Highlights of Union Budget for 2019-20
New Delhi: Highlights of the Union Budget for 2019-20 presented by Finance Minister Nirmala Sitharaman in Parliament Friday:
► Tax deducted at source of 2% for cash withdrawals of over Rs 1 cr a year
► Surcharge hiked on individuals with taxable income above Rs 2 cr
► Effective tax rate on Rs 2-5 crore taxable income hiked by 3%
► Effective tax rate on over Rs 5 crore taxable income hiked by 7%
► Companies with turnover up to Rs 400 cr to pay 25% tax
► Aadhaar, PAN interchangeable for filing income tax returns
► To launch automated, faceless assessment of tax
► To make pre-filled tax return forms available
► Legacy dispute resolution plan to settle litigation in excise, service tax cases
► Fiscal deficit for 2019-20 at 3.3% of GDP
► Gross market borrowing pegged at Rs 7.1 lakh crore
► GST collections pegged at Rs 6.63 lakh crore
► Disinvestment target pegged at Rs 1.05 lakh cr
► Dividend income from state-owned companies seen at Rs 57,486 cr
► Dividend/surplus from RBI, financial institutions at Rs 1.06 lakh cr
► Customs duty on gold, precious metals hiked to 12.5%, from 10%
► Customs duty on stainless steel hiked to 7.5% from 5%
► Special Additional excise, road cess on petrol, diesel hiked by Re1/litre
► Tax deduction of Rs 1.50 lakh on e-vehicle loan interest
► Extra Rs 1.50 lakh tax deduction on affordable housing loans
► RBI, banks to absorb merchant discount rate at small shops
► To impose basic excise duty on tobacco products
► Excise duty of Rs 5/1,000 sticks imposed on filter cigarettes
► India now 6th largest economy vs 11th five years ago
► India to become USD 3 trn economy in FY20
► Well within capacity to reach USD 5-trln economy in few years
► To soon announce policy package for power tariffs
► PSU banks to get Rs 70,000 cr capital
► Housing finance cos to be regulated by RBI, as against National Housing Bank at present
► Proposed more power to RBI over NBFCs in Finance Bill
► One-time, six-month guarantee to PSU banks to buy some NBFC loans
► Strategic divestment of CPSEs to remain a priority
► Mulling below 51% stake in PSUs on case-to-case basis
► Govt to re-initiate process of Air India sale
► Plans to increase minimum public shareholding in listed cos to 35% from 25%
► Steps taken for easing angel tax issue of startups
► Startups, investors not to face scrutiny for share premium if they file return.
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Rajnath to top commanders: Outmaneuver adversaries with strategic surprise
Jaipur/New Delhi (PTI): Defence Minister Rajnath Singh on Friday directed the top military commanders of the three services to integrate an "element of surprise" into modern warfare to outmaneuver India's adversaries and bolster strategic posture.
In his address at the joint commanders conference in Jaipur, Singh also described the Operation Sindoor as a testament to the "swift, precise, and joint response" of the Indian armed forces to safeguard national interests and called upon the military to remain ready to deal with any security challenges.
In their two-day deliberations, the commanders carried out a comprehensive review of the combat preparedness of the military in the wake of the evolving regional security situation.
Operation Sindoor was a demonstration of India's growing capabilities and a symbol of the nation's collective resolve and new military ethos, Singh said, a day after the first anniversary of Operation Sindoor.
He also unveiled a 'Joint Doctrine for Integrated Communication Architecture' that is aimed at strengthening doctrinal clarity, interoperability and integrated communications across the armed forces in future multidomain operations.
The joint commanders' conference, themed 'Military Capability in New Domains', brought together the top leadership of the defence ministry and the three services to deliberate on emerging security challenges and future readiness.
Comprehensive deliberations were held on future warfare, multidomain operations, technological transformation and joint capability development.
The conference witnessed extensive discussions on cognitive warfare, cyber resilience against evolving quantum and AI-enabled threats, military capability development in emerging domains, indigenous innovation and AI-enabled warfighting concepts.
It was attended by Chief of Defence Staff Gen Anil Chauhan, Chief of the Naval Staff Admiral Dinesh Kumar Tripathi, Chief of the Army Staff Gen Upendra Dwivedi, Chief of the Air Staff Air Chief Marshal AP Singh and Defence Secretary Rajesh Kumar Singh among others.
In his remarks, Singh asked the commanders to remain "future-ready" by learning from the operation as well as the current global security landscape.
He underscored the need to strengthen capabilities in artificial intelligence, autonomous systems, data analytics and secure communication networks to stay prepared in the rapidly evolving geopolitical security scenario. He emphasised that future conflicts will increasingly be shaped by hybrid threats, information dominance and operations conducted simultaneously across cyber, space, electromagnetic and cognitive domains, according to an official readout.
Highlighting the transformative impact of emerging technologies, Singh stressed on the importance of ensuring integrated national preparedness across all spectrums of conflict, it said.
Singh's remarks at the conference came a day after the first anniversary of Operation Sindoor.
The defence minister appreciated the progress achieved in enhancing jointness, integration and technological adoption across the three services, the readout noted.
Singh said that jointness constitutes a pivotal dimension within the transformative changes sweeping across the global defence sector.
"Future wars will not be won solely through weaponry, but through innovative thinking and enhanced synergy," he said.
The defence minister exhorted the commanders to cultivate the "element of surprise" to remain unpredictable to the nation's adversaries and secure a strategic edge in any given situation.
He, however, urged them to remain vigilant of the element of surprise of the enemy and always stay two steps ahead.
Singh also reiterated the Narendra Modi government's commitment to enhancing the capabilities of the defence forces through state-of-the-art weapons and platforms. He added that special focus is being laid on research in niche domains.
During the conference, he released a documentary film on Operation Sindoor.
The film reaffirms the nation's and defence forces' commitment to operational preparedness and decisive national response capabilities.
Demonstrations of advanced systems and platforms developed for intelligence fusion, operational planning and information management were also showcased during the conference reflecting growing integration of cutting-edge technologies into joint operational structures, according to the defence ministry.
The discussions will contribute significantly towards shaping India's future military transformation and integrated operational preparedness, it said.
