Union Budget of India 2018 Key Features, Highlights, Rail Budget New Trains List
March 4, 2018
Union Budget of India 2018 Key Features, Highlights, Rail Budget New Trains List:
The budget exercise will then be completed by the new government that will be sworn in post-poll. Significantly, in the lead up to Budget 2018 day, both PM Modi and FM Arun Jaitley had indicated that their budget will be about hard economics and not politics.
However, that it was expected to be a positive budget overall was signified by the fact that Sensex jumped in excess of 150 points ahead of presentation by the finance minister. In fact, the index regained the 36,000-mark by soaring over 171 points in opening trade itself.
Budget 2018 highlights:
1.Import duty on fruit juice raised from 30 pc to 50 pc.
2.For senior citizens, exemption of interest income on bank deposits raised to Rs 50,000.
3. Govt to reduce hardships faced in realty deals; no adjustment to be made in case circle rate does not exceed 5 pc of sale consideration
4. Standard deduction of Rs 40,000 allowed for transport, medical reimbursement for salaried tax payers. Rs 8,000 crore revenue lost due to standard deduction allowed to salaried employees. Salaried taxpayers, pensioners need no documents, bills to claim Rs 40,000 standard I-T deduction on travel, medical expenses,” said CBDT chief Sushil Chandra later in the evening, thereby conveying some more good news to taxpayers. Archit Gupta, Founder & CEO ClearTax : Standard deduction has been reintroduced but at a cost, it takes away medical reimbursement and travel allowance. There were several demands to raise medical reimbursement from 15,000 and bring it up according to current prices (the amount has been same since more than a decade). However, now the clamour for raising this limit will die down. With this, for a salaried, the amount taxable under salary shall be reduced by Rs 5,800. While cess will go up by 1%. Senior citizens have much to rejoice and will face much lower burden of taxes, this is especially crucial in the falling interest rates from banks and deposits.
5. Rs 7.5 lakh per senior citizen limit for investment in interest-bearing LIC schemes doubled to Rs 15 lakh
6. Cash payments exceeding Rs 10,000 by trusts and institutions will be disallowed in a bid to curb cash economy.
7. Strong case for long term capital gains from equities; 10 pc tax on long term capital gains in excess of Rs 1 lakh.
8.Indian economy has performed very well since our government took over in may 2014. Now, India is a $2.5 tn economy, 7th largest in world, expect to become 5th largest soon. On PPP we are already third biggest economy. 6.2 pct GDP growth has signalled this strength. This year’s budget will focus on strengthening and building on these gains. Budget 2018 will focus on strengthening agricultural and rural economy. Modi government had promised to reduce poverty; we have taken decisive action. From ease of doing business, our government has moved to ease of living for the poor and middle class.
For more information visit below link