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Budget highlights PDF download: This publication provides an overview of key announcements and proposals made in the Interim Budget and its likely. Our in-depth analysis helps you understand how Union Budget proposals will impact you. Swachh Bharat Summer Internship. Union Budget New India Budget ; Union Budget; Web Information Manager. Shri Arun Jaitley | Hon'ble.
A total allocation of Rs There is a requirement of Rs 50 lakh crore for the infrastructure sector.
He said that construction of a new tunnel at Sera Pass will also work in promoting tourism. A total 10 prominent tourist sites will be upgraded as iconic tourist destinations.
As many as 5 lakh Wi-Fi hotspots will be installed to give access of broadband services to 5 crore rural citizens. An allocation of Rs 10, crore was proposed for the same. Government will now explore the usage of Blockchain technology but it will also take steps to prohibit circulation of Crypto Currencies as they are not classified as legal tenders as of now.
Taxation in Union Budget The government proposes no change in personal income tax rates for salaried class. There has been a As many as The number has increased from 6. The FM proposed liberalisation of presumptive income schemes for small businesses with income below Rs 2 crore, similar schemes for professionals with income below Rs 50 lakh.
Rs 90, crore additional income tax collection was seen in and Corporate Tax has been reduced from 30 percent to 25 per cent for companies with turnover up to Rs crore, move to boost MSME sector. The finance minister has proposed revision in monthly emoluments of President of India at Rs 5 lakh, Rs 4 lakh for vice president and Rs 3.
Union Budget 2018 Downloads (PDFs)
Standard deduction of Rs 40, for salaried taxpayers was announced. In terms of capital gains tax, long-term capital gains are proposed to be taxed at 10 per cent on investments over Rs 1 lakh.
Short term capital gains tax to remain unchanged at 15 per cent. For senior citizens, the FM proposed exemption of interest income on bank deposits raised to Rs 50, for Senior Citizens as well as exemption of Rs 10, on income from Bank FDs and post offices. The budget proposes 10 per cent tax on distributed income by equity-oriented mutual funds as well as per cent deductions for cooperative societies.
In terms of revenue loss, the FM said Rs 8, crore revenue was lost due to standard deductions for salaried employees. Also, Rs 7, crore forgone due to lower corporate tax on firms with turnover not exceeding Rs crore.
Rs 19, crore was lost last fiscal in terms of revenue from direct taxes. Such plans are developed by the Planning Commission after consulting individual ministries. Each Plan specifies programmes that ministries will fund and develop over the next five years such as the Mid-day Meal scheme and the Sarva Shiksha Abhiyan. The current Plan is the eleventh, and runs from to Plan expenditure can have both revenue and capital components. For instance, under the Sarva Shiksha Abhiyan, salaries of teachers could be classified as revenue expenditure, while expenditure on the building a school might be classified as capital expenditure.
Non-plan expenditure: Ongoing expenditure by the government not covered by the Plans. These include interest payments on government debt, expenditure on organs of the state such as the judiciary and the police and even expenditure on the maintenance of existing government establishments such as schools and hospitals.
The distinction between plan and non-plan expenditure in the budget can be confusing since it depends on the schemes announced under the current five year plan.
So for instance, PMGSY may be a plan scheme as of now, but after , it may be classified as a non-plan scheme if it is not a scheme covered by the twelfth plan How are government receipts classified?
Capital Receipts: Receipts which lead to a decrease in assets or increase in liabilities of the government. These are mainly funds borrowed by the government from various sources, both in India and from overseas, and repayments by state governments of loans from the centre. Any proceeds from the disinvestment of public sector companies also come under this category.
Revenue Receipts: Receipts which do not have a direct impact on the assets or liabilities of the government. Mostly revenues from taxes, dividends from companies owned by the government, user charges on some public services and licence fees received from licensees such as telecom companies.
What is the fiscal deficit? The excess of total government expenditure over total receipts is called the fiscal deficit and is funded by borrowing. The difference between revenue receipts and revenue expenditure is called the revenue deficit. However, the biggest component of charged expenditure is interest paid by the government on its debt. Through the aid of a few examples, we show how the budget documents can be used to find the information you want.
All budget documents are found on indiabudget. How can we find information on funds allocated to a given scheme? You should see a table which looks like the one below. We focus on the budgeted amount for the last column. We only focus on the totals. The last row of numbers under Item 7 gives the total allocation for SSA from general budget revenues and it is that total we focus on.
This is Rs The total amount spent on the SSA for therefore is Rs 11, A similar document is prepared for each ministry. To know the allocations for the National Rural Employment Guarantee scheme for instance, we would look at the same document for the Department of Rural Development, Ministry for Rural Development. For most schemes, the total allocation is usually given by a single number, rather than two as for SSA.
India Union Budget 2019 PDF Highlights, Income Tax, Live Date & Time
How can we find information on funds allocated to a given ministry or sector? For instance, the total allocation to the Department of Agriculture and Cooperation is Rs 11, Why is this? However, in the detailed data for each ministry, such an adjustment is shown along with the original number. So the two sets of data are not really different. View more In summary The thrust of this Budget was on social infrastructure, ease of living and technologyled governance aimed at inclusive and equitable growth.
The salaried class with taxable income of up to INR 5 lakh will have higher disposable incomes. Direct Benefit Transfer to farmers will support rural demand.
The Pradhan Mantri Shram-Yogi Maandhan Yojana will provide social security to a large number of marginal wage earners in the country.
The Real Estate sector will see more activity and the allied sectors of steel and cement will get a boost. With enhanced spending and direct benefit transfers, there is an obvious concern about inflationary pressures. In all, this Budget has set the tone for considerable future discourse.Out of Hence the financial budget for was presented by P.
An Interim Budget is not the same as a 'Vote on Account'. What is the fiscal deficit? Aim to move from black board to digital board with push for digital technology and e-education. Annual Financial Statement: Archived from the original PDF on 24 August Skip to main content. In terms of capital gains tax, long-term capital gains are proposed to be taxed at 10 per cent on investments over Rs 1 lakh.
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