Assured

income to

farmers

Pension for 10 crore workers

Middle class gets huge

tax rebates

01:00Individual taxpayers with annual income of up to Rs 5 lakh will now get full tax rebate: Piyush Goyal

Gratuity limit increased

01:30We have increased tax-free gratuity from Rs 10 lakh to Rs 20 lakh: Piyush Goyal

Income tax refunds within 24 hours



NEW DELHI: Finance minister Piyush Goyal presented the Union Budget 2019 in the Lok Sabha on Friday.The government has announced new measures to benefit salaried class, farmers and workers among others in the Budget. The new measures in the Budget 2019 that are likely to act as 'boosters' for the government before the Lok Sabha polls are as follows:Under Pradhan Mantri Kisan Samman Nidhi, Rs 6,000 per year for each farmer, in three installments, to be transferred directly to farmers' bank accounts, for farmers with less than 2 hectares landholding. This initiative is likely to benefit 12 crore small and marginal farmers, at an estimated cost of Rs 75,000 crore.Mega Pension Yojana, namely Pradhan Mantri Shram Yogi Mandhan, to provide assured monthly pension of Rs 3,000 per month to workers in the unorganised sector after 60 years of age. Pensioners will have to contribte Rs 100 per month.Individual taxpayers having annual income up to Rs 5 lakh will get a full tax rebate. Individuals with gross income up to 6.5 lakh rupees will not need to pay any tax if they make investments in provident funds and prescribed equities. The standard deduction for salaried persons raised from Rs 40,000 rupees to Rs 50,000. TDS threshold on rental income raised from Rs 1.8 lakh to 2.4 lakh. No tax on notional rent on second house.Gratuity limit hiked from Rs 10 lakh to 30 lakh for employees with service of at least five years from the next fiscal.Income tax refunds will be processed within 24 hours and released immediately. The finance minister announced that within the next two years, the assessment of all tax returns will be done electronically without any personal interface.