10 Keynotes on Budget 2018

“Hum ko maalum hai “BUDGET” ki haqiqat lekin….. dil ko khush rakhne ko galib khayal acha hai”

The budget 2018 is out containing various reforms for MSME, corporate and salaried employees. The government has tried to play a safe game and certainly, it was more growth-oriented rather than vote or oriented. We have summarized 10 ket notes on budget 2018 for your information.

So, here are 10 key takeaways from budget 2018:

• Reduced corporate tax: The benefit of reduced corporate tax rate has been extended to corporate which is having turnover up to 250 Crores. Earlier, it was for companies having turnover up to 50 crores.
   

• The standard deduction for salaries: The government has decided to give a standard deduction for a salaried employee of Rs.40,000/-. This deduction will also be available to retired employees.
   

• No change in slab rates: The government has kept the slab rates same for individuals, women and senior citizens. No change has been proposed by the government of India.
   

• Exemption for senior citizens: Exemptions in income of Rs.10,000/- from bank fixed deposit and post offices. Further, tax exemption on medical insurance has been increased to Rs.50,000/-.
   

• Education cess increased: Education cess has been proposed to increase from 3% to 4%. This will result in higher tax liability for individuals, companies etc.
   

• Tax on Long-term Capital Gain: The government has decided to tax the long-term capital gains (LTCG) on shares and equity oriented mutual funds. Earlier, this was exempt from taxation.
   
• Mobiles phones to get costlier: The government has decided to increase the customs duty on electronics product like mobile, LED etc. This will make imported mobiles costly.
   

• LPG Connections: The government has decided to provide LPG connections to 8 crore women in India.
   

• Education sector: The government has decided to infuse Rs.1 lakh crore to upgrade education sector.
   

• EPF contribution by the government: The government of India will contribute 12% of the wages of new employees in EPF in all sectors for next 3 years.

Conclusion

Our team is working on analyzing the budget 2018 and will share more insightful articles for your knowledge. Stay tuned and visit www.hubco.in. For any other information, please email to info@hubco.in.