UNION BUDGET 2018 HIGHLIGHTS:
Personal Income Tax rates unchanged; Rs. 40k standard deduction in lieu of present exemption to salaried people.
Senior citizens can claim benefit of reduction Rs. 50,000/ year w.r.t any general health expenditure and health insurance premium.
Companies with turnover of upto Rs. 250 cr to be taxed at 25%.
100% tax deduction for first five years to companies registered as farmer producer companies with a turnover of Rs. 100 crore and above.
MP salaries to be revised with effect from 1 April, 2018. It will increase every 5 years indexed to inflation.
Emoluments of President to be revised to Rs 5 lakh per month and emoluments of Vice-president to be revised to Rs 4 lakh per month.
Rs 80,000 crore disinvestment target for 2018-19; target for 2017-18 exceeded and will reach Rs 1 lakh crore.
Regional Connectivity Scheme 'UDAN' shall connect 56 unserved airports and 31 helipads in the country.
Mission on cyber space will be launched in support of establishment of centres of excellence
No change in railway fares.
Railway stations with more than 25,000 footfalls will have escalators; trains will have WiFi and CCTV services. Redevelopment of 600 major railway stations taken up; Mumbai transport system being expanded; suburban network of 160 km planned for Bengaluru.
Cleaning of river Ganga is of national importance, have sanctioned 187 projects under Namami Gange scheme.
Ujjwala Yojana helped millions of poor get free LPG connection.
Govt will contribute 12% of wages of new employees in EPF for all sectors for the next 3 years. Women contribution to EPF reduced to 8% for first 3 years of employment
76% of loan accounts are of women and more than 50% belong to SC, ST and OBC under the Mudra Yojana. Rs 3 lakh crore will be lent under Mudra Yojana in 2018-19.
Air Pollution in Delhi NCR is a cause for concern, special scheme will be implemented to support Govts of Haryana, Punjab, UP and Delhi NCT to address it and subsidize machinery for management of crop residue.
Govt plans to construct 2 crore more toilets under swachhbharat Mission.
Govt. to initiate integration of B.Ed programme for teachers; Centre to start Eklavya schools for ST population.
Scheme for revitalizing school infrastructure, with an allocation of 1 lakh crore rupees over four years. Called RISE - Revitalizing Infrastructure in School Education
Govt to set up fishery & aquaculture infrastructure fund; also to set up animal husbandry infrastructure fund with a total corpus of Rs. 10,000 crore.
MSP of crops shall be increased to 1.5 times that of the production cost.
Providing upto 5 lakh rupees per family per year for medical reimbursement, under National Health Protection Scheme. This will be world's largest health protection scheme.
Government to take all steps to eliminate use of crypto currencies which are being used to fund illegitimate transactions.
National Insurance Co, Oriental Insurance Co and United Assurance Co to be merged into one entity and subsequently listed.
Long-term capital gains exceeding Rs. 1 lakh to be taxed at the rate of 10%. Short term capital tax remains at 15%.
Education and health cess to be increased from 3% to 4%.
Personal Income Tax rates unchanged; Rs. 40k standard deduction in lieu of present exemption to salaried people.
Senior citizens can claim benefit of reduction Rs. 50,000/ year w.r.t any general health expenditure and health insurance premium.
Companies with turnover of upto Rs. 250 cr to be taxed at 25%.
100% tax deduction for first five years to companies registered as farmer producer companies with a turnover of Rs. 100 crore and above.
MP salaries to be revised with effect from 1 April, 2018. It will increase every 5 years indexed to inflation.
Emoluments of President to be revised to Rs 5 lakh per month and emoluments of Vice-president to be revised to Rs 4 lakh per month.
Rs 80,000 crore disinvestment target for 2018-19; target for 2017-18 exceeded and will reach Rs 1 lakh crore.
Regional Connectivity Scheme 'UDAN' shall connect 56 unserved airports and 31 helipads in the country.
Mission on cyber space will be launched in support of establishment of centres of excellence
No change in railway fares.
Railway stations with more than 25,000 footfalls will have escalators; trains will have WiFi and CCTV services. Redevelopment of 600 major railway stations taken up; Mumbai transport system being expanded; suburban network of 160 km planned for Bengaluru.
Cleaning of river Ganga is of national importance, have sanctioned 187 projects under Namami Gange scheme.
Ujjwala Yojana helped millions of poor get free LPG connection.
Govt will contribute 12% of wages of new employees in EPF for all sectors for the next 3 years. Women contribution to EPF reduced to 8% for first 3 years of employment
76% of loan accounts are of women and more than 50% belong to SC, ST and OBC under the Mudra Yojana. Rs 3 lakh crore will be lent under Mudra Yojana in 2018-19.
Air Pollution in Delhi NCR is a cause for concern, special scheme will be implemented to support Govts of Haryana, Punjab, UP and Delhi NCT to address it and subsidize machinery for management of crop residue.
Govt plans to construct 2 crore more toilets under swachhbharat Mission.
Govt. to initiate integration of B.Ed programme for teachers; Centre to start Eklavya schools for ST population.
Scheme for revitalizing school infrastructure, with an allocation of 1 lakh crore rupees over four years. Called RISE - Revitalizing Infrastructure in School Education
Govt to set up fishery & aquaculture infrastructure fund; also to set up animal husbandry infrastructure fund with a total corpus of Rs. 10,000 crore.
MSP of crops shall be increased to 1.5 times that of the production cost.
Providing upto 5 lakh rupees per family per year for medical reimbursement, under National Health Protection Scheme. This will be world's largest health protection scheme.
Government to take all steps to eliminate use of crypto currencies which are being used to fund illegitimate transactions.
National Insurance Co, Oriental Insurance Co and United Assurance Co to be merged into one entity and subsequently listed.
Long-term capital gains exceeding Rs. 1 lakh to be taxed at the rate of 10%. Short term capital tax remains at 15%.
Education and health cess to be increased from 3% to 4%.
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