Just Hours away before Honorable Central Finance Minister Arun Jaitley from BJP Government announces the India Union Budget 2018, here is a summary of top ten budget expectations from a common man. Let us wait and see how much of these expectations are positively honored on this Union Budget February 2018.
- Increase in the basic exemption limit on the taxable income for Income Tax calculation – From 250,000 to 300,000 INR.
- Increasing Income Tax Deductions available under section 80C – From INR 150,000 to INR 200,000
- Complete Income Tax exemption from the profits of investments on National Pension Scheme (NPS) or withdrawals
- Increase in deduction the limit on investment contribution to NPS – From INR 50,000 to INR 100,000
- Increasing the expense reimbursement on Medical expenses from INR 15,000 to INR 30,000
- Dividend distribution tax – Government may consider clearing away the dividend distribution tax (DDT)
- House Rental Allowance: Higher deductions to be allowed for employees who are in residing in major metropolitan cities
- Shortening the period of holding for property from 3 years to 2 years for retaining the capital gain exemption for long-term gains
- Increase in the basic exemption limit of taxable income for senior citizen – From INR 300,000 to INR 350,000
- Increase the scope of section 80TTA to cover interest from fixed deposits or other fixed return savings – from INR 10,000 to INR 1,00,000
As years pass by, we long for significant improvements in terms of new infrastructure projects, good education, safe healthcare and civil protection measures to live a quality life.
Just before 2019 Elections, BJP Government announces this Union Budget 2018. What will be their key moves? What kind of productive investments they will make? Which segment of the population’s interest they will satisfy? Will there be any good announcements for improving the livelihood of the common man?
Let’s discuss this the outcomes of India Union Budget 2018 on another post.
Share your comments on what are your expectations from this India Union Budget 2018?