Union Budget 2019-20

Modi Government's 6th Budget is indeed historical and viewed with history of dynamic changes made in  previous five years continues India's and every Indian march towards  Growth & Development. Highlights of this Interim Budget are :

1.12 cr small farmers to get cash allowances of Rs. 6000/- per year estimated at Rs. 75000 crs.every year over and above other benefits and higher guaranteed Crop Rates.

Monthly pension of Rs. 3000/- after 60 years of age by contributing only Rs. 100/- per month under Pension Scheme for unorganized sector workers.

Total estimated Budget expenditure at Rs. 24.57 lakh crs.

Defence spending exceeds Rs. 3 lakh crs.

5.Tax revenue estimated at Rs. 17 lakh crs up from Rs. 14.80 lakh crs.

6.2014 inflation at 10% now 2.15% and Fiscal Deficit from 6% to 3.4% attracting Foreign Direct Investment (FDI) at record high of US$ 240 bn over last 5 years.

MNREGA allocation at Rs. 60,000 crs.

Two crore additional LPG connections to poor women totaling to Eight crore connections in 5 years.

9.Self employment encouraged by disbursing Rs. 723,000 crs to 15.56 crs aspirants under Mudra Loans.

10.Indian Citizens & Foreign Citizens of Indian Origin across the World to be supported in case of need.

Highway construction at 27 kms per day. Road construction allocated Rs. 19,000 crs.

Since independence internal water ways being operated for the first time, Indian Railways get Rs. 64,500 crs and total Capital expenditure Rs. 150,000 crs.

North Eastern Areas to get Rs. 58,000 crs for infrastructure development.

Rs. 38,572 crs for education and Rs. 76,800 crs for welfare of SC / ST.

No Income Tax up to Rs. 5 lakhs including exemptions and deductions no tax up to Rs. 6.5 to Rs. 7 lakhs.

Presently only one self occupied house notional rent is exempt now notional rent of two self occupied houses exempt.

One time exemption for reinvestment of capital gains up Rs. 2 crs from Residential Property if reinvested in two houses.

Within 2 years tax returns to be processed within 24 hrs. and verification to be done without trace of Tax Payers identity being revealed to the Tax Officer.

No Tax Deduction at Source (TDS) for Bank interest up to Rs. 40,000/- and on rent up to Rs. 240,000/-.

As such the Modi Sarkar has great news for Farmers ; Rural & Urban Poor ; Middle Class and benefits of huge infrastructure for every citizens of India.

The Budget creates huge cash surplus by way of cash benefits and tax savings totaling to more than Rs. 1 lakh crore for Rural and Urban Poor & Middle Class. These savings coupled with huge infrastructure spending of Government & Private Sector will further boost the Economic Growth and enhance Government tax collection and individuals income resources. Happy days are indeed here as they say " Acche Din aa gaye hai ".!!