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Highlights of Budget 2018-19

October 4, 2018 rajasinghmurugesan

Highlights of Budget 2018-19
Ministry of Finance

Highlights of Budget 2018-19

  • Finance Minister Shri Arun Jaitley presents general Budget 2018-19 in Parliament.
  • Budget guided by mission to strengthen agriculture, rural development, health, education, employment, MSME and infrastructure sectors
  • Government says, a series of structural reforms will propel India among the fastest growing economies of the world. Country firmly on course to achieve over 8 % growth as manufacturing, services and exports back on good growth path.
  • MSP for all unannounced kharif crops will be one and half times of their production cost like majority of rabi crops: Institutional Farm Credit raised to 11 lakh crore in 2018-19 from 8.5 lakh crore in 2014-15.
  • 22,000 rural haats 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 Rs10,000 crore announced for Fisheries and Animal Husbandary sectors;   Re-structured National Bamboo Mission gets  Rs.1290 crore.
  • Loans to Women Self Help Groups will increase to Rs.75,000 crore in 2019 from 42,500 crore last year.
  • Higher targets for Ujjwala, 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. 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 at 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 Intelligence(AI)
  • Centres of excellence to be set up on robotics, AI, Internet of things etc
  • Disinvestment crossed target of Rs 72,500 crore to reach Rs 1,00,000 crore
  • Comprehensive Gold Policy on the anvil to develop yellow metal as an asset class
  • 100 percent 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.
  •  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 available for companies with turnover of less than 50 crore (in Financial Year 2015-16), to companies reporting turnover up to Rs. 250 crore in Financial Year 2016-17,  to benefit micro, small and medium enterprises.
  • Standard Deduction of Rs. 40,000 in place of present exemption for transport allowance and reimbursement of miscellaneous medical expenses. 2.5 crore salaried employees and pensioners to benefit.
  • Relief to Senior Citizens  proposed:-
  • Exemption of interest income on deposits with banks and post offices to be increased from Rs. 10,000 to Rs. 50,000.
  • TDS  not required 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 Rs. 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 Mantri 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.

  • 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 institutions 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 January, 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 incentivise domestic value addition and Make in India in sectors such as food processing, electronics, auto components, footwear and furniture.

Source – pib

Related posts:

  1. Highlights of the Budget 2013-14
  2. Benefits to Middle Class Tax Payers in the Budget 2015-16
  3. PIB: Income Tax Exemption limit increased to Rs.5 Lakh in Budget 2019
  4. Relief to Senior Citizens: Exemption of Interest Income on deposits increased to Rs 50,000
  5. Budget 2014: Raise 80C deductions to Rs 2.5 lakh, says CII
  6. Key highlights of the Interim Budget 2019-20 : PIB
  7. Personal Tax Exemption Limit Raised by Rs. 50,000/- ; No Change in the Rate of Surcharge
  8. DTC to be implemented from 1st April, 2012:
  9. PIB : Key Highlights of Union Budget 2019-20
  10. NCJCM : General Budget 2018-19 – Letter to Hon’ble Minister
  11. Highlights of Railway Train Budget 2014
  12. Highlights of Railway Budget 2013-14
  13. PIB: Defence Budget crossing Rs.3,00,000 crore for the first time in 2019-20
  14. Pre Budget Consultation – Trade unions view point on issues to be considered for framing budget for the year 2018-19
  15. Additional Deduction of Interest upto Rs.1 Lakh on Home Loan for First Home Buyer
  16. Income Tax Rates Assessment Year 2018-19,2019-20
  17. Annual income up to Rs.5 lakhs will get full tax rebate
  18. Certain Tax Reliefs announced for small tax payers and others.
  19. Highlights of Railway Budget 2012-13
  20. Highlights of Recommendations of Seventh Central Pay Commission

Filed Under: PIB NEWS October 4, 2018 2 Comments

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Comments

  1. D. P. Singh says

    February 2, 2018 at 6:40 pm

    Hon’Ble FM has done remarkable bussiness inpresenting this marvalous budget in the country. On one side he comments that the Govt. employee has contrubuted more tha 1 lac corore in INCOMTAX. On the other hand they have been deprived what it was expected?

    Reply
  2. Bisht Jagdish Chandra Singh Khark Singh says

    February 1, 2018 at 3:35 pm

    Sir,
    Budget is not so good due to the following reasons-
    Income tax slab not increased.
    Unemployment increases day to day.
    Today companies give payment RS. 6000/- to 10000/-pm only.
    Exservicemen retiring at the age of 45 years to 50 years in the rank of JCOs, they are not getting jobs in government or in a private companies.
    Farmers all over in India are not getting double amount or one third of their Corps.
    Most of people have invested or investing on mutual fund, the Government has done Income tax slab on it.
    Oil prices are going high which have to be controlled.
    Many more points ate also is there but I am confident and confirmed that whether BJP or Congress the above points required to be solved at least 90 percentage otherwise in future government will fall down
    This is my point of view rest is yours. Thank you very much

    Reply

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