Arun Jaitley to address RBI board tomorrow, to highlight key points of interim Budget
Business | February 17, 2019 11:59 ISTLast financial year, the RBI had paid an interim dividend of Rs 10,000 crore to the Centre.
Last financial year, the RBI had paid an interim dividend of Rs 10,000 crore to the Centre.
Despite the budget announcements, the individuals with annual income upto Rs 5 lakh will have to pay taxes as per old rates in the Financial Year 2019-20 as well, but they will be eligible for full refund.
Finance Minister doled out tax sops to middle class including doubling of income tax exemption limit to Rs 5 lakh, raising standard deduction to Rs 50,000 and provided concessions on interest income from bank deposits and rent.
Goyal also announced relief for realty firms by extending tax rebate on development of affordable housing until next fiscal and not charging tax for two years on notional rent of unsold units.
A sum of Rs 30.26 crore was allocated for transparency watchdog Central Information Commission (CIC) and the government's head-hunter Public Enterprises Selection Board (PESB) for the next fiscal to meet their establishment- related expenditure.
In the interim budget presented by Finance Minister Piyush Goyal, the overall sports budget for 2019-2020 was increased from Rs 2002.72 (2018-2019) crore to Rs 2216.92 crore.
The state revenues, he said, are improving with guaranteed 14 per cent annual revenue increase for the first five years from the implementation of GST.
Finance Minister doled out tax sops to middle class including doubling of income tax exemption limit to Rs 5 lakh, raising standard deduction to Rs 50,000 and provided concessions on interest income from bank deposits and rent.
The biggest Easter egg in Piyush Goyal’s populist kitty was for individual tax payers. Revising the income slab to give relief to over 3 crore tax payers, the Modi government today proposed a full tax rebate on annual income upto Rs 5 lakhs.
The key highlights of the Interim Budget 2019 presented by Acting Finance Minister Piyush Goyal today was the full tax rebate to individuals with annual income upto Rs 5 Lakh.
The 'Know Your Budget' series, which explains the importance of Union Budget and its making, would continue for about a fortnight.
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