The budget in an election year has promised a lot for citizens particularly with extensions of some schemes and tax benefits. Let’s take a look at the announcements that impact women across income classes and those that will have an effect on overall household incomes:

  • Govt. has approved for small and marginal farmers with land of up to two hectares. Direct income support of Rs 6,000 per year.
  • MGNREGA (Mahatma Gandhi National Rural Employment Guarantee Act) allocation has been increased to Rs 60,000 crore.
  • A pension scheme is being launched called Pradhan Mantri Shram Yogi Mandhan, to provide assured monthly pension of Rs 3,000 with the contribution of 100 rupees per month, for workers in unorganized sector after 60 years of age.
  • PM Shram Yogi Maan Dhan to be launched to extend the Social Security Benefit for unorganised workers. The beneficiaries will be provided an assured pension of Rs 3,000 per month with a minimal contribution.
  • Government to make one lakh digital villages in five years. Jan Dhan Aadhar Mobile Scheme announced.
  • Six crore households have been given cooking gas connections. By the end of the next year, eight crore households will be given cooking gas connections.

TAX

  • Individual taxpayers having annual income upto five lakhs will get full tax rebate.
  • Interest on fixed deposits upto Rs 40,000 will not require TDS.
  • Individuals with gross income up to 6.5 lakh rupees will not need to pay any tax if they make investments in provident funds and prescribed equities.
  • Rs 10,000 to Rs 40,000 is the limit of exemption on interest tax on deposits.

HOUSING

  • One more year extension for housing project for affordable housing.
  • TDS deduction on rent hiked to Rs 2,40,000.
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