Expenditure budget for last year increased significantly mainly because of government spending in infrastructure and other central schemes. The move will help middle class employees in reducing their tax liabilities. Among other changes, he had also introduced a surcharge of 10 per cent on tax for income between Rs. In the Union Budget 2017, the government set a fiscal deficit target of 3. Under these, centres of excellence for research would be set up for training in robotics, artificial intelligence, big data analysis, digital manufacturing, and internet of things. A resident individual, whose taxable income does not exceed Rs. © 2005 Kotak Securities Limited.
Highlights of Union Budget 2018 Summary: Finance Minister Arun Jaitley presented Union Budget 2018—19 in Parliament on 1 February 2018. Participants agreed that, despite the populist focus, some of the announcements bode well for business. The government may also raise the minimum income tax exemption limit to Rs 3 lakh, from Rs 2. As part of its pre-budget recommendations for 2019-20, it said with many key global economies going for significant rate cuts, there is a need for India to consider across-the-board rate cuts for businesses. Firstpost is now on WhatsApp.
Many tax experts have suggested the government raise the Section 80C limit under the Income Tax Act in Budget 2018-19. Defence The budget increased the outlay for defence by 7. This data will be used by help Govt. Get all updates on facebook, like us our facebook page - 5. Both these expectations have come true in this budget. In this video we shall discuss Highlights Of Union Budget 2018 - 19. A drastic increase in government spending and expenditure could widen the fiscal deficit and affect the economy.
This move may be opposed by drug industry. Employees who stay in four metropolitan cities - Mumbai, Delhi, Kolkata and Chennai - are allowed higher deduction. While presenting the Budget 2018-19, Union Finance Minister Arun Jaitley announced that education and health would be the focus areas of the government in the next financial year. Infrastructure, Aviation, and Airports The 2018-2019 budget also increased the outlay for infrastructure. Disinvestment target of Rs 80,000 crore set for 2018-19.
Film City Road, A K Vaidya Marg, Malad East , Mumbai 400097. Suresh Union Budget Highlights 2018-2019 in Simple Terms Hi Sir, Is it a good idea, post budget, to invest in dividend reinvestment option instead of growth option since I can withdraw the capital amount if needed within 1 year of my investment and leave the dividends to be reinvested further and withdraw after 1 year if needed. In the last Budget, the finance minister had left the slabs unchanged but gave a marginal relief to the small taxpayer. This session is very important for all aspirants Aspirants, Adda247 is Now In Telegram, Join Our Telegram Group - Adda247youtube For All the Updates and Notifications. This will help corporates diversify their risk further. Also read: Agriculture and rural economy The Narendra Modi-led National Democratic Alliance government at the Centre has focused on generating higher income for farmers. Since this has not been increased, farmers could shift to other crops and imports could thus continue.
The scheme will be the world's largest state-funded healthcare programme. These were some of the highlights: Healthcare The budget announced the launch of a flagship national health protection scheme. Mr Jaitley will present the Budget 2018 at 11 am in in Parliament today. Increased outlays to healthcare, defence, infrastructure development, and aviation, present an excellent opportunity for companies in these sectors. Since the expenditure budget is likely to be increased, the government must look for alternative sources of revenues in order to narrow down the fiscal deficit. The schools will have special facilities for preserving local art and culture. These range from tax on long-term capital gains on stock and equity mutual fund investments to change in cess on income tax.
This is a great move to providing tax relief to developers as the sales had gone down post demonetization. Also Read: Union Budget Highlights 2018-2019 in Simple Terms Finance Minister Arun Jaitley presented the Union Budget for 2018-19 indicating that Indian economy is on track. Another major expectation was the increased spending in rural development and infrastructure. Jaitley said the Centre will work with states to ensure that all farmer get a fair price. In the previous budget, total expenditure through budget stood at Rs. If you like our blog, you can share some of the good articles on your Facebook or Twitter.
Rs 16000 crore allocated for the scheme. Join us at twitter -. Significance of expenditure budget Expenditure plays a major role in any union budget drafted by the government. India is expected to become the fifth largest economy very soon. Here's a look at announced by the finance minister in the Budget 2018, which spoke of an increased spending on rural infrastructure and higher minimum support prices for farmers also announced plans to launch the world's largest healthcare programme that will cover 10 crore families. Some experts have also suggested that the government reduce the tenure of tax-exempted retail term deposits tax saver fixed deposits to minimum of three years from current five years.
Some 51 lakh houses were to be constructed in rural areas and a further 50 lakh houses in urban areas. Gold Monetization Scheme to be revamped to enable people to open a hassle-free Gold Deposit Account. Here are the key highlights. Budget highlights 2018 for Agriculture sector 1 Agricultural market fund created for Rs 2,000 Crores. While Ease of Doing business was a key priority for the current government, this budget aims to make life a little easier for the common man, thus taking the focus away from business for the time being.
The finance minister, however, introduced standard deduction of Rs 40,000 for the salaried class. Just write the bank account number and sign in the application form to authorise your bank to make payment in case of allotment. Also read: Finance Minister Arun Jaitley did not change the income exemption limit or the income tax rates applicable on different slabs. In the upcoming interim budget — the last of the current government — Modi government will lay out a roadmap for the country. The government has made many positive changes in individual tax rates in past three years, Mr Jaitley said, delivering his Union Budget 2018-19 speech in Parliament on Thursday. We have taken reasonable measures to protect security and confidentiality of the Customer Information. Further, the school buildings have been made accessible to students with disabilities.