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Budget 2018-19: Taxation Relief, Aam Admi Hopes, Highlights, Expectations

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Budget 2018

Budget 2018-19: Finance Minister Arun Jaitley is presenting Budget 2018 speech in Lok Sabha. Here are live updates on Budget 2018-19 and Arun Jaitley’s Budget 2018 Speech. Complete updates about Taxation Relief, Aam Admi Hopes, Highlights, and Expectations etc are given here.

Continuing with trend from last year (2017), the Railways Budget is included in general Budget 2018. This is last full Budget of government led by Prime Minister Narendra Modi before country goes to polls in 2019. Budget 2018 is also first since government affected major economic reforms, including the GST.

There are lots of expectations from Budget 2018 as person taxpayers and corporate all look for representation from Indian Government. Scroll down this page of www.privatejobshub.in to get latest updates about Budget 2018-19.

Budget 2018

Budget 2018 Highlights:

12.00 PM: Under UDAN connectivity scheme, launched last year, operations have started at 16 airports across the country and will include many more in the upcoming year. The Airport Authority of India (AAI) has 154 airports now, he adds.
11.58 AM: For Indian Railways, the government allocates capital expenditure of Rs 1,48,528 crore for 2018-19, announces Jaitley. All trains will soon have state-of-the-art facilities such as WiFi and CCTVs for instance.
11.53 AM: Govt to develop 10 tourist destinations to attract more people to the country. Amenities will be enhanced under the Amrut programme, he says.
11.47 AM: Jobs and employment: Jaitley lists what the government has done in the previous year. Govt to contribute 12% of EPF contribution for new employees in all sectors for three years, says Jaitley.
11.45 AM: The govt allocates Rs 3 lakh crore for lending under Mudra loans in the 2018-19. He says there were 10.38 crore Mudra loans given out in this fiscal, 70% of which went to women.
11.42 AM: Introduction of GST and demonetisation has created a large database on MSME’s, says Jaitley. Govt will soon announce measures to tackle non-performing assets (NPAs), adds Jaitley
11.40 AM: Govt sanctions over 180 projects for the cleaning of Ganga. The government has identified 115 districts along the Ganga to develop and aims at improving quality of life in these districts.
11.35 AM: For the healthcare sector, the government launches National Health Protection Scheme to cover 10 crore poor and vulnerable families, says Jaitley. This translates to 50 crore beneficiaries.
11.30 AM: For the education sector, the government proposes revitalising infrastructure, opening schools for the ST populations as well as promoting programmes for teachers, in order to improve quality education for students, says Jaitley.
11.27 AM: The government will provide eight crore free gas connections to women under its Ujjwala scheme, and 4 crore electricity connections to the poor under Saubhagya Yojana, says Jaitley. The govt will also build 2 crore more toilets under Swachh Bharat Mission.
11.22 AM: The govt will aid the governments of Delhi, Haryana, Punjab to curb air pollution, says Jaitley. The government will also subsidise removal of crop residue to tackle the problem of pollution due to crop burning in these states.
11.21 AM: Meanwhile, here are some pictures of Congress leaders following the Budget announcements.
11.16 AM: Arun Jaitley budget speech: We are on path to achieve 8% plus growth

Check Live Updates: Union Budget 2018-19


Budget 2018 Tax Relief:
  • Reduce corporate tax rate to 25% as promised (currently 30%); some predict the government will lower it to 27-28% as the first step
  • Rationalisation of the interest deduction limitation provisions by excluding interest paid to unrelated parties
  • Carve out tax provisions to streamline proceedings under Insolvency and Bankruptcy Code
  • Continuation of investment allowance with lower thresholds to boost capex
  • Remove the present restriction of allowing carry forward of losses only to industrial undertakings should be done away with; all mergers should be treated at par
  • Allocate more funds for crop insurance schemes
  • Meet long-standing need for a single-greenfield authority for project approvals
  • Tax revenue during the operation and maintenance period, not during the construction period.
  • Increase railways investments by 10% from 2017-18 budget and scale-up high-speed train network.
  • Extend weighted deduction under section 35 (2AB) for R&D activities to companies engaged in the development and sale of software or providing IT services
  • Introduce fewer GST slabs for vehicles (GST Rates Finder) and streamlining of compliance processes. Lower GST rates on electric vehicles, currently at 12%
  • Reduce GST rate for projects under construction from current 12%
  • Reduce "cess" duty to 8-10% from 20% for oil and gas exploration and production
Check Out!!Why? 36% of India's Workforce to Face Job Threat

Budget 2018 Aam Aadmi Hopes: Wish List of Common Man
  1. Increase basic income tax exemption limit to Rs 3 lakh (Rs 3.5 lakh for senior citizens)
  2. Raise ceiling for deduction under Section 80C by at least Rs 50,000, making the new limit Rs 2 lakh
  3. Re-introduce standard deduction for salaried class
  4. Revise income tax slabs to introduce a new bracket for Rs 10 lakh to Rs 15 lakh (if not higher) and rejig tax rates accordingly, say at 5%, 10%, 20% and 30%
  5. Revise allowance limits-apart from raising the cap for tax-free medical reimbursement to Rs 50,000 from the present limit of Rs 15,000, transport allowance needs to be hiked too
  6. Allow deduction for interest on fixed return saving instruments for senior citizens along with deduction for routine medical expenses
  7. Extend the leave travel allowance (LTA) exemption to yearly basis instead of twice in a block of four years; also expand the scope to cover international travel
  8. Raise the tax exemption limit on lump sum withdrawal from NPS from the current 40% to 60%
  9. Enhance the gratuity exemption limit for formal sector workers to Rs 20 lakh
  10.  Reduce GST on insurance products (Revised GST Rate List), if not make them fully-exempt
  11.  Double the tax benefit available for first-time home buyers from the current level of Rs 50,000
  12.  Increase the deduction limit of interest paid on home loan by home buyers, from Rs 2 lakh to Rs 3 lakh
  13.  Widen the tax deduction window on education loans from the current 8 financial years to the full tenure of the loan, keeping in mind the spiralling cost of education
  14.  Increase interest rate subsidies already provided on home loans to Middle Income Group households, aligning them with spiralling costs of property ownership in urban areas.
  15.  Raise Tax Deducted at Source limit for bank interest from the current Rs 10,000-this ceiling was set back in 1997.
  16.  Bring FD taxation at par with debt mutual funds
  17.  Enhance deductions on health insurance under section 80D to Rs 40,000 for individuals and Rs 50,000 for senior citizens
  18.  Raise tax exemption on preventive health checkup under section 80D to Rs 20,000 from the current Rs 5,000
  19.  Announce the country's first National Employment Policy (NEP)
  20.  Make an announcement regarding the regulation and taxation of cryptocurrencies
Get Details About: Big Tax Relief in Income Tax Slab

Can Budget Fulfill Aam Aadmi Expectation?

Will this Budget deliver on expectations of the common people, the farmer and the industry-all together? Can it generate the jobs that India needs? Can it trigger economic growth India needs too badly?

Here are 10 expectations on Income Tax Front from Budget 2018:
  • Standard deduction may make a comeback
  • Tax slab rejig
  • Medical reimbursement
  • Section 80C of the Income Tax Act helps in increasing savings of individuals
  • Dividend distribution tax
  • HRA: Higher deductions are allowed to employees who are in four metropolitan cities - Mumbai, Delhi, Kolkata and Chennai.
  • Reduction of period of holding for property
  • Employees switching jobs are often required to pay a sum to the employer for not serving the entire notice period
  • Leave travel allowances or LTC
  • Tax experts have also called for higher exemption limit on allowances received for children education and hostel expenditure
Check Out: GST Implementation in India

Here's a complete list of what India is expecting today, covering sectors, organizations and homes, to assist you decide in a few hours whether the Budget was a hit, or not. Stay connected with www.privatejobshub.in for latest updates regarding Budget 2018-19. If anyone have any query regarding Budget 2018, then drop the comment in below provided comment box.

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