Union Budget 2018 Highlights:

1. Allocate 1290 Cr. for National Bamboo Mission
2. Setting up an Agriculture Market Fund for Rs. 2000 Cr.
3. Allocate 10000 Cr. For Fisheries and Aquaculture and Animal Husbandry fund.
4. 8 Cr Families will be given Gas Connection for free under Ujwala scheme.
5. 16000 Cr for PM Sabhagya yojana
6. Target constructing 2Cr Toilets in FY19
7. Total Amt to be spent to improve Rural Livelihood to be 14.30 Lakh Cr.
8. Propose to allocate 11 Lakh Crore for Instl Credit for farm sector next FY
9. Launching Prg RISE for revitalisation of Infra, Edu System with an investment of 1 lakh Cr.
10. National health Protection Programme for 10 Cr Poor Families.
11. Rs. 5 Lakh per family per year for 10 crore families will be allocated.
12. Allocate 1200 crore for specialised health wellness centres.
13. 47 Pojects under the “Namami Gange” Programme have been completed.
14. Allocate Rs. 1.38 Lk Crore in FY 19 For Govt health & Educational Programmes.
15. Target Mudra Loans for Rs. 3 lakh Cr Next FY
16. Propose review of refinancing criteria under mudra scheme.
17. Allocate 7148 Cr for Textile sector
18. Women Contribution to EPF to be reduced to 8% for first 3 years.
19. Highway contruction will exceed 9000 km by end of FY18
20. 35000 KM to be completed under Bharat mala with outlay of 5.35 Lakh cr.
21. Railway Capex for FY19 at 1.48 Lakh Cr.
22. Allocate 17000 Cr for Bengaluru Metro Network.
23. Allocate 11000 Cr for Mumbai Rail Network
24. SEBI to Mull asking large Cos to meet 25% debt from Market.
25. RBI Norms to nudge Cos to acess bond market for fundraising.
26. All means to be curb illegitimate transactions funds by Cryptocurriencies in India.
27. FY 19 Disinvestment target at 80000 Cr.
28. National Insurance, United India Ins & Oriental Ins to Be merge,Listed.
29. Gold monetisation policy to be revamped to make it investment friendly.
30. To Set up comprehensive gold policy: To revamp Gold monetisation scheme.
31. Law to be introduced to fix MPs salary every 5 years indexed to Infin.
32. Total fiscal deficit 3.3% estimated this year.
33. Committed to 3% fiscal deficit FY 19 onwards.
34. Total Revised expenditure of 21.57 Lk Cr. This FY.
35. Growth in Direct Taxes @ 18.57%
36. 100 % deduction of Farmer producer companies
37. Footwear & Leather industry to get benefit under direct tax.
38. Reduced corporate rates i.e  25% has been extended to all companies having turnover less than 250 Cr.
39. No Changes in Personal slab rates.
40. Standard Deduction of 40000 Salaried taxpayers in lieu of Transport and Medical Exp.
41. Deduction for Senior citizen increased to 50000 for Medical Exp., 1L for Critical illness.
42. Tax on Long Term Capital Gain above Rs. 1L @ 10% with no indexation.
43. Shares Purchased before 31 Jan shall be expemted however.
44. Proposed to Amend Income Tax act for electronic assessment.

Comments

Post a Comment

Popular posts from this blog

Impact of GST on Hoteliers

Registrations 1. Liable to register a. only if aggregate turnover of a person is >20 Lakhs in a financial year (>10 lakhs in North-eastern states, Uttarakhand, Sikkim) b. This threshold doesn’t apply to interstate supply i.e. in case supply is made to different states, even for Rs 1 of sales, registration has to be taken. c. Existing companies having VAT, service tax registration need to migrate to GST 2. Not Liable to Register a. Doing Pure catering services to an educational institution 3. Composition Scheme: Small restaurants with an aggregate turnover of above Rs. 20 Lakhs but less than Rs. 75 Lakhs, may opt for Composition scheme and pay tax at 5% of Inter-State/Union territory turnover. Conditions for opting Composition scheme are as follows: a. Registered person is not engaged in the supply of services other than restaurant service (Example: If registered person is providing accommodation services or renting of banquet halls along with restaurant se
Read more

Salient Features of Finance Bill, 2018-Income Taxation

Image
1. No change in Tax Rate. All persons including individuals, HUF, Firms and Companies to pay same tax . However Education cess is being increased from 3 to 4 % to be known as Education and Health cess.  2. However for Domestic Companies having total turnover or gross receipts not exceeding Rs 250 crores in Financial year 2016-17 shall be liable to pay tax at 25% as against present ceiling of Rs 50 crore in Financial year 2015-16.  3. Long term Capital gain exemption under section 10(38) in respect of listed STT paid shares being withdrawn.  4. However capital gain up to 31.1.2018 shall not be taxed as cost of acquisition will be taken as Fair Market Value as on 31.1.2018.  5. Tax on STT paid long term capital Gain will be 10% under Section 112A. Further such tax will be liable for TDS.  6. Standard Deduction of Rs 40,000 for salaried employees. However benefit of transport allowance of Rs 19,200 and Medical Reimbursement of Rs 15,000 under Section 17(2) are being withdrawn. Thu
Read more

How does GST Work? Explained in 10 Points

Destination-Based Tax: GST is a destination-based tax as against the earlier principle of origin-based taxation. The new tax regime follows a multi-stage collection mechanism wherein tax is collected at every stage and the credit of tax paid (input tax credit) at the previous stage is available as a set-off at the next stage of transaction. This helps to eliminate ‘tax on tax’ or the cascading impact of tax. GST benefits the industry through better cash flows and better working capital management. From consumer point of view, GST helps to bring down overall tax. Input Tax Credit: The biggest game changer in GST is input tax credit, where credits of input taxes paid at each stage of production or service delivery can be availed in the succeeding stages of value addition. This means that the end consumer will thus only bear the GST charged by the last point in supply chain, with set-off benefits at all the earlier stages. For example, a manufacturer's total tax on output co
Read more