v Finance Minister Shri Arun Jaitley presents general
Budget 2018-19 in Parliament.
v Budget guided by mission to strengthen agriculture,
rural development, health, education, employment, MSME and infrastructure
sectors
v 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.
v 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.
v 22,000 rural haats to be developed and upgraded into
Gramin Agricultural Markets to protect the interests of 86% small and marginal
farmers.
v “Operation Greens” launched to address price fluctuations
in potato, tomato and onion for benefit of farmers and consumers.
v Two New Funds of Rs10,000 crore announced for
Fisheries and Animal Husbandary sectors; Re-structured National
Bamboo Mission gets Rs.1290 crore.
v Loans to Women Self Help Groups will increase to
Rs.75,000 crore in 2019 from 42,500 crore last year.
v Higher targets for Ujjwala, Saubhagya and Swachh
Mission to cater to lower and middle class in providing free LPG
connections, electricity and toilets.
v 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.
v 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.
v Fiscal Deficit pegged at 3.5 %, projected at 3.3 %
for 2018-19.
v Rs. 5.97 lakh crore allocation for infrastructure
v Ten prominent sites to be developed as Iconic
tourist destinations
v NITI Aayog to initiate a national programme on
Artificial Intelligence(AI)
v Centres of excellence to be set up on robotics, AI,
Internet of things etc
v Disinvestment crossed target of Rs 72,500 crore to
reach Rs 1,00,000 crore
v Comprehensive Gold Policy on the anvil to develop
yellow metal as an asset class
v 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.
v 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.
v No adjustment in respect of transactions in
immovable property where Circle Rate value does not exceed 5 percent of
consideration.
v 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.
v 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.
v Relief to Senior Citizens proposed:-
v Exemption of interest income on deposits with banks
and post offices to be increased from Rs. 10,000 to Rs. 50,000.
v TDS not required to be deducted under section
194A. Benefit also available for interest from all fixed deposit schemes and
recurring deposit schemes.
v Hike in deduction limit for health insurance premium
and/ or medical expenditure from Rs. 30,000 to Rs. 50,000 under section 80D.
v 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.
v 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.
v More concessions for International Financial Services
Centre (IFSC), to promote trade in stock exchanges located in IFSC.
v 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.
v 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.
v Proposal to introduce tax on distributed income by
equity oriented mutual funds at the rate of 10 percent.
v Proposal to increase cess on personal income tax and
corporation tax to 4 percent from present 3 percent.
v 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.
v 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.
CLICK HERE FOR : BUDGET SPEECH
CLICK HERE FOR : HIGHLIGHTS OF BUDGET 2018-19
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