The budget of 2019 might be a game changer for the BJP as they have managed to hold the middle class and the rural household together in a box with the political sop as the ingredient of Finance Ministry.
The biggest relief came after acting Finance Minister Piyush Goyal announced tax exemption for the salaried class of up to Rs 5 lakh. The farmers benefited from the budget to an extent that every farmer’s household would receive Rs 6,000 annually for those who have land up to 2 hectares and around Rs 75,000 crore would be invested.
Other key take ways in the interim budget where Modinomics has somewhere trumped the Manmohanomics are:
PM: It's generosity&honesty of middle class&upper middle class which provides tax to the nation through which schemes are formulated&there is welfare of poor. There was always the demand to exempt those, with annual income upto Rs 5 Lakh, from taxation. Our govt fulfilled this. pic.twitter.com/e69OaBvNFI— ANI (@ANI) February 1, 2019
1. Individuals with gross income up to 6.5 lakh rupees a year won't need to pay any tax if they make investments in provident funds and prescribed equities.
2. This move would benefit around 3 crore people which will be worth Rs 18,500 crore.
3. The standard deduction limit has been increased from Rs 40,000 to Rs 50,000.
In the Railways, the government has stated no unmanned crossing are left across India and the budget, which last year for the Railways was Rs 1.48 lakh crore has now been increased to Rs 1.58 lakh crore and a increase of Rs 64,525 crore has been supplied to the Railway department.
PM Modi, while reiterating the government’s remarkable move by exempting the Rs 5 lakh salaried class from paying tax, said, “It's generosity&honesty of middle class&upper middle class which provides tax to the nation through which schemes are formulated&there is welfare of poor. There was always the demand to exempt those, with annual income upto Rs 5 Lakh, from taxation. Our govt fulfilled this.”
FM Piyush Goyal: Individual taxpayers having annual income upto 5 lakhs will get full tax rebate pic.twitter.com/6IMInkr4Kb— ANI (@ANI) February 1, 2019