transfer will be . 2% interest rebate on incremental loan of 1 crore for budgeted within amount will vary from 55 to 100 the Revised Estimates of FY 201819un the worker's age SME units
Pradhan Mantri Shram-Yoai Maandhan Yojana Mega pension yojana for unorganised sector workers with monthly income of 15,000 or below Assured monthly pension of 3,000 from the age of 60 years Small monthly contribution during working age with matching govt. contribution To benefit 10 crore labourers and workers in unorganised sector
Pradhan Mantri Shram-Yogi Maandhan Yojana- key facts: It is a scheme for the unorganised sector workers with monthly income upto Rs 15,000. A sum of Rs 500 crore has been allocated for the Scheme. .This scheme shall provide an assured monthly pension of Rs 3,000 from the age of 60 years on a monthly contribution of a small affordable amount during their working age. An unorganised sector worker joining pension yojana at the age of 29 years will have to contribute only Rs 100 per month till the age of 60 years. A worker joining the pension yojana at 18 years, will have to contribute as little as Rs 55 per month only. The Government will deposit equal matching share in the pension account of the worker every month. .
Need and Significance of the scheme: It is expected that at least 10 crore labourers and workers in the unorganised sector will avail the benefit of the scheme within next five years making it one of the largest pension schemes of the world Half of India's GDP comes from the sweat and toil of 42 crore workers in the unorganised sector working as street vendors, rickshaw pullers, construction workers, rag pickers, agricultural workers, beedi workers, handloom, leather and in numerous other similar occupations. The Government must provide them comprehensive social security coverage for their old age.
Key facts: The committee will be set up under NITI Aayog to complete the task of identifying de-notified, nomadic and semi-nomadic communities. The committee will follow up on the work of the Renke Commission and the Idate Commission .
Denotified and Nomadic Tribes: The Denotified Tribes are communities that were listed or notified as 'born criminal 'by the British under a number of laws. . The term, 'Denotified and Nomadic Tribes', can be traced to the Criminal Tribes Act (CTA) of 1871. The colonial government notified nearly 200 tribal communities to be hereditary criminals, cementing their societal identity as outcasts and subjecting them to constant harassment by the administration.
ldate commission Recommendations: Denotified Nomadic and Semi-Nomadic Tribes are poorest of the poor, most marginalised and most downtrodden communities who are subject to social stigma, atrocity and exclusion. Therefore, the commission has recommended giving protection to Denotified Nomadic and Semi-Nomadic Tribes the communities under the Atrocities Act. The government should provide strong legal protections and constitutional safeguards, including the extension of the Protection of Atrocities Act to the NT/ DNT/ SNT communities by creating a separate Third schedule as Scheduled De-notified, Nomadic and Semi-Nomadic Tribes. . . Noting that all that the Centre has done so far are "symbolic reparations", the Idate Commission advocated for release of 2011 caste census, which is yet to be made public, at least on the DT/ NT/ SNT community, so that policies can be made specifically for these communities.
Guru Padmasambhava: Context: An international conference and exhibition of rare artefacts about the life and legacy of 8th century Buddhist sage Guru Padmasambhava is being held in New Delhi The conference is titled "Life and Legacy of Guru Padmasambhava . .The conference also celebrates the 50 years of diplomatic relations between India and Bhutan.
Key facts on Guru Padmasambhava: In Tibetan, Guru Padmasambhava is generally referred to as Guru Rinpoche, which means "precious master." . Guru Padmasambhava is known as the Second Buddha because he played a seminal role in spreading Buddhism and Buddhist teachings across the Himalayan region including Northeast India, Nepal, Bhutan and Tibet. In Tibetan, Guru Padmasambhava is generally referred to as Guru Rinpoche, which means "precious master." He undertook many travels across India, Bhutan, Tibet and Nepal. Thangka paintings, sculptures and photographs portray the life and teachings of the Guru .