Budget 2018 Highlights: Exemption of Interest Income on Deposits increased to INR 50000

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Budget 2018 Highlights Exemption of Interest Income on Deposits increased to INR 50000
Budget 2018 Highlights Exemption of Interest Income on Deposits increased to INR 50000

Budget 2018 Highlights: Exemption of Interest Income on Deposits increased to INR 50000. Finance Minister Shri Arun Jaitley has presented Budget 2018 in the Parliament on Thursday. The Finance Minister has guided the mission of Budget 2018 to strengthen agriculture, employment, MSME, rural development, health, education and infrastructure sectors. Budget 2018 Highlights listed below.

Budget 2018 Highlights

  • Customs duty increases from 15 to 20 percent on import of mobile phones.
  • To increase medical and education cessation to 4 percent.
  • TDS exemption on FD and post office deposits of senior citizens up to Rs. 50,000.
  • Additional subsidy for senior citizens medical expenses increased from Rs 60,000 to Rs.1 lakh.
  • Tax limit on bank deposits of senior citizens Tax not applicable up to Rs. 50 thousand.
  • Standard Deduction for travel and medical expenses up to Rs.40,000 for salaried employees. Additional subsidy for medical expenses for Senior Citizens. This will benefit 2.5 crores.
  • There is no change in the personal income tax limit.
  • Income tax subsidy on small-scale footwear and leather products manufacturers.
  • 100 percent tax deduction for companies registered under Farmer Producer Companies.
  • 494 projects with Rs.19,428 crore under Amrith scheme.
  • 12.6 percent growth in direct taxes. Increase in income tax collections over the past two years.
  • The number of taxpayers in the country is 85.51 crore. The number of tax returners increased to 40 percent.

Major Highlights

  • Raising the wages of the President, Vice-President and Governors. President’s honorary wage increased to Rs 5 lakh, Vice-President to Rs 4 lakh. Rs. 3.5 lakh for governors.
  • The government will not accept the cryptocurrency.
  • 14 PSUs will be listed on the stock market.
  • Electronic payments for easy travel on toll plaza.
  • Studies in the artificial intelligence field.
  • The change in MP wages for five years based on inflation.
  • Rs 10,000 crore for Bharat Network Program. Provision of 5 lakh WIFIs routers for villages.
  • Special training on job skills for 50 lakh young people by 2020.
  • CCTV and WiFi Facility in all railway zones, trains. Advanced coaches construction in Perambur.
  • Rs 1.48 lakh crore for Railways.
  • The EPF, which is paid by the government in new jobs, has increased from 8.33 percent to 12 percent. Enhanced EPF executed for three years.
  • Loans for small industries under Mudra Yojana. 75 percent of lending is allocated to women.
  • Rs 56,000 crore for SC welfare. The welfare of tribals is Rs 32,508 crore.
  • Rs.1.38 lakh crores for Health sector.
  • Minimum support price of government for all crops.
  • Health insurance up to Rs. 5 lakh for 10 crore poor families with a premium of Rs.330. This will benefit 50 crore customers.
  • Rs 11 lakh crore for agricultural loans.
  • Special housing fund for housing construction Activities for the construction of 55 lakh houses across the country.
  • More Rural Road connectivity with Prime Minister Gramasadak Yojana. By 2022 the construction of suburban roads in all villages.
  • Rs.500 crores for Operation Green.
  • Rs 10,000 crore for fisheries and Animal Husbandry. Rs 1,290 crore allocated for national bamboo industries.

Read Also: Mobile Phones Prices Hiked, Customs Duty increased to encourage Make In India

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