The budget concentrated over poor and corporate but failed to recognize a genuine tax payers.
The most expected Union Budget for the fiscal year 2018-19 had been proposed by Finance Minister, Arun Jaitley on February 1, 2018. Before starting the budget proposal Prime Minister, Modi had given a hint that the budget will bring a great modification in agriculture sector, corporate sector, technology sector and health sector. As same as he said here are some most important budget allocations proposed by the finance minister.
Same as the previous year the ceiling wall for personal income tax had no change in it. It was
0% tax for 2.5 lakh income.
5% tax for 2.5-5.0 lakh income.
20% tax for 5.0 -10.0 lakh income.
30% tax for more than 10.0 lakh income.
30% tax with 10% sub charge for the income level Rs. 50 Lakh to Rs. 1 crore.
30% tax with 15% sub charge for the income level more than Rs. 1 crore.
The deduction for salaried employees was margined as Rs. 40,000 instead of transport and medical allowance.
There is a 25% deduction in corporate tax for the corporate companies who have income up to Rs.250 crores.
There will be an extra concentration over the domestic production of defense equipments in the fiscal year.
Rs. 1.48 lakh crores have been sanctioned to the railway department.
Track maintainability will be considered as a first preference.
Extending electric cables for 4000 kms long.
Safety measures in the railway department.
4000 unmanned level crossings will be manned soon.
4,257 unmanned level crossings will be evacuated.
3,600 kms long rail Tracks will be revamped again.
Two way tracks will be laid for 18,000 kms with in next year.
Rs. 70,000 had been sanctioned for the Mumbai's suburban rail link.
Every above process will be done with in next fiscal year before the upcoming election.
Rs. 14.34 lakh crore will be spent over the development of rural infrastructure.
A good move through this budget is the medical reimbursement up to Rs. 5 lakh per family under the National health protection scheme which cover the health insurances of almost 50 crore people.
Rs. 7,148 crore had been provided for the textile industries for boosting up the production in the year 2018-19.
Rs. 50,000 had been raised in the medical insurance premium of senior citizens and it will be hiked up to Rs. 1 lakh under critical situation.
Rs. 10,000 crore had been proposed for funding fisheries, agriculture and animal husbandry.
Rs. 1,290 crore for National Bamboo Mission.
Rs. 17,800 crore for the Swachh Bharath Mission of FY19.
Rs. 32,600 crore for the National Education Mission of FY19.
Rs. 19,000 crore for PM Rural Road Plan of FY19
Rs. 27,500 crore for PM Affordable Housing Plan of FY19.
Customs duty for smartwatches, Mobile Phones has been increased to 20%. It will show a concerned hike in their prize.
Airport capacities will be hiked to manage about 1 billon trips in a year.
Government had hopped to eliminate cryptocurrency as soon as possible.
Rs. 5 lakh and Rs. 4 lakh had been allocated as salary for the President of India and Vice President. Rs. 3.5 lakh for governors.
Budget proposed to start at least 1 medical college per 3 parliamentary constituency.
The central had filled with Rs. 90,000 crores as tax this year due the increased number of tax payers. After the demonetization and GST implement the central had profited with this much but refused to increase the margin of personal income tax.
Is the above budget proposal benefits the salaried employees of middle class? Will there be a better luck in next budget session?