#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
- Equity markets:
- 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%
- ROI on equity:
- 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
~ Prabeen Kumar Pati