Central government has introduced union budget for financial year of 2018 and 2019. Finance minister Arun Jaitley read the budget in Lok Sabha session. Here are the highlights of the budget 2018.
Education and medical cess have been increased by 4 #
TDS have been removed for FDI an postoffice deposits of Senior citizens upto 50k.
Exemption of medical expenses of Senior citizens has been raised from 60k to 1 lakh
Ceiling for income on bank deposits for senior citizens has been increased with no tax upto Rs 50k
2018-2019 budget estimation is Rs 21.57 lakh crorres, liquidity deficit upto 3.3
Standard deduction applicable for salaried employees for their travel, medical expenses upto Rs 40k
No changes in Income tax slabs
Exemption on small scale leather and footwear revenues
100% tax exemption for those doing small business which have availed cooperative bank loans
Encouraging foreign investments for arms and ammunition manufacturing for army through Make in India
Rs 19428 crores alloted for 494 water projects under Amruta scheme
Drastical raise of 12.6% in tax collection in past two years
This year witnessed 40% increase in tax returns filing making the number tax payers to increase to 85.51 crore.
Customs Duty on certain products, such as mobile phones and televisions has been increased, to provide a fillip to ‘Make in India’
Customs duty on crude edible vegetable oils like groundnut oil, safflower seed oil hiked from 12.5% to 30%; on refined edible vegetable oil from 20% to 35%
Customs duty on sunglasses, cigarette lighter, toys, bus and truck tyres, select furniture hiked.
Customs duty on imitation jewellery hiked from 15% to 20%; doubled on all watches to 20%.
Import duty on LCD/LED/OLED panels, parts of TVs hiked to 15%; duty on smart watches, wearable devices