Budget India 2018 Highlights
The Budget India 2018 submitted today (01.02.2018) under the Prime Minister Narendra modi’s National Democratic Alliance (NDA) Government by the Finance minister Arun Jaitley. This budget report is Arun Jaitley’s fifth and last budget by this NDA party.
Budget discussed and recommended mostly for the Agriculture, Business and Health care related. Government also said to helping the farmers for the high production and generating higher income. Govt. needs the farmers to earn on production cost by 1.5 times and for the Khariff crops, the minimum selling price (MSP) set at 1.5 times by the production price. So, the farmers can get a valuable profit and to avoid the middle men.
- Funding for Agriculture market of Rs. 2000 crores and also to strengthen the Agri infrastructure with fund of Rs. 22,000 crores.
- Credit Target for Agriculture upto Rs. 11 lakh crores and 100 % tax deduction to the farm co-operatives for the first 5 years.
- No change in Individual Income Tax Slab and it remains the existing rate. 25 % Corporate tax extended to companies, which the turnover upto Rs. 250 crores. 100 percent tax deduction for the co-operative society.
- 85.5 lakh new tax payers had filed the income tax returns (ITR) for the financial year 2017. Direct tax growth at 18.7 % till January 15, 2018.
- Deduction allowed for Salaried tax payers of Rs. 40,000 (Transport and medical reimbursement) and medical expense increased to Rs. 50,000 under 80D section for the Senior Citizens.
- Tax exemptions for the Fixed Deposit (FD) interest income of Rs. 10,000 to the Senior Citizens. This exemption also applicable for Post office scheme.
- Funding for Railways at Rs 1.48 lakh crore and to eliminate unmanned railway crossing within 2 years.
- Funding for Textile sector at Rs. 7,148 crores.
- Plan to start 5 lakh health care centres and 24 Medical colleges across the country.
- To provide 5 lakh wifi hotspot for accessing internet broadband to 5 crores Rural men.
- Government also said that the bitcoin is not a legal tender and take a cautious step to stop the circulation.
- To provide gas for 8 crores poor women and Free Electricity (Power) connection to 4 crore poor people.
- Women contribution to EPF at 8 % for the first 3 years and National livelihood will get at Rs. 5,750 crores.
- Current Fiscal deficit at 3.5 percent of GDP for the financial year 2017-18 and the projecting deficit will be 3.3 percent for the financial year 2018-19.
- Long term capital gains (LTCG) taxed at 10 % without indexation when the gains exceeding Rs.1 lakh. 10 % tax on distributed income and Education cess increased to 4 percent.
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