Budget 2019 encourages women workforce with tax rebates, maternity benefit

New Delhi: The Modi government had something for everyone in its last budget. Apart from farmers and salaried class, the budget tabled by finance minister Piyush Goyal also had a bouquet of sops for the women of the nation.

Goyal in his budget speech talks about shifting from women’s development to women-led development. 

An amount of Rs 1,330 crore has been provided in the budget for 2019-20 for the Mission for Protection and Empowerment for Women. This is an increase of Rs 174 crore over the revised estimates of 2018-19 for the mission.

Also read — Budget 2019: Modi's gift to farmers, workers, middle-class

Goyal added that more than 70% of the beneficiaries of the Pradhan Mantri Mudra Yojana are women, who are getting affordable and collateral-free loans to start their own businesses.

Also read — Modi sarkar's assured DBT for farmers, as MyNation had reported first

Highlighting the benefits of maternity leave of 26 weeks and Pradhan Mantri Matru Vandana Yojana for pregnant women, the finance minister said that these initiatives provide financial support to women while empowering them to participate in work.

MyNation examines all the new announcements that would impact women across income classes.

Announcements

• The government has approved Rs 6,000 per year direct income support in three instalments for small and marginal farmers with land of up to two hectares.
   
•  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 Rs 100 per month, for workers in the unorganised sector after 60 years of age.
   
• The government will set up one lakh digital villages in the next five years. A Jan Dhan Aadhar Mobile Scheme has also been announced.
   
• Six crore households have been given cooking gas connections. By the end of next year, eight crore households will be given cooking gas connections.
   
• There are 75% woman beneficiaries under Pradhan Mantri Mudra Yojana. Under the Pradhan Mantri Matritva Yojana, 26 weeks of maternity leave has been provided.

Tax

• Individual taxpayers having an annual income of up to Rs 5 lakh will get full tax rebate.
   
• Interest on fixed deposits of up to Rs 40,000 will not require TDS (tax deducted at source).
   
• Individuals with gross income of up to Rs 6.5 lakh 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.
   
• The amount of standard deduction for salaried individuals has been increased from Rs 40,000 to Rs 50,000.

 Housing

• One more year of extension for housing project for affordable housing.
   
• TDS threshold on interest on bank and post office deposits has been raised from Rs 10,000 to Rs 40,000. Also TDS threshold on rental income has been raised from Rs 1.8 lakh to 2.4 lakh.

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