In order to accelerate the economy of the country, the BJP government presented the general budget before the entire nation. The goal of making the village, the poor and the farmers and the lives of every citizen “more simple”, the communications, aviation, insurance and singles Brand retail has been proposed to liberalize the rules of Foreign Direct Investment (FDI).
100 percent FDI will be approved for insurance sector arbitration units. Also, local purchase rules will be relaxed in single-brand retail. Currently, the FDI policy permits 49 percent FDI in the insurance sector. This includes insurance broking, insurance companies, third party administrators (TPAs), surveyors and loss assessor.
New Ray of hope for Rural India
By 2022, each rural household will have an electricity connection and clean fuel based kitchen facility. by 2022, every rural household will have an electricity connection and clean fuel based kitchen utility. In the third phase of the Pradhan Mantri Gram Sadak Yojna, 1,25,000 km roads will be constructed at an estimated cost of Rs 80,250 crore. Under Pradhan Mantri Awas Yojana2019-20 to 2021-22, eligible beneficiaries will be provided 1.95 crore houses. They will have facilities like LPG, electricity, and toilets.
Filling IT returns becomes easy
In order to simplify the process of filing income tax returns, the government has also proposed to give the exemption of use of Aadhaar card instead of PAN. If someone does not have a PAN but has Aadhaar number, then it can be used to file IT returns.
Double Benefit on E-vehicles
The environment has also been taken care in this year’s budget. For the promotion of the electric vehicles, the tax on the auto loan will be exempted on income tax for the purchase of these electrically powered vehicles. Nirmala Sitharaman said that in the second phase of the Fem Scheme, the discount for the purchase of modern batteries and registered e-vehicles will be given.
Things which will become expensive –
Petrol, Diesel, Cigarette, hookah, tobacco, Gold and silver, Imported car, Split AC, soap, paper, optical fiber, loudspeaker, Digital video recorder, Imported books, CCTV cameras, Cashew nuts are likely to get expensive.
Advantages on the Home Loans
The common salaried people section of the society has not got any new relief in the case of income tax. However, repeating the announcement made in the interim budget, Sitharaman has continued tax deduction up to Rs 5 lakh annually for taxable income. They did not do any changes with the Income Tax slab. however, people will get benefit on the home loan. the interest on the home loan up to Rs 3.5 lakh will be tax deducted. At present, interest income up to two lakh rupees of home loan is exempted.