Live Updates Budget 2019: Full tax rebate for income of up to Rs 5 lakh

{"content":"<p>Finance minister Piyush Goyal presented the sixth and hence, the interim budget of the Narendra Modi government on Friday. The interim budget is widely expected to focus on giving big push to investment in agriculture, small and medium industries, and health sectors.<-/p>-r-n-r-n<p>Income tax concessions for individuals and lowering of peak tax rate for the corporates may also be part of a possible populist interim budget that Goyal will present on Friday as the Modi government makes a last-ditch attempt to woo voters ahead of the Lok Sabha elections.<-/p>-r-n","new_content":[{"time":"2019-02-01 11:46:50","content":"<p>Piyush Goyal begins his speech<-/p>-r-n"},{"time":"2019-02-01 11:47:30","content":"<p>Deeply conscious of the absence of Arun Jaitley today. Wish him speedy recovery and good health: Goyal<-/p>-r-n"},{"time":"2019-02-01 11:47:40","content":"<p>People of India gave a strong mandate to our government. Under PM Modi, we have given a decisive, stable and clean govt: Goyal<-/p>-r-n"},{"time":"2019-02-01 11:50:20","content":"<p>We have reversed the policy paralysis that had engulfed the nation: Goyal<-/p>-r-n"},{"time":"2019-02-01 11:50:30","content":"<p>We are the fastest growing economy today with a GDP growth rate higher than any government since economic reforms kicked in: Goyal<-/p>-r-n"},{"time":"2019-02-01 11:50:40","content":"<p>Humari sarkar ne kamar tod mehengayi ki kamar tod di, says FM Goyal<-/p>-r-n"},{"time":"2019-02-01 11:50:00","content":"<p>Inflation in December 2018 was just 2.1%: FM<-/p>-r-n"},{"time":"2019-02-01 11:50:30","content":"<p>Fiscal deficit has been brought down to 3.4% in the revised estimate of 2018-19: FM<-/p>-r-n"},{"time":"2019-02-01 11:51:40","content":"<p>India attracted a massive amount of FDI in the past five years, FM says<-/p>-r-n"},{"time":"2019-02-01 11:51:50","content":"<p>We have set the stage for decades of high growth with path-breaking structural reforms such as the GST: Goyal<-/p>-r-n"},{"time":"2019-02-01 11:52:50","content":"<p>India attracted $239 billion FDI in the past five years: Goyal<-/p>-r-n"},{"time":"2019-02-01 11:52:55","content":"<p>India attracted $239 billion FDI in the past five years: Goyal<br -/>-r-n <-/p>-r-n"},{"time":"2019-02-01 11:55:40","content":"<p>Close to 3 lakh crore already recovered in favour of banks and creditors, big defaulters too not spared by our government: FM<-/p>-r-n"},{"time":"2019-02-01 11:55:00","content":"<p>RERA has helped bring transparency in the real estate sector: FM<-/p>-r-n"},{"time":"2019-02-01 11:55:30","content":"<p>Confident that given the pace of reforms in banking sector, other banks too will recover: FM<-/p>-r-n"},{"time":"2019-02-01 11:55:50","content":"<p>I thank the people of India for their active contribution to the Swacch Bharat Abhiyan: FM<-/p>-r-n"},{"time":"2019-02-01 11:55:32","content":"<p>More than 98% rural sanitation coverage has been achieved; more than 5.45 lakh villages declared ODF: mindset change achieved, becoming a Jan Andolan: FM<-/p>-r-n"},{"time":"2019-02-01 11:56:24","content":"<p>Our government earmarked Rs 1.7 lakh crore in 2018-19 to ensure food for all: FM<-/p>-r-n"},{"time":"2019-02-01 11:57:20","content":"<p>Efforts taken to bring full representation for economically weak backward classes, by giving them reservation in jobs and education: FM<-/p>-r-n"},{"time":"2019-02-01 11:57:42","content":"<p>Piyush Goyal is recounting steps taken by the government in the past year for economic development<-/p>-r-n"},{"time":"2019-02-01 11:58:10","content":"<p>From empty promises in the past, targeted expenditure has been undertaken to improve quality of life in villages; we aim to bring development, preserving the soul of villages: Goyal<-/p>-r-n"},{"time":"2019-02-01 11:58:40","content":"<p>We provided free electricity to almost every house through Saubhagya scheme: FM Goyal<-/p>-r-n"},{"time":"2019-02-01 11:59:12","content":"<p>Goyal now speaks about healthcare reforms<-/p>-r-n"},{"time":"2019-02-01 12:00:14","content":"<p>PM Modi launched the world's largest healthcare programme - Ayushman Bharat - to provide medical treatment to nearly 50 crore people, says Goyal amid rousing applause<-/p>-r-n"},{"time":"2019-02-01 12:00:42","content":"<p>No unmanned level crossings in India anymore. Railways has witnessed safest year: FM<-/p>-r-n"},{"time":"2019-02-01 12:01:30","content":"<p>India provided leadership to the global climate change effort: Goyal<-/p>-r-n"},{"time":"2019-02-01 12:01:54","content":"<p>Vande Bharat Express will provide speed, service and safety to citizens and will give a boost to Make in India: Goyal<-/p>-r-n"},{"time":"2019-02-01 12:02:30","content":"<p>Our commitment to promote renewable energy is reflected in our initiative to set up International Solar Alliance; installed solar generation capacity has increased 10 times in last five years; lakhs of new jobs being created by the sector: FM<-/p>-r-n"},{"time":"2019-02-01 12:05:20","content":"<p>Cost of data and voice calls in India is now possibly the lowest in the world; mobile and mobile part manufacturing companies have increased from 2 to 268: Piyush Goyal<-/p>-r-n"},{"time":"2019-02-01 12:05:02","content":"<p>We have reduced tax rates for the common man and middle class: FM<-/p>-r-n"},{"time":"2019-02-01 12:05:32","content":"<p>Tax collections have increased significantly. The number of returns filed have also risen: FM<-/p>-r-n"},{"time":"2019-02-01 12:06:11","content":"<p>99.54 percent of all I-T returns last year were accepted immediately without scrutiny: Goyal<-/p>-r-n"},{"time":"2019-02-01 12:06:30","content":"<p>We have taken steps towards transforming the income tax department to process returns as quickly as possible: Goyal<-/p>-r-n"},{"time":"2019-02-01 12:06:54","content":"<p>Reducing tax burden on middle class has always been our priority: Goyal<-/p>-r-n"},{"time":"2019-02-01 12:07:21","content":"<p>Our government implemented the GST, which is undoubtedly the biggest taxation reform since Independence: FM<-/p>-r-n"},{"time":"2019-02-01 12:07:53","content":"<p>A bevy of taxes was brought under a single regime, says Goyal<-/p>-r-n"},{"time":"2019-02-01 12:10:50","content":"<p>In a relief for common man, most daily-use items are now under 0-5% tax slab under GST: Goyal<-/p>-r-n"},{"time":"2019-02-01 12:20:01","content":"<p>GST council will take steps to reduce tax burden on home-buyers: FM<-/p>-r-n"},{"time":"2019-02-01 12:20:10","content":"<p>January GST collection could breach the Rs 1 lakh crore mark, says Goyal<-/p>-r-n"},{"time":"2019-02-01 12:20:30","content":"<p>Average monthly tax collection in current year under GST is Rs 97,000 crore per month: Goyal<-/p>-r-n"},{"time":"2019-02-01 12:21:10","content":"<p>Goyal speaks on demonetisation and drive against black money<-/p>-r-n"},{"time":"2019-02-01 12:21:21","content":"<p>Our government is committed to eliminating the ills of black money: FM<-/p>-r-n"},{"time":"2019-02-01 12:21:50","content":"<p>Anti-black money measures taken by us in the last year have brought undisclosed income of Rs 1.3 lakh crore back in circulation: FM<-/p>-r-n"},{"time":"2019-02-01 12:22:10","content":"<p>Due to note ban, over 1 crore people have filed tax returns: FM<-/p>-r-n"},{"time":"2019-02-01 12:22:30","content":"<p>We have laid the foundation for India's growth and development for years to come: FM<-/p>-r-n"},{"time":"2019-02-01 12:25:40","content":"<p>We are poised to become a $5 trillion economy in the next five years and aspire to become a $10 trillion economy in the next eight years, says Goyal<-/p>-r-n"},{"time":"2019-02-01 12:25:02","content":"<p>Goyal underlines 10 most important dimensions that will guide the government in Vision 2030<-/p>-r-n"},{"time":"2019-02-01 12:25:23","content":"<p>Meanwhile, sensex has rallied over 100 points in intraday trading<-/p>-r-n"},{"time":"2019-02-01 12:25:50","content":"<p>Govt aims to build next-gen infrastructure - physical as well as social - for a $10 trillion economy and to provide Ease of Living: FM<-/p>-r-n"},{"time":"2019-02-01 12:26:20","content":"<p>We aim to build a Digital India that reaches every citizen by creating innumerable startups and jobs: FM<-/p>-r-n"},{"time":"2019-02-01 12:26:40","content":"<p>Our third dimension is Clean and Green India - an India that drives electric vehicles, with renewables becoming major source of energy: FM<-/p>-r-n"},{"time":"2019-02-01 12:26:57","content":"<p>We also aim to expand rural industrialization using modern industrial technologies, based on Make In India approach: FM<-/p>-r-n"},{"time":"2019-02-01 12:27:23","content":"<p>Our fifth dimension is Clean Rivers - with safe drinking water to all Indians, sustaining and nourishing life, using micro-irrigation techniques; long coastline can be pivotal for the economy, using strength of blue economy and sagar mala: FM<-/p>-r-n"},{"time":"2019-02-01 12:30:00","content":"<p>Oceans and coastlines is the sixth dimension of our vision for 2030: FM Goyal<-/p>-r-n"},{"time":"2019-02-01 12:30:50","content":"<p>Our seventh dimension is the aim to become launchpad of the world, placing an Indian astronaut in space by 2022: FM<-/p>-r-n"},{"time":"2019-02-01 12:30:01","content":"<p>Self-sufficiency in food and improving agricultural productivity with emphasis on organic food forms the eighth dimension of our vision: FM<-/p>-r-n"},{"time":"2019-02-01 12:30:21","content":"<p>We also aim to create a healthy India, with distress-free and comprehensive wellness system for all: Goyal<-/p>-r-n"},{"time":"2019-02-01 12:30:50","content":"<p>Finally, the tenth dimension is Minimum Government Maximum Governance - a proactive, responsible and friendly bureaucracy: FM Goyal<-/p>-r-n"},{"time":"2019-02-01 12:31:12","content":"<p>Goyal announces fiscal deficit as a proportion of GDP - 3.4% for the coming year<-/p>-r-n"},{"time":"2019-02-01 12:31:40","content":"<p>Capital expenditure - Rs 3.36,292 lakh crore, says FM Goyal<-/p>-r-n"},{"time":"2019-02-01 12:32:10","content":"<p>Rs 56,619 crore made in budget estimate 2018-19 for welfare of SCs and STs, increased to Rs 62,474 crore in revised estimate 2018-19 has been further increased to Rs 76,800 crore in budget estimate 2019-20: FM<-/p>-r-n"},{"time":"2019-02-01 12:32:24","content":"<p>Would like to thank taxpayers for their contribution towards nation-building, says Goyal<-/p>-r-n"},{"time":"2019-02-01 12:32:42","content":"<p>Proposals for small taxpayers should not wait: Goyal<-/p>-r-n"},{"time":"2019-02-01 12:35:20","content":"<p>Propose to the following tax reforms: Individual taxpayers with annual income of up to Rs 5 lakh will get full tax rebate: Goyal<-/p>-r-n"},{"time":"2019-02-01 12:40:10","content":"<p>Standard deduction has been increased to Rs 50,000 from Rs 40,000: Goyal<-/p>-r-n"},{"time":"2019-02-01 12:40:00","content":"<p>Individuals with gross income up to Rs 6.5 lakh will not need to pay any tax if they make investments in provident funds and prescribed equities: FM<-/p>-r-n"},{"time":"2019-02-01 12:40:30","content":"<p>TDS threshold on rental income raised from Rs 1,80,000 to Rs 2,40,000: Goyal<-/p>-r-n"},{"time":"2019-02-01 12:42:30","content":"<p>Benefit of rollover of capital tax gains to be increased from investment in one residential house to that in two residential houses, for a taxpayer having capital gains up to Rs 2 crore; can be exercised once in a lifetime: FM<-/p>-r-n"},{"time":"2019-02-01 12:45:00","content":"<p>Benefits under Sec 80(i)BA being extended for one more year, for all housing projects approved till end of 2019-2020: FM<-/p>-r-n"},{"time":"2019-02-01 12:45:30","content":"<p>This is not just an Interim Budget, this is a vehicle for the developmental transformation of the nation: FM<-/p>-r-n"},{"time":"2019-02-01 12:45:50","content":"<p>Income tax relief on Notional Rent from unsold houses extended to 2 years: FM<-/p>-r-n"},{"time":"2019-02-01 12:45:11","content":"<p>Development became a Jan Andolan (people's movement) under the present government, says FM amid a rousing applause<-/p>-r-n"},{"time":"2019-02-01 12:50:30","content":"<p>Piyush Goyal concludes his speech. Lok Sabha adjourned till February 4<-/p>-r-n"}]}