Finance Minister Goyal said electric vehicles a key part of govt's vision for 2030. Meanwhile the expenditure target for FY20 is at Rs 27.84 lakh crore and FY20 fiscal deficit target is at 3.4%. He thanked taxpayers for their contribution toward the well being of the society and providing basic amenities to the poor. He said "The tax you pay will provide healthcare to 50 crore brothers, sisters and children”.
Nextly Individual tax payers with taxable annual income up to Rs 5 lakh will get full tax rebate. Furthermore Govt announces tax exemption for income up to Rs 5 lakh per year. He added the salary earners, pensioners and senior citizens should not wait to get clarity on their taxes.
Moreover monthly consumption of mobile data is up by over 50 times in 5 years. To boost consumer spending Income up to Rs 5,00,000 to be exempt from income tax. Furthermore all interest income above Rs 40,000 from bank deposits will now get taxed and not Rs 10,000 and the standard deduction are raised from Rs 40,000 to Rs 50,000. Reportedly no tax on notional rent on second self-occupied house and no TDS on house rent up to Rs 2.4 lakh. He added “This is not just a budget but lays out the path to progress of the country”.
