The government has proposed to allocate Rs 70,000 crore for PSU Bank recapitalisation.
Finance Minister Nirmala Sitharaman will present the union budget 2019-20 in Lok Sabha today, after being re-elected in the Modi government. Here are the live updates.
Those in highest income bracket need to contribute more to national development. Propose to enhance surcharge on individual income of Rs 2-5 crore and over Rs 5 crore by 3% and 7% respectively: FM
A new series of coins of Re 1, Rs 2, Rs 5, Rs 10, Rs 20 easily identifiable to the visually impaired were released by the PM on 7th March 2019. These coins will be made available for public use shortly.
To discourage practice of making business payments in cash, I propose to levy TDS of 2% on cash withdrawal exceeding Rs 1 crore a year from a bank account: Sitharaman
This means those purchasing affordable house will get tax relief up to Rs 3.5 lakh on interest paid
Finance Minister Nirmala Sitharaman proposes to allow an additional tax deduction of 150,000 rupees on interest paid on housing loans for self-occupied house owners.
"The govt intends to open another 4 embassies, new ones, in the year 2019-20. This will not increase the footprint of India's overseas presence but also enable us to provide better & more accessible public services especially to the local Indian communities in these countries," FM says.
"Because of taxpayers, government is able to work for a collective dream of inclusive development. My tax proposals will aim to stimulate growth. Aim to simplify tax admin and bring greater transparency," Sitharaman says.
The government has proposed to allocate Rs 70,000 crore for PSU Bank recapitalisation.
Non-performing asset (NPAs) recovery of Rs 4 lakh crore over the last four years, NPAs down by Rs 1 lakh crore in the last one year
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