Union Minister and Lok Janshakti Party chief Ram Vilas Paswan called the Interim Budget 2019-20 the "second surgical strike" by the NDA government and said the opposition leaders looked "despondent".
"The first surgical strike occurred on the border. Jawans fought it with bullets. Here, we will fight with ballots. People will decide that the NDA wins 400 seats. Narendra Modiji will be the Prime Minister (again)," he told reporters outside Parliament.
"Has anybody ever thought of such a big step for farmers?" he asked.
Equating the Budget with cricket, Paswan said it was "a sixer" and the opposition would not be able "to find the ball" until the Lok Sabha elections.
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Reaching out to a large electorate ahead of the Lok Sabha polls, the Modi government on Friday in the interim budget announced a cash dole for small farmers, a mega pension scheme for the unorganied sector and doubled the threshold income tax exemption limit to Rs 5 lakh.
The new government, elected after general elections due by May, is expected to present a full budget in July along with the Economic Survey.
Here are the HIGHLIGHTS:
1. Within 2 years, tax assessment will be done electronically
2. IT returns processing in just 24 hours
3. Minimum 14% revenue of GST to states by Central government
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4. Custom duty abolished from 36 Capital Goods
5. Recommendations to GST Council for reducing GST rates for home buyers
6. Full rebate up to Rs 5 lakh annual income after all deductions
7. Standard deduction increased from Rs 40,000 to Rs 50,000
8. Exemption on tax on second self-occupied house
9. Ceiling Limit of TDS u/s 194A increased from Rs 10,000 to Rs 40,000 for women
10. Ceiling Limit of TDS u/s 194I increased from Rs 180,000 to Rs 240,000
11. Capital tax Benefit u/s 54 increased from investment in one residential house to two residential houses.
12. Benefit u/s 80IB increased to one more year i.e. 2020
13. Benefit given to unsold inventory increased from one year to two years.
(With inputs from agencies)
