Lok Sabha passes Interim Budget for 2019-20 amid uproar; Goyal says it will benefit every citizen

Agencies
February 11, 2019

New Delhi, Feb 11: Finance Minister Piyush Goyal said on Monday that the Interim Budget for 2019-20 is aimed at overall development of the country so that each citizen can benefit.

Replying to a general discussion in the Lok Sabha, which passed the Interim Budget amid uproar and walk-out by Left and Congress, Goyal said: "The Budget provides for a substantial benefit to small and marginal farmers."

"Under the Pradhan Mantri Kisan Samman Nidhi Yojana, 12 crore farmers with less than two hectares of land holding will get Rs 6,000 per year. The amount in three installments will go directly into their bank accounts," he said amidst continuous slogan shouting by some opposition members. 

Goyal said the scheme will be effective from December 1, 2018, and cost Rs 75,000 crore. On the other hand, he said, the UPA government had waived off Rs 52,000 crore for farmers in a span of 10 years.

"The Congress-led UPA committed a breach of trust with the people of India. They did nothing for the poor," said Goyal, adding that there is no accounting jugglery in the Budget for 2019-20 under the leadership of Prime Minister Narendra Modi.

The overall expenditures in the Budget are at Rs 27.84 lakh crore, 13 per cent larger than the last year's figure. The expenditure for defence has been increased to Rs 3.05 lakh crore from Rs 2.85 lakh crore in 2018-19.

Individual taxpayers having taxable annual income up to Rs 5 lakh will get full tax rebate. All the applicable income tax rates have also kept unchanged.

Further, individuals having an annual income of Rs 6.5 lakh can also save income taxes, provided they invest a sum of up to Rs 1.5 lakh in prescribed savings schemes under Section 80C of the Income Tax Act such as Public Provident Fund (PPF), Equity-Linked Savings Scheme (ELSS), National Saving Certificates (NSC), insurance schemes, and so on.

An individual is also eligible to claim income tax deductions from of up to Rs 2 lakh on interest home loans, education loans, National Pension Scheme (NPS) contributions, medical insurance, medical expenditure on senior citizens.

Goyal also provided to increase the standard deduction by Rs 10,000 to Rs 50,000 from the present Rs 40,000. Therefore, going forward, all the salaried persons can claim a standard deduction of Rs 50,000 on their respective taxable income.

Key POINTS OF 2019 INTERIM BUDGET

* Rs 12 crore small and marginal farmers to be provided with an assured yearly income of Rs 6,000 per annum under PM-KISAN

* New separate Department of Fisheries for the welfare of 1.5 crore fishermen

* Two per cent interest subvention to farmers for animal husbandry and fisheries activities.

* Rs 60, 000 crore allocation for MGNREGA in BE 2019-20

* Income up to Rs 5 lakh exempted from Income Tax

* More than Rs 23,000 crore tax relief to three crore middle-class taxpayers

* Standard deduction to be raised to Rs 50,000 from Rs 40,000

* TDS threshold for deduction of tax on rent to be increased from Rs 1,80,000 to Rs 2,40,000

* Fiscal deficit pegged at 3.4 per cent of GDP for 2019-20

* Capital expenditure for 2019-20 BE estimated at Rs 3,36,292 crore

* 25 per cent additional seats in educational institutions to meet 10 pc reservation for the poor

* Defence budget to cross Rs 3,00,000 crore for the first time ever

* Capital support of Rs 64,587 crore proposed in 2019-20 (BE) from the budget

* Tax collections nearly doubled in five years- from Rs 6.38 Lakh crore in 2013-14 to almost Rs 12 lakh crore this year.

* 80 per cent growth in tax base-from 3.79 crore to 6.85 crore in five years.

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News Network
April 14,2024

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Tehran: Iran’s Islamic Revolution Guards Corps (IRGC) has launched “extensive” retaliatory missile and drone strikes against the occupied territories in response to the Israeli regime’s terrorist attack of April 1 against the Islamic Republic’s diplomatic premises in the Syrian capital Damascus.

The Corps announced launching the strikes in a statement on Saturday night, defining the mission as "Operation True Promise."

“In response to the Zionist regime’s numerous crimes, including the attack on the consular section of Iran’s Embassy in Damascus and the martyrdom of a number of our country’s commanders and military advisors in Syria, the IRGC’s Aerospace Division launched tens of missiles and drones against certain targets inside the occupied territories,” the statement read.

Iran's Defense Minister Brigadier General Mohammad Reza Ashtiani, meanwhile, warned that “Whatever country that could open its soil or airspace to Israel for a [potential] attack on Iran, will receive our decisive response.”

The Israeli attack had resulted in the martyrdom of Brigadier General Mohammad Reza Zahedi, a commander of the IRGC's Quds Force, his deputy, General Mohammad Hadi Haji Rahimi, and five of their accompanying officers.

The terrorist attack drew sharp condemnation from senior Iranian political and military leaders, who vowed "definitive revenge."

During a speech in Tehran on Wednesday after leading the Eid al-Fitr prayers, Leader of the Islamic Revolution Ayatollah Seyyed Ali Khamenei said the Israeli regime “must be punished and will be punished” for the deadly strike on the Iranian diplomatic premises.

The Leader added, “The evil Zionist regime committed another mistake ...  and that was the attack on the Iranian consulate in Syria. The consulate and diplomatic missions in any country are considered to be the territory of that country. When they attack our consulate, it means they have attacked our soil."

In a subsequent statement, the IRGC said the retaliation came after 10 days of "silence and neglect" on the part of the international organizations, especially the United Nations Security Council, to condemn the Israeli aggression or punish the regime in line with Article 7 of the UN Charter.

Iran then resorted to the retaliatory strikes, the Corps added, "using its strategic intelligence capabilities, missiles, and drones" to attack "targets of the Zionist terrorist army in the occupied territories, successfully hitting and destroying them."

The statement, meanwhile, warned the United States -- the Israeli regime's biggest supporter -- that "any support or participation in harming Iran's interests will result in a decisive and regrettable response by the Armed Forces of the Islamic Republic."

"Furthermore, America is held responsible for the evil actions of the Zionist regime, and if this child-killing regime is not restrained in the region, it will bear the consequences," it noted.

The Corps concluded the statement by cautioning third countries against letting their soil or airspace be used for attacks against the Islamic Republic.

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News Network
April 12,2024

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New Delhi, Apr 12: India on Friday asked its citizens not to travel to Iran or Israel amid escalating tensions between the two countries following a strike on the Iranian consulate in Syria 11 days ago.

Iran blamed Israel for the strike and there have been fears that Tehran may launch an attack on Israel soon.

In an advisory, the Ministry of External Affairs (MEA) also urged the Indians residing in Iran and Israel to exercise utmost precautions about their safety and restrict their movements to minimum.

“In view of the prevailing situation in the region, all Indians are advised not to travel to Iran or Israel till further notice,” it said.

“All those who are currently residing in Iran or Israel are requested to get in touch with Indian Embassies there and register themselves,” the MEA said.

“They are also requested to observe utmost precautions about their safety and restrict their movements to the minimum,” it added. 

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News Network
April 14,2024

Qatar and Kuwait have banned any use of their airspace and air bases for attacks against Iran amid heightened tensions between Iran and the Israeli regime following an Israeli attack early this month on an Iranian diplomatic mission in Syria.

Reports on Saturday indicated that both Qatar and Kuwait had issued directives to the United States stressing that the US military will not be allowed to use air bases in the two countries for carrying out any potential airstrikes on Iran.

Qatar and Kuwait have also indicated that their airspace will not be available for any military action against Iran.

The US has military aircraft at the Ali Al Salem Air Base and Ahmed Al Jaber Air Base in Kuwait. The Al Udeid Air Base in Qatar is also the largest US air base in the West Asia region.

The directives issued by Iran’s two Arab neighbors come amid reports showing that Iran is preparing to respond to an Israeli airstrike that killed two of its senior military commanders in its consulate in the Syrian capital Damascus on April 1.

Washington has urged Iran to deescalate while saying that it will defend Israel in case it is attacked.

Iran, which has no direct relations with the US, has called on regional Arab countries to advise the US not to interfere if Israel is attacked.

Countries have been wary of a major confrontation in the region more than six months into an Israeli onslaught on the Gaza Strip.

Reports show they have already limited the ability of the US to use their airspace and air bases for attacks on resistance groups that are allied with Iran and have been attacking Israeli and US interests in the region since the start of the Israeli aggression on Gaza.

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