Assured income for farmers; Rs 6,000 a year income for small farmers, 12 crore families to benefit.
Interest income earned up to Rs 40,000 will not attract any tax, Goyal said.
"So people earning up to Rs 6.5 lakh may not have to pay tax if they make investments in specified savings".
Goyal, who is presenting the Budget 2019 in place of Arun Jaitley as he is in the United States for treatment, said announced the increase in the gratuity amount from Rs 10 lakh to Rs 20 lakh. For people earning more than Rs 5 lakh annually, the "old" tax rates will continue. Rs 60,000 crore has also been set aside for MGNREGA, the rural employment scheme, with Piyush Goyal adding that the allocation can be increased further.More news: Sen. Cory Booker launches 2020 bid
Income tax refunds within 24 hours Income tax refunds will be processed within 24 hours and released immediately.
All those earning up to Rs 5 lakh a year will now receive a full tax rebate.
There will also be no tax on notional rent on the second self-occupied house and no TDS on house rent up to Rs 2.4 lakh.
"This will provide the benefit of Rs 18,500 crore rpt crore to 3 crore middle-class taxpayers self-employed, senior citizens", he said, adding the number of beneficiaries will go up for those who have made investments in mediclaim and pension. Income from Rs 5 lakh to Rs 10 lakh was taxed at 20 per cent and above Rs 10 lakh was at 30 per cent. Here are the highlights of the interim budget, which comes just ahead of general elections which must be held by May.
"The salaried employees will get an additional benefit of Rs 10,000 under standard deduction". The finance minister announced that within the next two years, the assessment of all tax returns will be done electronically without any personal interface.