New Delhi: Union Finance Minister Nirmala Sitharaman on Friday presented the first budget of the new Narendra Modi government. Announcing key measures for the common man, Sitharaman asserted that the government's promise to give power to all rural families by 2022.
She said even farmers need to have 'Ease of Doing Business' and 'Ease of Living'.
Here is a quick look at what goes in your favour and what does not:
The positives -
Tax rate reduced to 25 per cent for companies with annual turnover up to Rs 400 crore
Those who don't have PAN can file tax returns using Aadhaar
Pre-filling of Income-tax Returns for faster, more accurate tax returns
Additional deduction up to Rs 1.5 lakhs for interest paid on loans borrowed up to March 31, 2020 for purchase of house valued up to Rs 45 lakh
Appropriate class of persons exempted from the anti-abuse provisions of Section 50CA and Section 56 of the Income Tax Act.
Funds raised by start-ups to not require scrutiny from Income Tax Department
No tax on income up to Rs 5 lakh
One woman in every SHG will be made eligible for a loan up to Rs. 1 lakh under the MUDRA Scheme
Customs duty reduced on certain raw materials such as inputs for artificial kidney and disposable sterilised dialyser and fuels for nuclear power plants, etc.
Basic customs duty increased on cashew kernels, PVC, tiles, auto parts, marble slabs, optical fibre cable, CCTV camera, etc.
Exemptions from Customs duty on certain electronic items now manufactured in India withdrawn
End use-based exemptions on palm stearin, fatty oils withdrawn
Exemptions to various kinds of papers withdrawn
5 per cent basic Customs duty imposed on imported books
Capital goods required for the manufacture of specified electronic goods
Customs duty on gold, silver and other precious metals increased
Additional excise duty and road and infrastructure cess of one rupee will be imposed on petrol and diesel
Hike in the prices of cigars, chewing tobacco, cigarettes