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)Dup Vhfwru Sxvk Gudzv Pruh C M Y K 7 RNI Regn. No. MPENG/2004/13703, Regd. No. L-2/BPLON/41/2006-2008 !"#$%&' &'-.-&. 8&9: ;-;,-+< # 3 ' ,@ : % , :1+ %(1,:! 9,# (' :!@',1 +%G@ (@,(+(,!,1 1,% 1, +1 %, ,1 @'1 % ! :+ :,1#,1, %@ '@1:,(, 1@'!@! 1,+ #1,(,* ),#,, % 01.$& 2" -2E F, ! , 3 ( &()*$+, $)-'$./* %&'( ) (*'(+,+-&. increased. The customs duty on expansion of cash support gold has been increased to scheme for farmers, a new he Modi 2.0 Government’s 12.5 per cent from 10 per cent. pension scheme and relief for Tmaiden Budget on Friday To spur consumption, she small taxpayers, as previously hiked petrol and diesel prices, lowered corporate tax on com- announced, the Budget raised import duty on dozens panies with revenue of up to Rs includes a Rs 70,000 crore of items and increased tax on 400 crore to 25 per cent from capital infusion in public ! the super-rich as it sought to 30 per cent. Currently, the sector banks. spur growth through higher lower rate is applicable only to First-time homebuy- learly indicating its spending and sops for startups, companies with revenue up to ers, buying a house not Cthrust on the agricul- "# housing and corporates. Rs 250 crore. Sitharaman said exceeding Rs 45 lakh, tural sector, the Modi Presenting the Budget for the reduced tax rate would would get an addition- Government on Friday 2019-20, Finance Minister cover 99.3 per cent of corpo- al deduction of Rs 1.5 increased the budgetary allo- Nirmala Sitharaman rates in the country. lakhs towards inter- cation of the sector by a whop- announced further opening The Budget also sought to est. For NBFCs, she ping 91 per cent — from up of aviation, insurance and boost ‘Make in India’ by way of announced mea- 67,800 crore (revised esti- media sectors to foreign invest- reducing duties on certain sures to improve mate) in 2018-19 to 1.30 ment while throwing a lifeline inputs and raw materials and their access to fund- lakh crore for the current to the struggling shadow banks creating a level playing field by ing by providing a fiscal. The Government (NBFCs) to boost investment increasing duties on certain limited backstop for had allocated 46,700 crore and lending in the economy. goods. Emphasis has also been purchases of their in the actual Budget for She made no changes to placed on promoting electrical assets. The 2018-19. the income tax slabs but hiked mobility by reducing customs Government will Of this, 75,000 crore surcharge on the super-rich. duty on parts used to manu- provide a partial will be for the flagship scheme Those with a taxable income of facture electric vehicles. guarantee to state Pradhan Mantri Kisan Samman Sitharaman said the a big way in developing infra- Rs 2 to 5 crore will now pay 39 While customs duty on banks for the acquisition Nidhi (PM-KISAN). Allocation Government keeps “gaon, structure in both agriculture per cent tax while those with some parts used in EV manu- of up to Rs 1 lakh crore of to PM Kisan scheme is aimed at garib, aur kisan” at the centre and allied farm sector, and more than Rs 5 crore income facturing has been brought highly rated assets from non- providing structured incomes of everything that it does. encourage private entrepre- would pay 42.47 per cent. down to nil, the GST rate on bank finance companies. support to poor and rural farm- The huge allocation of neurs in food processing. The “Those in the highest income electric vehicles will be lowered Also, the Reserve Bank of ers of 6,000 per year for farm- funds will help to improve Finance Minister said that both brackets need to contribute to 5 per cent from 12 per cent. India will take over as the reg- ers with land holdings below average annual growth in agri- “ease of doing business” and more to the nation’s develop- To boost the use of electric ulator of housing finance two hectares. This benefit is to culture sector which is 2.88 per “easy of living” should apply to ment,” she said. vehicles, an additional income firms, replacing the National be transferred directly into the cent and improve the farmers’ farmers too. Also, 2 per cent TDS on tax deduction of Rs 1.5 lakh on Housing Bank, she said. bank accounts of beneficiary income. Besides PM-KISAN, the cash withdrawals exceeding Rs interest paid on loans taken to Sitharaman, who in the first farmers in three equal install- The Budget has focused on Government has also proposed 1 crore and mandatory filing of purchase EVs has been pro- term of the Narendra Modi ments of 2,000 each and will be zero budget farming, which is to increase the allocation for returns by certain category of posed. Government was the defence funded directly by the Centre. a form of natural farming — the Pradhan Mantri Fasal Bima individuals was brought in “The Indian economy will minister, exempted some This scheme will benefit around neither chemical-loaded nor Yojana (PMFBY), another flag- with a view to tighten compli- grow to become a USD 3 tril- defence equipment from basic 12 crore farmers. organic with its reliance on ship scheme, to 14,000 crore ance. With sluggish growth in lion economy in the current customs levy. Presenting the Budget for manure. for the current fiscal against the tax revenues, she announced year (from USD 2.7 trillion last She also said the govern- the 2019-20 fiscal, Union Sitharaman further said revised estimate of 12,975.70 plans to sell stakes in PSUs and year). It is now the sixth largest ment would allow more foreign Finance Minister Nirmala the Government will invest in crore for the 2018-19. sought more dividend from the in the world,” she said, adding investment in the insurance RBI and public sector banks the target is to take it to USD and media industries. and companies in order to 5 trillion in coming years. The Government will also ! boost revenue and bring down “This budget is setting out a sell its first global bond to raise $ the deficit. vision, a target, for every sec- funding for infrastructure For the same, excise duty tor of our society.” spending. and cess on petrol and diesel Sitharaman surprised most Meanwhile, opposition ! "#$ were hiked by Rs 2 per litre analyst by narrowing the bud- Congress described the Budget each and import duty on get deficit target to 3.3 per cent as “insipid”, saying it belied " % & dozens of items ranging from of the GDP for the current fis- expectations and gave no ' % & 3 gold to automobile parts and cal from 3.4 per cent previously. “meaningful relief” to any sec- # ( ! /;6, $ &) * " tobacco products was In addition to funding an tion of the society. " 1 -6/ " +,! " -&./&000" will be soon circulated to the :!.; /0 R States for their comments. ! "#$ 1 - 3" Presenting the first Budget 1 20&./0 3 " of the Modi Government in its 3 3 & second term, Union Finance 4 3 %%:* Minister Nirmala Sitharaman " :* 3 , on Friday said that in order to 1 (NCA), Sisodia said the expen- n a big relief to homebuyers incentivise purchase of afford- -6/ " diture of Delhi on schemes has and boost the affordable hous- able house, it is proposed to ! & I 1 70&000 *%: here is no change in the sta- increased by about nine times ing segment, the Narendra provide a deduction up to Ttus of the Central taxes’ from 3,129 crore in 2000-01 Modi Government on Friday 1,50,000 for interest paid on 3 share to the Delhi Government to 27,000 crore in 2019-20 announced an additional tax loan taken for purchase of res- 3 " % " in the Annual Budget present- (Budget estimate) while the deduction of 1.50 lakh on idential house having value up 1 -60/ " ed by Finance Minister Nirmala Normal Central Assistance interest paid on home loans to 45 lakh. 3 Sitharaman on Friday. The which was 11.8 per cent ( 370 taken up to March 31, 2020. This shall be in addition to & 3 " demands of the Arvind Kejriwal crore) of the scheme expendi- This will raise the tax deduction the existing interest deduction ' Government for enhanced share ture in 2000-01 has come down limit to 3.5 lakh and will be of 2 lakh. : % in Central taxes remain to be to 1.75 per cent which is 472 applicable on interest paid on “For realisation of the goal 3 3 3 3 fulfilled, with the Centre allo- crore in 2019-20(BE). housing loan (having carpet of ‘Housing for All’ and afford- 82 -00 1 cating 325 crore to the Aam “We had requested to area of up to 60 sqm in metros able housing, a tax holiday has Aadmi Party Government. increase the NCA to 1,500 and 90 sqm in non-metros and already been provided on the , , 3 The Central tax share for crore in 2019-20 (BE). However, having value up to 45 lakh). profits earned by developers of % the Delhi Government has in the Budget, an amount of This will translate into a affordable housing. Also, inter- 36# 3 remained static for the 2019-20, the Central 472 crore as an Additional benefit of around 7 lakh to the est paid on housing loans is last 18 years. Government has not earmarked Central Assistance has been middle class homebuyers over allowed as a deduction to the , 3 9:1 99 Kejriwal termed the Union any funds to local bodies in the proposed in 2019-20 (BE),” the their loan period of 15 years.
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