TaxTMI 
TaxTMI 
TaxTMI 
Highlights of Budget 2018-19
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....ighlights of Budget 2018-19 <br>Budget<br>Dated:- 1-2-2018<br><BR>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 la....
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....kh 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 Rs. 10,000 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 o....
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....n 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 c....
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....rossed 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 ....
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....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....
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.... 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....
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.... 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. * Pro....
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....posed 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. **** ============= Document 1 Budget 2018-19 Budget Snapshot: Key Numbers pib Figures in crore 2017-18 2017-18 2018-19 2016-17 Budget Revised Budget Actuals Estimates Estimates Estimates Revenue Receipts 13,74,203 15,15,771 15,05,428 17,25,738 6,00,991 6,30,964 7,12,322 7,16,475 Capital Receipts* Total Receipts 19,75,194 21,46,735 22,17,750 24,42,213 Total Expenditure 19,75,194 21,46,735 22,17,750 24,42,213 4,38,877 4,16,034 Revenue Deficit 3,16,381 3,21,163 Effective Revenue ....
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....Deficit 1,50,648 1,25,813 2,49,632 2,20,689 Fiscal Deficit 5,35,618 5,46,531 5,94,849 6,24,276 Primary Deficit 54,904 23,453 64,006 48,481 *Excluding receipts under Market Stabilisation Scheme PIB/KBK Document 2 Budget 2018-19 pib Deficit Trends Percentage of GDP 6.5 6.0 Fiscal 5.8 Deficit 5.2 4.8 4.9 4.5 4.4 4.5 4.1 3.9 Deficit Revenue 3.2 3.6 3.5 3.5 3.3 3.2 Deficit Effective Revenue 3.1 2.9 2.6 Deficit 2.6 3.2 2.5 2.5 2.2 2.7 2.0 1.9 2.1 1.9 Primary 1.5. 1.5 1.2 Deficit 1.8 1.8 1.1 1.0 0.9 0.7 0.7 0.4 0.4 0.3 0.1 2008-2009- 2010- 2011- 2012- 2013- 2014- 2015- 2016- 2017- 2017- 2018- 10 11 12 13 14 15 16 17 18 (BE) 18 (RE) 19 (BE) 09 PIB/KBK Document 3 Budget 2018-19 Trend i....
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....n Tax Receipts Percentage of GDP Gross Tax Receipts pil 10.3 10.2 10.4 10.1 0.0/1 10.0 10.6 11.3 11.3 11.6 12.1 Direct Tax 5.7 5.6 5.6 5.6 5.5 5.4 5.6 5.8 6.0 6.1 5.7 6.0 4.5 4.8 5.2 5.5 5.6 4.5 4.4 4.4 + 2010 2011 11 Indirect Tax 2012 2013 2014 2015 2016 12 13 14 15 16 17 2017 2017- 2018- 18 (BE) 18 (RE) 19 (BE) PIB/KBK<BR> News - Press release - PIB....