Prime Minister Modi has announced the election budget. He has floored the Middle class and farmers by lifting the Income-tax limit and also announcing Rs 6000 per annum to the poor farmers having land under 5 acres.
The standard deduction has been raised from Rs 40000 to Rs 50000. That means the salaried class need not pay tax up to Rs 5,50,000. The interests on deposits upto Rs40000, we need not pay any tax.
That means the TDS limit has been raised to Rs 40000.
The farmers, the middle class and the salaried class are happy with the new Budget. The farmers will get the benefit from December 2018.
This is clearly an election budget and Modi is going to benefit by this in the coming elections. The farmers and the salaried class vote will get converted for the NDA. Around 3 crore people will benefit from this new budget announcements. Piyush Goyal said that this budget will pave way for the development of Nation in a big way.
Treating people with income under 10 lakhs as EBCs is also a big boon for the middle-class. 75000 crore is being allocated for the welfare of the farming community.
