General
- EPFO Numbers doubled to 27 crores
- Agriculture accelerator fund to boost startup in Agri sector. Special scheme to boost fisheries
- 38,800 teachers will be employed in 3.5 lakh Eklavya tribal school.
- Capital outlay of Rs. 2.40 lakh crore for Railways.
- 50 New Airports and Heliports to be made.
- Rs. 10,000 crore for urban infra fund every year
- Rs. 75,000 crore for 100 transport infra projects
- 3 Centers of Excellence for “Artificial Intelligence” will be set up.
- KYC procedure to be simplified. PAN to be come common business identifier.
- Scope of Digi locker to be increased.
- More than 39,000 compliances reduced. Jan Vishwas Bill to amend 42 laws
- Rs. 35,000 crore for Energy transmission
- 10,000 bio input research centers to be set up.
- 30 Skill India International centers to be set up.
- NFIR (National Financial Information Registry) to be launched for financial strategy.
- Reducing cost of MSME Credit by 1%. Infusion of Rs. 9,000 crore in corpus for MSME credit.
- ‘Mahila Samman Bachat Scheme’ for Women for Rs. 2,00,000 @ 7.5%
- SCSS enhanced from 15 lakh to 30 Lakh.
Direct Taxation and Indirect taxation - Promote domestic manufacturing and exports.
- Tax exemption on Capital Goods and Lithium batteries.
- Mobiles, camera lenses to become cheaper.
- Gold, Silver & Diamonds, cigarettes, imported rubber to get expensive.
- Enhanced limit for 3 crore and 75 lakhs for presumptive taxation.
- Higher TDS limit of RS. 3 cr for Cooperatives
- New IT Return Form for easier filing .
- 100 Joint Commissioners to be appointed for disposal of small appeals.
- TDS reduced on EPF withdrawal
- Section 54 and 54F to be amended.
- Rebate limit increased to 7 lakh in new tax regime.
- Number of slabs reduced from 7 to 5 in new tax regime.
- Only 5% tax on Individual’s Annual income of 9,00,000 only to pay Rs. 45,000 as tax.
- Salaried class and pensioner: Standard Deduction increased
- Highest tax rate 42.74 % reduced
- Propose to reduced Higher surcharge rate from 37 % to 25% in new tax regime.
- Leave Encashment: Limit increased from Rs. 3,00,000 to Rs. 25,00,000.