The budget also announced the set-up of 24 new Government Medical Colleges and Hospitals along with an upgrade to existing district hospitals in the country.
Blockchain, Artificial Intelligence, 3D Printing, Robotics found a special mention in the FM’s speech.
India’s infrastructure financing requirement has been estimated as approximately Rs 50 lakh crore in the next five years
With the cost of medical treatments going up more than the general inflation levels and senior citizen having to spend relatively more money on their health.
Amidst heavy D-street speculations, the FM in a subtle manner unfolded the long term capital gains tax story.
The launch of an initiative like “RISE” that stands for the revitalisation of infra and education systems, with a war chest of Rs 1 lakh crore, will have a far-reaching impact on our lives.
While this Budget has hit the right chords for reducing rural distress and increasing government expenditure in infrastructure, healthcare and education, it has been disappointing on other fronts.
Investors were waiting for a correction and LTCG has handed them in a platter. But how big a dragon is LTCG?
The reduced corporate tax rate of 25% for companies has now been extended for turnover upto Rs. 250 crore.
GOI has decided to introduce a 10% tax on long term capital gains on equities and equity oriented mutual funds exceeding INR 1 lakh.
While this year Union Budget was a mix bag of both expectations and a few surprises, we list out a few broad points which will have an impact on how you save, invest, borrow, and insure.
An allocation of INR 10,000 crores has been announced on expansion of telecom infrastructure under various government projects in the country, however, the Union Budget does not bring any cheer to the telecom sector.
With several changes carried out in personal tax rates in last three years, the finance budget 2018 have kept the tax rates unaltered
All dividends in Equity and Equity Oriented Funds will now be taxed at the rate of 10 percent
The higher nominal GDP growth itself gives leeway to the government to project an ‘optically’ lower deficit, as the market looks at it as a percentage of GDP.
Boost in rural sector should aid the fragile rural recovery and spur consumer demand.
The industry is also hopeful that basic customs duty (BCD) on import of select non ITA goods would be raised to a permissible limit
Cyber issues must evolve from being seen as a mere IT-specific concern
The indirect transfer reporting obligations are also cumbersome and complicated.
The Organisation for Economic Co-operation and Development (OECD) and G20 countries have been mulling over taking joint action to address the weaknesses within the international tax system that create opportunities for BEPS.
It is required that the deduction under section 80C be simplified and the limits be revised significantly.
As term insurance is the most cost effective way to cover 10–15 times of one’s annual income, a separate section for term insurance beyond the Section 80C limit would incentivise people to buy term insurance policies and get adequate life cover in the process.
Like always, tax payers this year as well expect sops from the budget on various aspects.
Several robust tax measures and following tax arrangements are expected from this Budget.
There may be an increase in the ceiling of deduction under Section 80C from the existing Rs 1,50,000 to Rs 2,00,000.