#UnionBudget2018India 1Feb2018: highlights for salaried individuals & senior citizens & retail investors that are affected:: + technology orientation & digital India::
Personal Income Tax:
no proposal or no change in tax-slabs for individuals. (#FM states that he has done enough for the salaried class & tax slabs already!)
New: 40000 rupees – standard deductions: transport & medical reimbursement allowances
Women PF employee contribution reduced to 8% to allow higher take-home salary
Senior Citizens: exempted interest income on bank or post office FD 10k increased to Rs.50K. NO TDS under sec 5A.
health insurance premium & medical expenditure Rs. 30k to 50k under 80D.
general deduction: Rs. 60K senior citizen & 80k snr snr to 1lac for all.
assured 8% return on LIC policies
ROI on equity:
This is #BREAKING!
long term capital gains now
but vibrant equity mkt => modest (as per FM!)
tax on exceeding 100000 investment at 10%! What!
1yr as short term capital gain at 15%
MFs at 10%!
health & education cess increased to 4%
highlights for Companies & employees in insurance scheme – so change in HR policies/benefits restructure or standardisation: All 3 nationalised insurance companies will be merged and listed as one company.
highlights for Companies & Enterprises:
Unique Aadhaar ID for each enterprise entity to be mandatory.
Also 372 business reforms on the cards
#Technologies/ #Digital #India:
#blockchain being evaluated & to be adopted towards digital India.
#CryptoAssetsCurrencies are absolutely Illegal
#MachineLearning #AI #InternetOfThings #IoT #3DPrinting through #StartUpIndia #MakeInIndia schemes through #NitiAyogs
#robotics #BigDataTechnologies etc. will be through #CyberCOEs #CentreOfExcellence around 373!
Telecom+Digital: indigenous #5G speed at #IIT_Chennai