New Delhi: Finance Minister Piyush Goyal on Friday proposed to increase tax deducted at source (TDS) limit on rent income to Rs 2.4 lakh from the current Rs 1.80 lakh.
Presenting the Budget for 2019-20 in the Lok Sabha, Goyal also announced that the TDS threshold on interest from bank and post office deposits will be raised from Rs 10,000 to Rs 40,000.
The government also proposes to exempt tax on notional rent for unsold units for two years, he added.
Among other measures, he said benefits under Section 80(i)BA were being extended for one more year for all housing projects approved till the end of 2019-2020.
Goyal also expressed confidence over crossing Rs 80,000 crore disinvestment target this year.
The Finance Minister also added that expenditure will rise by 13 percent from revised estimate 2018-19 to Budget estimate 2019-20.
Along with completion of fiscal deficit consolidation programme, the government will now focus on debt-to-GDP ratio consolidation, he added.
Stating that the NDA government has laid the foundation for India's growth and development for times to come, he said that its Vision 2030 would entail expanding rural industrialisation, using modern industrial technologies and Make In India approach.
Goyal said India was on the way to becoming global manufacturing hub including automobiles, electronics and defence.
Impactful steps have been taken to reduce tax, bring benefits for middle-class citizens, he said, adding as many as 34 crore Jan Dhan accounts opened in five years and that Aadhaar had ensured benefits reached the poor.
Also, he said Rs 76,800 crore have been allocated for the welfare of SCs/STs for 2019-20, up from Rs 62,474 crore in 2018-19.
Budget allocation to northeast region is proposed to be increased by 21 percent to Rs 58,166 crore for 2019-20, the finance minister added.
Announcing other measures, he said the government has proposed amendments to ensure the streamlined system for levy of stamp duties to be imposed and collected at one place.
Stamp duty will be collected by stock exchanges on basis of domicile of the client, he added.
Urgent steps were needed to boost domestic oil and gas production to cut imports, he said.
Amid criticism from the opposition, Goyal asserted, "This is not just an Interim Budget, this is a vehicle for developmental transformation of the nation."
To keep watching India’s No. 1 English Business News Channel – CNBC-TV18, call your Cable or DTH Operator and ask for the Colors Family Pack (inclusive of 24 channels), available for Rs. 35/- per month, or subscribe to the channel for Rs. 4/- per day.
To keep watching the Leader in Global Market & Business News – CNBC-TV18 Prime HD, call your Cable or DTH Operator and ask for the Colors Family HD Pack (inclusive of 25 channels), available for Rs. 50/- per month, or subscribe to the channel for Rs. 1/- per day.
Firstpost is now on WhatsApp. For the latest analysis, commentary and news updates, sign up for our WhatsApp services. Just go to Firstpost.com/Whatsapp and hit the Subscribe button.
Updated Date: Feb 01, 2019 16:18:35 IST