HIGHLIGHTS OF UNION BUDGET 2018-19
Fiscal Deficit for
2017-18 pegged at 3.5 %,
projected at 3.3 % for 2018-19.
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.
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.
Proposal
to extend reduced rate of 25 percent of corporate tax 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 lieu of present exemption
for transport allowance and reimbursement of miscellaneous medical expenses.
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.
- Hike in deduction limit for health insurance premium and/ or medical
Expenditure
from Rs. 30,000 to Rs. 50,000 under
section 80D.
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.
Tax
on Long Term Capital Gains exceeding Rs. 1 lakh at the rate of 10 percent, without
allowing any indexation benefit.
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.