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Interim Budget aims at wooing middle class tax payers, farmers: B K Goenka, President, ASSOCHAM


Friday, February 01, 2019

New Delhi, 1st February 2019:
The finance minister, Piyush Goyal in his interim vote of account budget presented today announced sops that would benefit people from several walks of the society. Right from the farmer, to the worker from the unorganised sector to the middle class tax payer, everyone would have something to cheer upon.
The farm sector which has the largest number of people dependent on it is the biggest beneficiary. The finance minster announced the launch of the The PM Kisan Samman Nidhi where Rs 6,000 assured income benefit would be provided to all farmers with a land holding of less than 2 hectares. The amount would be provided in three equal installments within effect from December 2018. He also announced interest subvention of 2 percent to farmers hit by natural calamities. An additional 3 percent interest subvention would be further provided if they repay the loan on time, thus taking the subvention to 5 percent, said Mr. Goenka .
For the worker in the unorganised sector, the finance ministry has announced the creation of a Mega pension scheme- Pradhan Mantri Shram Yogi Mandhan, which would give an assured pension of Rs 3000 per month to a worker from an unorganised sector on his completion of 60 years.  The worker needs to contribute Rs 100 per month.
The tax payer who has been bearing the burden of all schemes run by the government has also got something to cheer from the interim budget. People with income upto Rs 5 lakhs would be exempted from paying taxes. The salary earners with income upto Rs 6,50,000 and making investments would be exempted from paying taxes. The standard deduction amount reintroduced last year has also witnessed a 25 percent increase. The amount has gone up from the earlier Rs 40,000 to Rs 50,000 now. People owning second homes and were paying tax on the notional rent would also be exempted from paying taxes now, added President Chief.
Steps have also been taken to simplify the tax payment system. Income tax return refund would be processed in the record span of 24 hours and the refund amount would be issued simultaneously.

ASSOCHAM initiated its endeavour of value creation for Indian industry in 1920. It was established by promoter Chambers, representing all regions of India. Having in its fold over 400 Chambers and Trade Associations, and serving over 4.5 lakh members across India. ASSOCHAM has emerged as the fountainhead of Knowledge for Indian industry, which is all set to redefine the dynamics of growth and development in the Knowledge Based Economy. More information available on
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