Budget to date: Highlights of the 1998-2002 budget presented by Finance Minister Yashwant Sinha

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Finance Minister Yashwant Sinha presented the budget during the government of Atal Bihari Vajpayee. Yashwant Sinha was a bureaucrat by profession who gave up his government job for politics. Sinha joined the Janata party in 1984. He became the chief finance minister in 1990-1991 during the tenure of Chandrashekhar government. Sinha’s decision in his first term is remembered as the country’s balance of payments deteriorated significantly. At the time, he had taken $400 million by pawning 20 tons of gold to the Bank of England.

Let us know the special things of the budget from 1998 to 2002-

Budget 1998-1999
Yashwant Sinha’s budget gave tax breaks for housing projects.
The exemption on income from owner-occupied home has increased further.
The Foreign Exchange Regulation Act was replaced by the Foreign Exchange Management Act.

Budget 1999-2000
The income of home financing companies is based on actual and not accrual.
The exemption limit for own use has been raised from 30,000 to 75,000.

Budget 2000-2001
Sarva Shiksha Abhiyan was announced under Right to Education for All.
1991 – Incentives for software exports were phased out.
Income from software exports made tax-exempt.

budget 2001-2002
Five-year tax exemption for transportation, storage and integrated handling of food grains and 30 percent deduction of profits for five years announced.
-Maximum customs duty increased to 30 percent with a 5 percent deduction.
The special excise duty was abolished on most items.

budget 2001-2002
Full Convertibility Deposit Scheme Facility for NRAs
-Major capital account liberalization
– More freedom for companies that make acquisitions abroad

Budget so far: Modi government has made so many changes in income tax, know the account of last 6 budgets