The Union budget presented by the Interim finance minister Piyush Goyal came in benefit to the farmer community and middleman.Farmers are allocated new schemes and tax have been reduced for middle man. The new scheme assures income of Rs 6000 per year to all the farmers who have landholdings less than 2 hectares. The scheme will benefit nearly 12 Cr farmers and the government has allocated 75,000 Crore for this project. Farmers repaying loan on time will be benefited with 5 % reduction on interest rates.Small and medium-sized businesses registered under the Goods and Services Tax to get 2% interest subvention on loan of Rs 1 crore. Individuals with income up to 5 lakhs are exempted from paying tax. No TDS on house rent up to Rs 2.4 lakh per year and TDS threshold on Bank, Post office interest raised to Rs 40,000 from Rs 10,000. The unorganized sector will receive a monthly payment of Rs 3,000 as pension following retirement. Benefit of 2 percent interest subvention to farmers pursuing animal husbandry and fisheries were also announced. Government to start a national programme on Artificial Intelligence to harness the benefit from new age technologies in 9 identified areas. Over 1 lakh digital village will be created in next 5 years.
