- New, optional income-tax structure for individuals willing to forgo certain exemptions and deductions: 10% tax on incomes between Rs 5-7.5 lakh (now 20%); 15% on Rs 7.5-10 lakh (now 20%); 20% on Rs 10-12.5 lakh (now 30%); 25% on Rs 12.5-15 lakh (now 30%); 30% above Rs 15 lakh (no change). (Sitharaman said a person earning Rs 15 lakh a year would save Rs 78,000 by opting for the new regime)
- Deadline for availing an additional Rs 1.5 lakh tax deduction on home loan interest extended by a year till March 2021
- Insurance coverage of bank deposits up from Rs 1 lakh to Rs 5 lakh
- Dividend distribution tax shifted to individuals from companies
- e-commerce operators to deduct tax at source on payments at 1 per cent for PAN/Aadhaar transactions and 5 per cent for non-PAN/Aadhaar transactions
- PAN to be allotted instantly against Aadhaar
- Task force to recommend marriageable age for women
- Medical colleges to be attached with district hospitals on PPP model to tackle shortage of doctors
- States and UTs urged to replace conventional energy meters with prepaid smart meters in the next three years to allow consumers to choose the supplier
- Kisan Rail in PPP mode and Krishi Udaan, on international and national routes, to be launched to transport farm products
- 100 more airports by 2025; 150 trains to be run in PPP mode; 4 stations to be redeveloped with help of private sector
CHEAPER
ADVERTISEMENT
- Imported newsprint, lightweight coated paper
- Sports goods
- Microphones
- Electric vehicles
- Imported pure-bred breeding horses
- Purified terephthalic acid, used in producing some plastics
COSTLIER
- Cigarettes, chewing tobacco, hookahs, tobacco products
- Butter ghee, butter oil, edible oils, peanut butter, dietary soy fibre
- Chewing gum, whey, meslin, maize, sugar beet seeds, preserved potato, walnuts (shelled)
- Shavers, hair clippers, hair-removers
- Tableware, kitchenware, water filters, glassware, household articles of porcelain or china
- Rubies, emeralds, sapphires, rough coloured gemstones
- Combs, hairpins, curling pins, curling grips, hair curlers
- Fans, portable blowers, water heaters, immersion heaters, hair dryers, hand driers, electric irons
- Food grinders, ovens, cookers, cooking plates, boiling rings, grillers, roasters
- Coffee and tea makers, toasters
- Furniture, lamps
