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  • Relaxation for middle class in ’18 Union Budget

    MN

    Budget 2014-15

    ·  Income tax exemption limit increased from Rs. 2 lakh to Rs. 2.5 lakh for individual taxpayers below the age of 60 years

    ·  Income tax exemption limit increased to Rs 3 lakh for senior citizens

    ·  Section 80C limit hiked to Rs 1.5 lakh

    ·  Home loan deduction limit hiked to Rs 2 lakh

    Budget 2015-16

    ·  Surcharge on income above Rs 1 crore hiked to 12% from 2%

    ·  Additional deduction of up to Rs 50,000 for investment in National Pension Scheme (NPS)

    ·  Wealth tax abolished

    ·  Medical insurance deduction hiked to Rs 25,000

    Budget 2016-17

    ·  Surcharge on income above Rs 1 crore hiked to 15%

    ·  Dividends of over Rs 10 lakh to be taxed at 10%

    ·  Tax rebate hiked to Rs 5,000 for those earning up to Rs 5 lakh

    Budget 2017-18

    ·  New 10% surcharge on income above Rs 50 lakh

    ·  Tax rebate reduced from Rs 5,000 to Rs 2,500 and will apply only to income up to Rs 3.5 lakh

    ·  Rs 12,500 rebate for all taxpayers

    ·  Home loan deduction limitedat Rs 2 lakh

    Middle class can hope for a big relief in the Union Budget 2018 as the finance ministry is contemplating to hike personal tax exemption limit and tweak the tax slabs.

  • A shock post GST, before LS by-election

    Arun 2

    Photo Courtesy: Internet

    The first post big reform, GST, and final before the 2019 Lok Sabha elections has given hearts to many for survival and left many in doom.

    Matching many uplifted hopes and a mixed review from the budget, Finance Minister Arun Jaitley promised for the best healthcare insurance that has a new health related scheme which will provide health care insurance of up to Rs 5 lakh per year to every poor family.

    The scheme aims at covering 10 crore families and 50 crore beneficiaries. The scheme would be applicable to all private hospitals as well. The budget also plan to set up 24 new government medical colleges and hospitals by upgrading existing district hospitals in the country.

    Budget gave a relaxation to the salaried people since it dint touch the income tax slabs along with an announcement on reduction in women employees' contribution to EPF to 8 per cent for the 1st three years and extended the fixed-term employment facility to all sectors to give more jobs.

    Government in it post GST and final before the parliament elections has stepped for ‘RISE’ (Revitalising of Infrastructure and Systems in Education) with a total investment of Rs 1 lakh crore in the next 4 years was mentioned. “We propose to increase the digital education and make a steady move from blackboard to digital board,” FM Arun Jaitley during his budget speech.

    FM has also given a major relief to farmers, the government raised the minimum support price (MSP) to 1.5 times the cost of production for all upcoming Kharif crops. It also announced 100% tax deduction for farm producer firms with Rs 100 crore turnovers. Kisan credit card will be extended to fisheries and animal husbandry farmers. The government will spend Rs 14.34 lakh crore in rural areas in terms of providing jobs and infra.

    The budget 2018 has also talked about providing housing facility by 2022, the budget has proposed to set up an affordable housing fund under the National Housing Bank (NHB). The government has set a target to construct a minimum of 2 crore toilets under Swachh Bharat Mission and 51 lakh affordable housing units in rural and 50 lakh in urban areas.

    Finance Minister announced WI-Fi access in trains and in the railway stations also all the railways stations with more than 25,000 footfall will have escalators. This is the second union budget since the Centre merged the Railway budget with the general budget last year. The government announced a capital expenditure of Rs 1.48 lakh crore for the Indian Railways

    The government in the budget has allocated Rs 3 lakh crore for lending under Micro-Units Development & Refinance Agency Ltd (MUDRA), around 20 per cent hike from the last year.

    With turnover of up to Rs 250 crore to 25% from current 30%, budget lowered the corporate tax for small, micro and medium enterprises.

    Government dint want to miss on fiscal consolidation roadmap, which could have been the trouble from the oppositions to stand against the government after the budget presentation. The fiscal deficit for current fiscal will widen to 3.5% of the GDP as against 3.2% previously targeted, and to 3.3% in FY'19 as opposed to 3 per cent previously targeted.

  • Budget 2018: Highlights of Economic Survey 2018-19

    Budget

    Photo courtesy-- Internet 

    The budget day started with President Ram Nath Kovind's address to the joint sitting of lower and upper house at Parliament. Finance Minister Arun Jaitley tabled the Economic Survey-2018 in the Lok Sabha.

    According to the Economic Survey, it is expected for India to regain the world’s fastest growing major economy tag as it is likely to clock7 to 7.5 per cent growth rate in 2018-19, elevated from 6.75 per cent in the current fiscal.

    The economy also said, the survey for 2018-19, will grow on the back of major reforms which would be strengthened further.

     

    Following are the highlights of the Economic Survey 2018-19. (PTI reports)


    * GDP to grow 7-7.5 percent in FY19; India to regain fastest growing major economy tag

    * GDP growth to be 6.75 percent in FY2018-19

    * Policy vigilance required next fiscal if high oil prices persist or stock prices correct sharply

    * Policy agenda for next year -- support agriculture, privatise Air India, finish bank recapitalisation

    * GST data shows 50 percent rise in number of indirect taxpayers

    * Tax collection by states, local governments significantly lower than those in other federal countries

    * Demonetisation has encouraged financial savings

    * Insolvency Code being actively used to resolve NPA woes

    * Retail inflation averaged 3.3 percent in 2018-19, lowest in last 6 fiscals

    * India needs to address pendency, delays and backlogs in the appellate and judicial arenas

    * Urban migration leading to feminisation of farm sector

    * Rs 20,339 cr approved for interest subvention for farmers in current fiscal

    * FDI in services sector rises 15 percent in 2018-19 on reforms

    * Fiscal federalism, accountability to help avoid low equilibrium trap

    * India's external sector to remain strong on likely improvement in global trade

    * Technology should be used for better enforcement of labour laws

    * Swachh Bharat initiative improved sanitation coverage in rural areas from 39 percent in 2014 to 76 percent in January 2018

    * Priority to social infrastructure like education, health to promote inclusive growth

    * Centre, states should enhance cooperation to deal with severe air pollution

    * Suvey 2018-19 in pink colour to highlight gender issues

    * Indian parents often continue to have children till they have desired number of sons

     

  • Budget Live Update 2018

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  • Budget Live Update 2018

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  • Budget Live Update 2018

    • Relaxation for middle class is likely to be in ’18 Union Budget#Budget2018
    • Before#Modi govt,#India was considered fragile and we have introduced fundamental structural reforms: Arun Jaitley.#Budget2018
    • India is now the 3rd largest economy in the world at Rs 2.5 trillion. Achieved 7.5% growth in the first 3 years:@arunjaitley#Budget2018
    • #Government is working towards making all public service bookings online; railways, bus tickets already available:#FinanceMinister Arun Jaitley#Budget2018
    • The Union finance minister is switching between Hindi and English, a trend not seen at least in recent times.#Budget2018
  • Budget Live Update 2018

    MN

    • #Modi #Government is taking steps to ensure #farmers get 1.5% more return on theirproduce than what they used to. Income of farmers likely to become double: #FinanceMinister Arun Jaitley #Budget2018
    • "Our government has worked sincerely for various reforms without keeping the political angle in mind. My government is committed to the welfare of the fares. Agriculture is an enterprise and encouraging farmers to earn more," Jaitley says. #Budget2018 #ArunJaitley
    • #Modi #Government has provided free medicines to the poor, free dialysis and have started 3,000 medicalcentres: #FinanceMinister Arun Jaitley #Budget2018
    • "Our government has ensured that the people get their benefits directly and on time. Our Direct Benefit Transfer (DBT) programme haseleminated the middleman in India," says #ArunJaitley. #Budget2018
    • #FinanceMinister saysrecapitalised PSU banks are ready to support growth; achieved 7.5% average growth in three years of NDA government. #ArunJaitley #Budget2018 #NewsMantra
    • MSP for Kharif crops to be 1.5 times the cost of produce says #ArunJaitley. "The government will create an institutional mechanism involving all concerned ministries so that the farmers get a better price for their produce," says Jaitley. #Budget2018 #NewsMantra #LiveBudget
  • Budget Live Update 2018

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  • Budget Live Update 2018

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  • Budget Live Update 2018

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  • Budget Live Update 2018

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    • Mudra accounts Rs 3 lakh crore set aside for Mudra accounts.#Budget2018#NewsMantra#LiveUpdates#FinanceMinister#ArunJaitely
    • Jaitley says 187 projects sanctioned under the 'Namami Gange' programme, 47 projects have been completed.#Budget2018#NewsMantra#LiveUpdates#FinanceMinister#ArunJaitely
    • "Contribution of 8.33% to EPF for new employees by the government for three years and 12% government contribution to EPF in sectors employinglarge number of people. Women employees' contribution to EPF to be reduced to 8% from 10% for the first 3 years," announces#ArunJaitley.
    • "115 aspiration districts have been identified taking various indices of development into consideration. The quality of life will be improved in these districts, promises Finance Minister Arun Jaitley#Budget2018#NewsMantra#LiveUpdates#FinanceMinister#ArunJaitely
    • "Have proposed the construction of a tunnel under the Se-La pass in Arunachal Pradesh.Proposal to develop 10 prominent tourist destinations as Iconic tourism destinations," says Jaitley.
  • Budget Live Update 2018

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  • Budget Live Update 2018

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  • Budget Live Update 2018

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  • Budget Live Update 2018

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  • Budget Live Update 2018

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  • Budget Live Update 2018

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  • Budget Session- PM asks to support triple talaq’ bill

    Narendra Modi

    Photo courtesy- Internet

    On Monday, Prime Minister Narendra Modi asked all the political parties to help in passing the Triple talaq bill in the budget session at Parliament.


    The budget session 2018 that started today is all geared to have a direct confrontation between the government and the opposition that includes criminalising Muslim practice of immediate talaq.


    While speaking to the reporters, PM said despite all the possible ways that his government applied, the triple talaq bill could not be passed in the last session.


    Continuing that he hoped for no politics on the issue as it relates to the rights of Muslim women, the Bill could not be passed.
    The all-party meeting was attended by Prime Minister Narendra Modi, Union ministers Rajnath Singh, Arun Jaitley and Ananth Kumar, besides leaders of opposition and other parties.


    Lok Sabha, speaker Sumitra Mahajan had a dinner meeting with party leaders and said the leaders had assured her of their cooperation for the smooth functioning of the budget.


    Addressing the floor leaders of the various parties in the Rajya Sabha and Lok Sabha, Prime Minister Modi said the government accords importance to issues rose by the parties and urged their leaders to create a "constructive atmosphere for the national good".


    Parliamentary Affair Minister Kumar termed the meeting “productive”, mentioned that the PM urged the party leaders to make the session successful.


    "We are very hopeful that the bill which is going to negate 'talaq-e-Biddat' and pave the way for empowering Muslim women will be passed in the Rajya Sabha, too," he said.

    With Agency Inputs

  • Budget: FM claims its govt ‘reversed’ the trend of India

    MN

    The Finance Minister Arun Jaitley taday, while announcing the budget said, my government has ‘reversed’ the trend of Inida which was considered to be one of the fragile five economies of the world.


    The following are budgets, discussed by the FM:


    Post introduction of GST has made indirect tax system simpler and demonetisation has reduced cash in economy, promoted digital transactions.

     

    India is currently a USD 2.5 trillion economy and will soon jump to 5th largest economy in the world then 7th.

    Talking about exports, he mentioned its hike by 17 percent in 2017-18.

    The government in 2018 budget is focused on strengthening agricultural and rural economy.

    Cooking gas being given free to poor and 4 crore unconnected being provided electricity connection, stent prices slashed.

    Economy will grow by 7.2-7.5 percent in second half of current fiscal.

    Budget will emphasis on generating higher income for the farmers and want to help farmers produce more and realise higher prices.

    Crop production at record high; government is committed to provide 50% more than cost of crop production to farmers in the current budget.

    Government to set MSP at one-and-half times the cost of production for Kharif crops.

    Government will ensure farmers get MSP if prices fall. Niti Aayog will discuss with state governments for mechanism to ensure farmers get better prices in 2018 budget.

    Rs 2k crore fund will be set up for upgrading rural agricultural markets.

    Government has promoted organic farmers in a big way. Women self-help groups to be encouraged to take up organic farming.

    Agriculture ministry will reorient ongoing programmes to promote cluster-based horticulture production.

    In Budget 2018, Food processing sector growing at 8%; allocation for food processing ministry being doubled to Rs 1400 crore.

    India's agriculture export potential is $100 bn as against current $ 30 bn exports.

    Government will allocate Rs500 crore for 'operation green' to promote FPOs, agricultural logistics and processing in Budget 2018.

    Kisan credit card facility extended to fisheries and animal husbandry sectors.

    We will restructure national bamboo mission with an outlay of Rs 1,290 crore.

    Surplus power produced by solar-powered generators used by farmers will be bought by state distribution utilities under Budget 2018.

    Institutional credit to agriculture will be raised to Rs 11 lakh crore in 2018-19.
    We will set up fisheries and aqua culture infra fund and animal husbandry infra fund with an outlay of Rs 10,000 crore.

    Special scheme to support efforts of Haryana, Punjab, UP and Delhi to tackle air pollution through use of in-situ machinery for disposing crop residue.
    Rs 16,000 crore will be spent on providing electricity connection to 4 crore poor households.

    We will also provide free LPG connection to 8 crore women under Ujjwala scheme, up from earlier target of 5 crore.

    Over six crore toilets built under Swachh Bharat Mission; government will build another two crore toilets.

    1 crore houses will be built under Pradhan Mantri Awas Yojana in rural areas.