Budget 2018 India : No Changes In Income Tax Of Individuals, Deduction Of Rs 40,000 For Salaried Employees; Automatic Revision Of MPs’ Emoluments Every 5 Years; Tax On Equity, Mutual Funds | KNO

Budget 2018 India : No Changes In Income Tax Of Individuals, Deduction Of Rs 40,000 For Salaried Employees; Automatic Revision Of MPs’ Emoluments Every 5 Years; Tax On Equity, Mutual Funds | KNO

Kashmir News Observer (KNO)

NEW DELHI, Feb 01: The Lsst full Budget of Modi Govt before the elections brought smile on faces of many and also brought anbger on faces of many. The major points of Biudget are: : Increase the health and education cess to 4% : Tax long term capital gains exceeding Rs 1 lakh in Equity/Mutual funds at 10%. ":Rs 50,000 additional benefit to senior citizens for investment in mediclaim. :A standard deduction of additional Rs 40,000 for salaried employees. p> : No changes in the structure of income tax of individuals. :Extension of the benefit of the reduced corporate rate of 25% for CTN companies with reported turnover of up to Rs 250 crore. :100% tax deduction for the first five years to companies registered as farmer producer companies with a turnover of Rs. 100 crore and above. : 41% more returns were filed this year, which shows that more CTN people have joined the tax net. : Automatic revision of MPs’ emoluments every five years, indexed to inflation. : Emoluments of President, Vice President CTNand Governor being revised: Rs 5 lakh; 4 lakh; Rs 3.5 lakh per month respectively. : The government will assign every enterprise in India a unique ID on the lines of Aadhaar. :Rs 5.97 lakh crore allocated for infrastructure spending in India. : 5 lakh WiFi hotspots to be set up in rural areas to provide easy Internet access. :Rs 1,48,528 crore is the capital expenditure for the Indian Railways for 2018-19... All trains to be progressively provided with WiFi, CCTV and other state-of-the-art amenities. : Women’s contribution reduced to 8.33% towards PF in the first 3 years for new EPF accounts. : 70 lakh farming jobs have been created this year, shows an independent study. : 24 new government medical colleges and hospitals to be set up by upgrading existing district hospitals. : One medical college per every three constituency. :National Health Protection Scheme to cover 10 crore poor and vulnerable families, benefiting approximately 50 crore. Providing Rs 5 lakh per family per year for medical reimbursement, under National Health Protection Scheme and will be world’s largest health protection scheme. : Ujwala will give 8 crore women new LPG connections.