New Delhi, Feb 01: Prime Minister Narendra Modi on Friday said that the budget had something for everyone and will directly benefit 12 crore farmers, 3 crore middle class taxpayers and 30-40 crore labourers.

While addressing the media after the inerim budget, says “this budget will direct benefit more than 12 crore farmers, more than three crore middle class families and 30-40 crore labourers. The budget takes care of everyone he says, adding that this is an important step towards “strengthing the nation.”

‘From housing to healthcare, several aspects have been touched in the Budget For New India. The development initiatives of the NDA government have touched several lives,” he said.

The prime minister said,”nearly 50 crore people will benefit from Ayushman Bharat. The farmers never got the benefits of PM Kisan Yojna. However, now nearly 12 crore farmers will reap benefits of the scheme, which is one of the largest schemes.” He then adds that the budget is proof that government is sincere towards public.”

Modi also said, “a separate department for fisheries will help the fishermen and those involved in it. We are witnessing development in different sectors and the number of people getting employed is also increasing. The previous government did not worry about my labourers, the poor. But the Jan Dhan yojna, Ayushman Bharat yojna and such other schemes will help them lead a life of dignity.”

Earlier in the day, Finance minister Piyush Goyal presented the sixth and hence, the interim budget of the Narendra Modi government on Friday. Goyal, in the interim budget, had proposed that income tax exemption limit will be doubled from Rs 2.5 lakh to 5 lakh, but left the implementation of it to the next government. Amid confusion on when the changes in tax structure would be effective, he clarified that he just “wanted the middle class to know what the government was planning”.

Agencies

Nasheman News : PM Narendra Modi has bowled an Income Tax googly at the Middle class. Not many know that the Rs 5 lakh exemption sop will not help save a single paisa if annual income is even one rupee more than Rs 5 lakh. This, because the income tax slabs have not been changed.    

Since it is not a  slab change, and just rebate it will not impact the tax burden on those with higher incomes. However, for  those whose salaries are under Rs 10 lakh, they can add home loans and tuition fees to get additional tax benefits.

After the budget, if your income is Rs 5 lakh, then you will not have to pay income tax. Earlier, you had to pay Rs 10,920 tax. That means you will save Rs 10,920 now.

But in case your income is Rs 500001. You will not get rebate and will have to pay your taxes as per old slabs. The only benefit that you will get is Rs 500 per year on account of standard deduction. We will explain how. If your income was Rs 5 lakh One rupee , you will just gain 5% of Rs 10000 (the hike in standard deduction), that is Rs 500.  That means just rs 40 per month.

Presenting the Interim Budget 2019-20, acting Finance Minister Piyush Goyal proposed doubling the tax exemption threshold for individual annual incomes from the current Rs 2.5 lakh to Rs 5 lakh. Individuals with yearly income within the proposed limit will not have to pay any income tax for the next fiscal.

He also proposed increasing the standard deduction limit by Rs 10,000, and raising the tax deducted at source (TDS) threshold on interest earned on bank and post office deposits which would benefit small depositors.

Besides proposing that standard deduction will be increased to Rs.50,000 from the current Rs.40,000 to benefit the salaried class, Goyal said individuals with annual incomes of Rs.6.5 lakh and who have invested in various tax savings schemes will not have to pay income tax.

According to the Minister, with additional deductions such as interest on home loans, national pension scheme contribution, medical expenditure on senior citizens, individuals with even higher income will not have to pay tax.

“This will provide tax benefit of 18,500 crore to over 3 crore middle class tax payers comprising self-employed, pensioners and senior citizens,” he said.

The ceiling on payment of gratuity has been enhanced from Rs 10 lakh to Rs 20 lakh.

The increase in standard deduction for the salaried segment will provide an additional tax benefit of Rs 4,700 crore fo over three crore salary earners and pensioners, Goyal said.

Moving to other sops, he said the benefit of rollover of capital gains under the Income Tax Act will be increased from investment in one residential house to two residential houses for a tax payer having capital gains up to Rs 2 crore. This benefit can be availed once in a life time.

Noting that income tax on notional rent is currently payable if one has more than one self-occupied house, Goyal said that to give a boost to the real estate sector, he is proposing to exempt levy of tax on notional rent on a second self-occupied house.

He also proposed to raise the TDS threshold on interest earned on bank and post office deposits from Rs 10,000 to Rs 40,000.

“This will benefit small depositors and non-working spouses. Further, the TDS threshold for deduction of tax on rent is proposed to be increased from Rs 1,80,000 to Rs 2,40,000 for providing relief to small taxpayers,” Goyal said.

Commenting on the Interim Budget, Deloitte India Partner Tapati Ghose said in a statement. “The tax breaks for the salaried, middle class, pensioners is being welcomed and is far more than expectations. This is definitely a budget for the middle class.”

“Without losing much of the tax revenue, the government has managed to please a huge chunk of taxpayers” Nangia Advisors Managing Partner Rakesh Nangia said.

Nasheman News :  Four persons were killed and several injured when a speeding truck rammed into a vehicle in Uttar Pradesh’s Jalaun district on Friday, a police officer said.

Of those injured, three were critical and were referred to the Jhansi Medical College, the officer told media.

After the collision, the truck turned turtle crushing the car near Sadhara in Orai. The police had to use gas cutters to pull out the bodies from the badly damaged car. 

The deceased have been identified as Om Prakash, 28, Komal, 14, Manvendra Yadav, 28, and Ravindra, 24.

Nasheman News : Andhra Pradesh Chief Minister N. Chandrababu Naidu on Friday wore a black shirt to protest against the Centre’s “step motherly” treatment to the state and for not fulfilling its promises including granting special category status.

Naidu, also the President of the ruling Telugu Desam Party (TDP), reached the Assembly wearing the black shirt and white pants.

His cabinet colleagues including his son and Information Minister Nara Lokesh and all other party legislators also wore black.

The Chief Minisger wore black to the Assembly as a sign of protest against Prime Minister Narendra Modi’s “step-motherly treatment meted out to Andhra Pradesh and for breaking all promises made including #SpecialStatus”, tweeted Lokesh.

According to TDP sources, this was the first time Naidu wore a black shirt. He is usually seen wearing white, cream or yellow coloured clothes. Even when he was in the opposition, he confined to wearing a black badge in protest.

The TDP leaders also expressed solidarity with a day-long shutdown called in the state by Pratyeka Hoda Sadhana Samithi (PHSS), which is fighting for the special status to the state. 

Earlier, during a teleconference with TDP leaders, Naidu said that demonstrations would be held in the state till February 10. The next day he will head to New Delhi where he would lead a protest. 

The protests in the national capital would continue till February 14. 

Bengaluru, Feb 1 (IANS) A Mirage-2000 fighter aircraft of the Indian Air Force (IAF) crashed on Friday at the military airport runway in the city’s suburb soon after take off, an official said.

“The plane crashed around 10.30 a.m.,” the official said. 

“Though both the pilots ejected from the aircraft, their condition is not yet known. They have been rushed to the Air Force Command Hospital,” an HAL official told IANS.

The state-run Hindustan Aeronautics Ltd (HAL) operates the military airport with the IAF and other state-run defence and aerospace agencies like DRDO (Defence Research and Development Organisation) and ADA (Aeronautical Development Agency).

President Ram Nath said that the government had fought corruption and hoarding of black money and had set up an SIT to track such crimes.

In his address to the joint session of Parliament, the last before the Lok Sabha elections, President Ram Nath Kovind spoke at length about the steps government had taken to ‘strike at the root of corruption’.

“Not only did the government fight corruption and hoarding of black money, it also brought a SIT to track such crimes,” Kovind said on Day One of the Budget session.

The government brought strict laws for sectors flush with black money and signed agreements with ‘tax haven’ countries to curb money laundering, he added.

Talking on the eve of the presentation of the interim budget, Kovind listed the benefits of the notes ban, by which the government had banned Rs 1000 and Rs 500 notes, Kovind said it struck at the root of black money scourge.

“Forces of instability were vanquished. Benami property owners, economic offenders were targeted”, he said.

Speaking on the first day of the last Parliament session of the present government, Kovind highlighted the steps taken for women, farmers and the middle class.

“Our Muslim daughters were living under constant fear, the triple talaq bill gives them equality, lets them live without fear” he said. Listing various gender equality measures started by the government, Kovind said women had benefited from the government’s loan schemes and steps to boost enterprises run from them. He said the government had generated jobs for women and made it easier for young mothers to keep their jobs by increasing the maternity leave.

Kovind said the country was going through a phase of uncertainty before 2014 election and his government took up the initiative to form a ‘New India.’ Listing various health, insurance, educational and housing schemes, the President said the middle class had benefited due to these programmes

“Healthcare is my government’s topmost priority. I am happy to inform you that the benefits of government’s schemes are reaching poorest of the poor. We know that expenses on health makes a poor even poorer. My government understood this and started Ayushman Bharat Yojana. In last 4 months more than 10 Lakh poor people availed health benefits in hospitals under this scheme

On housing schemes, Kovind said government has taken unprecedented strides in ‘housing for all by making 1.30 crore houses in past five years while the previous government made just 25 lakhs in this period. “Urban housing has also been streamlined with RERA… 35, 000 projects have been registered with this authority,” he said.

Crackdown on the use of black money in real estate has brought down property prices, he added

Listing the steps taken for the burgeoning middle class, Kovind said steps were taken to reduce the Income tax burden, inflation was reined in and jobs were generated.

Amid repeated attacks by the Opposition Congress over government’s alleged overlooking of farmers’ issues, the President listed the achievements on the agriculture front. ‘Various steps were taken for farmers, MSP of 22 crops was increased, better seeds were provided, soil information was made available and irrigation systems were improved,” he said.

On Goods and Services tax (GST) Kovind said; “It is a long-term policy and is a boon for the business sector. The taxpayers in the country trust this government.”

Talking about all round development in the country, Kovind also listed various infrastructure projects initiated by the government– in railways, highways and bridges.