Photo Gallery: Interim Budget 2019: Snapshot of Modi govt's last budget in numbers

NEW DELHI: Announcing the biggest income tax sops for middle class, including complete exemption for income up to Rs 5 lakh, and Rs 6,000 annual cash dole to poor farmers in a scheme that will cost Rs 75,000 crore per year, the Narendra Modi government on Friday announced a ''pro-people, pro-farmer'' Budget 2019 just a few months ahead of the crucial Lok Sabha election.  

 

Presenting the Interim Budget 2019 in Parliament, Finance Minister Piyush Goyal proposed major income tax rate change for the salaried class by announcing that individual taxpayer earning upto Rs 5 lakh will get full tax rebate.

The FM hiked standard deduction for the salaried class to Rs 50,000 from the current Rs 40,000. He also raised the exemption on tax deducted at source (TDS) on interest earned from bank and post office savings raised to Rs 40,000 form the current Rs 10,000.

Goyal announced to hike the gratuity limit from Rs 10 lakh to Rs 30 lakh and also announced a Mega Pension Yojana under which Rs 3,000 per month will given to unorganised sector employees. 

The Finance Minister said that current account deficit is likely to be 2.5 percent of GDP this year while maintaining that fiscal deficit will be at 3.4 percent of GDP this year.

Announcing major sops for farmers, Goyal said each farmer will be provided Rs 6,000 per year under the scheme called Pradhan Mantri Kisan Samman Nidhi

The farmers, holding up to 2 hectares of land, will be provided the assistance in three instalments

Goyal said it will benefit 12 crore farmers and will be implemented from this fiscal itself.

He said Rs 20,000 crore have been provided for current fiscal and also announced allocation of Rs 75,000 crore for the next fiscal.

FM Piyush Goyal clicked outside Parliament ahead of presenting the Interim Budget 2019 of the Narendra Modi govt on Friday. (Delhi)