Key highlights of Budget 2019: 2% TDS for cash withdrawal exceeding Rs 1 cr in a yr

Finance Minister Nirmala Sitharaman on Friday said that the country is well within its capacity to become a $5 dollar economy in the next five years. Here are the key takeaways from FM's speech:

Key highlights of Budget 2019: 2% TDS for cash withdrawal exceeding Rs 1 cr in a yr
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Nirmala Sitharaman


New Delhi, July 5: Finance Minister Nirmala Sitharaman on Friday said that the country is well within its capacity to become a $5 dollar economy in the next five years.

Here are the key takeaways from FM's speech:



1. From $1.85 trillion in 2014, the economy has reached $ 2.7 trillion. We are well within our capacity to reach $ 5 trillion in the next few years. Economy will grow to become a $3 trillion economy in the current year itself



2. India Inc is India's job creators.



3. UDAY to be re-examained, new package for power sector tariffs, says FM



4. One Nation, One Grid" for power availability to states at affordable rates



5. Railway infra would need an investment of Rs 50 lakh crore between 2018 and 2030



6. There will be an upfront incentive to be offered on purchase of EVs: FM



7. National Common Mobility Card will enable people to pay multiple transport charges across India. This card runs on RuPay card and allows users to pay bus charges, parking charges, etc.



8. Several reform measures will be taken up to promote rental housing



9. Loan up to 1 cr for MSMEs in 59 minutes.



10. FM Sitharaman proposes changes to kickstart domestic & foreign investment.



11. Average amount spent on food security per year approximately doubled during 2014-19.



12. Government envisions using rivers for cargo transportation, which will also decongest roads and railways.



13. A lobbying opportunity opens up in eligibility for e-vehicle subsidy.



14. FM proposes to merge the NRI portfolio investment scheme route with FPI route.



15. Nirmala Sitharaman says Sebi asked to mull minimum public shareholding to 35% from 25%.



16: Pension benefits will be offered to 3 crore shop owners with annual turnover of less than Rs 1.5 crore under new scheme called Pradhan Mantri Man dhan Scheme.



17. By 2022, all rural houses to have power, clean cooking.




18. The government seeks to provide water to all rural households under 'har ghar jal'.




19. 96 million toilets built since Oct 2, 2016, under Swachh Bharat.



20. FM proposes to replicate zero-budget farming.



21. 19.5 million houses to be constructed under PMAY from FY20 to FY22.



22. Programmes exclusively for start-ups on DD channels.




23. Study in India program to bring foreign students to India.



24. Sitharaman says ease of doing business & easing of living should apply to farmers too.



25. 95% cities in India have become open-defecation free.




26: Proposal to consider issuing Aadhaar to NRIs with Indian passports.




27. Govt to provide Rs 1.5 lakh tax return on loans for Electric vehicle purchase.



28. Those having annual income of Rs 5 lakh exempt from paying taxes


29. TDS on cash withdrawal exceeding Rs 1 cr in a yr



News24 Bureau



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