UNION BUDGET 2018 HIGHLIGHTS
- SLAB RATE FOR INDIVIDUALS (NO CHANGE IN SLAB)
0-2.5 Lac NIL
2.5 Lac-5 Lac 5%
5 Lac-10 Lac 20%
More than 10 Lac 30%
- SLAB RATE FOR SENIOR CITIZEN
0-3.0 Lac NIL
3.0 Lac-5 Lac 5%
5 Lac-10 Lac 20%
More than 10 Lac 30%
- MSP will increases for Farmers
- Income of Farmers will increase upto Year 2022
- Export will increase by 15 % in 2017-18
- Arrangement of Schools for 20 Lacs Children
- Arrangement for digital training of Teachers in school
- Govt will open 24 new medical college
- Declare 2400cr for agriculture
- Govt will provide 12% in EPF to new employees
- Planning for 8% contribution in EPF for Women
- Planning for 70 Lac new Jobs
- 8 Cr gas connections for Women
- Establishment of 5 Lac new health center
- Scholarship for 50 Lac students upto year 2020
- Budgets for Railway 1.48 Lac
- Planning for 2 Cr toilets upto next year
- Planning for providing broadband services to 2.5 Lac villages
- Salary of 5 Lac p.m for Prime minister & President
- Ban of bitcoins because it is illegal
- Direct Tax collection increased by 12.6%
- Collected 1000 cr at the time of demonetisation
- No Tax on agriculture companies of turnover of upto Rs. 100 cr
- 25% income tax on companies who have turnover of Rs. 250 Crs
- Standard deduction of Rs. 40000
- Deposit deduction will increase from Rs.10000 to Rs. 50000
- No Tax on FD & RD , Post office interest for senior citizen
- Long term capital gain above rs. 1 lakh in a year at 10% such gain upto 31.01.18 exempted
- Tax on Growth oriented Mutual Fund distributing dividend
- Total cess on Income tax is now 4%
- Senior citizen can claim Rs 50000 for gernal medical insurance
- Custom duty will increase on mobile from 15% to 20%