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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Agencies
July 13,2020

New Delhi, Jul 13: The Land & Development Office, which comes under the Union Ministry of Housing and Urban Affairs, has sent a notice to news agency PTI, demanding it to cough up more than Rs 84 crore as penalty. The notice dated July 7 says that the penalty has been imposed due to "breaches" at its office in Delhi.

The notice that sought Rs 84,48,23,281 argues that "the less will be pleased to regularise the breaches in the premises temporarily up to 14.07.2020 and withdraw the right of re-entry of the premises subject to the following conditions being fulfilled by you within 30 days from the date of issue of this letter."

The notice also stipulates that the news agency needs to give an undertaking on non-judicial stamp paper stating that it will pay the difference of "misuse/damage charges" if the land rates are revised with effect from 01.04.2016 by the government and will also remove the "breaches" by 14.07.2020 or get them regularised by paying charges.

The notice also warns that further action to execute the deed has to be subject to complete payment and putting the premise to use according to the masterplan.

The Land & Development Office so warned that an additional 10 per cent interest may need to be coughed out by PTI if it fails to furnish the concerned amount within the stipulated time period.

Additionally, if the news agency fails to comply with the terms within the said period, the concession will be withdrawn. In other words, they will have to pay the penalty up to the actual date of payment then and will also be subject to actions.

This stern notice for alleged violations by PTI comes closely on the heels of national broadcaster Prasar Bharati locking horns with PTI over its reportage that it called "anti national".

Prasar Bharti had recently sent a letter threatening to end its "relationship" with PTI after it carried an interview of Chinese Ambassador Sun Weidong, where he blamed India for the India-China violent standoff that saw 20 Indian bravehearts getting martyred.

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News Network
May 30,2020

New Delhi, May 30: As the NDA government completes one year of its second term, Prime Minister Narendra Modi listed several achievements and initiatives taken by his government in the past year in an audio message addressed to the people of the country.

PM Modi said, "This day last year began a golden chapter in the history of Indian democracy. It was after several decades that the people of the country voted back a full-term government with a full majority."

"Your role has played a pivotal role in creating this chapter. In such a situation, this day is an opportunity for me to bow to the citizens of the country and the democratic ethos of our nation," said PM Modi.

"Had the situation been normal, I would have got the chance to meet you. Your affection and active support in the past year have given me new energy and inspiration. During this period, the way you have shown the collective powers of democracy, they have become an example for the whole world," he added.

PM Modi talked about several important initiatives taken by his government in 2014 as well as India's demonstration of its mettle through the surgical strike and airstrike.

"Six years ago in 2014, the people of this country voted to bring a major change in the country. You voted to change the country's policy and manner. During that tenure where surgical strike and airstrike took place, one rank one pension, one nation one tax GST, and better MSP for farmers were also fulfilled. That period was dedicated to fulfilling many needs of the country."

He further said that in these years the country has seen systems coming out of the quagmire of inertia and corruption. The country has seen governance change to make life easier for the poor.

"During that period, India's stature in the world increased. By opening bank accounts of poor people, by giving them gas connections, by providing free electricity connections, by building washrooms, by building houses, the dignity of the poor has also been increased," said PM Modi.

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Agencies
January 14,2020

Microsoft's Indian-origin CEO Satya Nadella on Monday voiced concern over the contentious Citizenship Amendment Act (CAA), saying what is happening is "sad" and he would love to see a Bangladeshi immigrant create the next unicorn in India.

His comments came while speaking to editors at a Microsoft event in Manhattan where he was asked about the contentious issue of CAA which grants citizenship to persecuted non-Muslim minorities from Pakistan, Bangladesh and Afghanistan.

"I think what is happening is sad... It's just bad.... I would love to see a Bangladeshi immigrant who comes to India and creates the next unicorn in India or becomes the next CEO of Infosys," Nadella was quoted as saying by Ben Smith, the Editor-in-Chief of New York-based BuzzFeed News.

In a statement issued by Microsoft India, Nadella said: "Every country will and should define its borders, protect national security and set immigration policy accordingly. And in democracies, that is something that the people and their governments will debate and define within those bounds.

"I’m shaped by my Indian heritage, growing up in a multicultural India and my immigrant experience in the United States. My hope is for an India where an immigrant can aspire to found a prosperous start-up or lead a multinational corporation benefitting Indian society and the economy at large".

The Centre last week issued a gazette notification announcing that the CAA has come into effect from January 10, 2020.

The CAA was passed by Parliament on December 11.

According to the legislation, members of Hindu, Sikh, Buddhist, Jain, Parsi and Christian communities who have come from Pakistan, Bangladesh and Afghanistan till December 31, 2014, due to religious persecution will not be treated as illegal immigrants but given Indian citizenship.

There have been widespread protests against the Act in different parts of the country.

In Uttar Pradesh, at least 19 persons were killed in anti-CAA protests.

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