indian budget 2018

Share:
indian budget 2018


Some important points for ssc exam in Indian budget 2018

More concessions  for international financial services centre (IFSC), to promote trade in stock  exchanges located in IFSC.
To control cash economy, payments exceeding Rs. 10,000 in cash made by trusts and institution to be disallowed and would be subject to tax.
Tax on long term capital gains exceeding Rs. 1 lakh at the rate of 10 percent , without allowing any indexation benefit. However, all gains up to 31st janauary, 2018 will be grandfathered.
Proposal to introduce tax on distributed income by equity oriented mutual funds at the rate of 10 percent.
Proposal to increase  cess on personal income tax and corporation tax to 4 percent from present 3 percent.

Proposal to roll out e-assessment across the country to almost eliminate person to person contact leading to greater efficiency and transparency in direct tax collection.
Proposed changes in customs duty to promote creation of more jobs in the country  and also to incentivize domestic value addition and  make in india in  sectors  such as food processing , electronics, auto components, footwear and furniture.

Relief to senior citizens proposed in Indian budget 2018:-

Exemption of interest income on deposits with banks and post offices to be increased from Rs. 10,000 to 50,000.
TDS not requied to be deducted under section 194A. benefit also available for interest from all fixed deposit schemes and recurring deposit schemes.
Hike in deduction limit for  health insurance premium and / or medical expenditure from Rs. 30,000 to 50,000 under section 80D.
Increase in deduction limit for medical expenditure for certain critical illness from Rs. 60,000(in case of senior citizens) and from Rs. 80,000 ( in case of very senior citizens) to Rs. 1 lakh for all senior citizens, under section 80DDB.
Proposed to extend pradhan mantra vaya vandana yojana up to march 2020.
Current investment limit proposed to be increased to Rs. 15 lakh from the existing limit of Rs. 7.5 lakh per senior citizen.

22000 rural hats to be developed and upgraded into gramin agricultural markets to protect the interests of 86% small and marginal farmers.

Operation  greens launched to address price fluctuations in potato, tomato and onion for benefit of farmers and consumers.
Two new funds of rs 10,000 core announced for fisheries and animal husbandry sectors. Re-structured national bamboo mission gets Rs 1290 crore.
Loans to women self help group will increase to Rs. 75,000 crore in 2019 from 42,500 crore last year.
Higher targets for ujjwal, saubhagya and swachh mission to cater to lower and middle class in providing free LPG connections, electricity and toilets.
Outlay on health  , education and social protection will be 1.38 lakh crore. Tribal students to get ekalavya  residential school in each tribal block by 2022. We welfare fund for SCs  gets a boost.
World’s largest health protection scheme covering over 10 crore poor and vulnerable families launched with a family limit upto 5 lakh rupees for secondary and tertiary treatment.
Fiscal deficit pegged at 3.5% projected 3.3% for 2018—19.
Rs. 5.97 lakh crore  allocation for infrastructure.
Ten prominent sites to be developed as Iconic tourist destinations.
NITI aayog to initiate a national programme on artificial (AI).
Centres of excellence to be set up on robotics, artificial intelligence , internet of things etc.
Disinvestment crossed target of Rs. 72,500crore to reach Rs 1,00,000 crore.
Comprehensive GOLD Policy on the anvil to develop yellow metal as an asset class.
100 precent deduction proposed to companies registered as farmer producer companies with an annual turnover upto Rs. 100 crore on profit derived from such activities, for five years from 2018-19.
Deduction of  30 percent on emoluments paid to new employees Under section 80-JJAA to be relaxed to 150 days for footwear and leather industry, to create more employment, to create more employment. No adjustment in respect of transactions in immovable property where circle rate value does not exceed 5 percent  of consideration.
Proposal to extend reduced rate of 25 percent currently  for companies with turnover of less than 50 crore (in financial year 2016-17, to benefit micro, small and medium enterprises.
Standard deduction of 40,000 in place of percent  in place of present exemption for transport allowance and reimbursement of miscellaneous medical expenses. 2.5 crore salaried employees and pensioners to denefit.