Febrero 21, 2018

Done enough in the past for middle class: Arun Jaitley

03 Febrero 2018, 01:50 | Martinez Canez

Income Tax 2018: Salary class hopes for higher income tax exception limit

Of the allotted amount Rs1.46 trillion is capital expenditure while Rs2,028 crore is to reimburse operating losses on strategic lines and reimburse IRCTC for the operational cost of e-ticketing

The annual Economic Survey which was published on January 29, helped him by forecasting that the rate of economic growth will rise from 6.75 percent to 7.2-7.5 percent in the next financial year.

Citing various major announcements the past, he said, when the government came in, the exemption limit was raised from Rs 2 lakh, additional exemption of Rs 50,000 on saving so Rs 1 lakh became Rs 1.5 lakh and another exemption Rs 50,000 for housing loan repayments raising it to Rs 2 lakh per year. Those ranged from electronics to edible oils and accessories. "The second development of investment of Rs 10,000 crore for rural Wi-Fi hotspots, giving 5 crore citizens access to broadband speed internet by the deployment of 5 lakh Wi-Fi hotspots should help bring more consumers online, increasing digital consumption of services like OTT, entertainment, banking, and e-commerce", pointed out Abhesh Verma, COO of subscription driven video entertainment platform nexGTv. Blockchain technology is being explored and adopted actively, across public affair domains like judicial decisions storage, project financing and monitoring, asset management, contract management, regulatory compliance, production, digital identity management, shipping, digital wills, business licenses, passports, criminal records, tax records, marital records, tourism engagement, etc. India's ambitious initiatives to maximise the benefits of blockchain will make the public sector more transparent, and the economy stronger.

In a further push to the initiative, Finance Minister in his budget speech doubled the allocation towards the programme to Rs 3,073 crore in 2018-19. However, in the classic "Bharath versus India" narrative, Jaitley appears to have framed his priorities with an eye on the general elections as his budget tried to address the problems of the rural crisis and proposed a massive jump in minimum support price for farmers. The other negative aspect was the introduction of 10% long term capital gains tax on listed equity, equity oriented mutual funds and a distribution tax on income from equity oriented mutual funds. "In the year 2018-19, for creation of livelihood and infrastructure in rural areas, total amount to be spent by the Ministries will be Rs14.34 lakh crore, including extra-budgetary and non-budgetary resources of Rs11.98 lakh crore".

Central Board of Direct Taxes (CBDT) Chief Sushil Chandra has said that salaried taxpayers and pensioners will not have to furnish any bills or documents to claim the standard deduction of Rs 40,000 announced in the budget.

Indian Prime Minister Narendra Modi has announced an aggressive reachout to farmers and the poor in the new Budget, but analysts say it remains to be seen if this course correction will work. Those two shocks have left the economy reeling, leaving the government with very little money to play with.

In a protectionist move aimed at boosting India-made goods and encouraging companies to manufacture in India, he announced an increase from 15 percent to 20 percent in customs duty on mobile phones and a rate of 15 percent for televisions. Defence sector: No big boost.

He said if the insurance companies foot the bill, the estimated premium at Rs 5,000 to Rs 15,000 per family will require an outgo from Rs 50,000 crore to Rs 1.5 lakh crore per year.

Adoption of these technologies will surely put India on top with the developed countries. All stations with a footfall of over 25,000 to have escalators.

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