2018 – Budget Highlights

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Our Finance Minister presented Budget for 2018 Budget.

Key Takeaways from Budget Proposal for AAM AADMI (Middle Class):

  • No Change in Personal income tax slab rates
  • Standard deduction of Rs 40,000 for the Salaried class (Merging of Medical Allowance and Transport Allowance) and Mostly benefited will be Pensioner’s.
  • Education Cess now to be called as Health and Education cess effective rate increased to 4% from 3%.
  • LTCG – Introduction of tax on long term capital gains above Rs 1 lakh on sale of equity shares @ 10% without giving the benefit of indexation.
  • No TDS on interest from FD upto Rs 50,000.
  • Rs 7.5 lakh per senior citizen limit for investment in interest-bearing LIC schemes doubled to Rs 15 lakh
  • Exemption under Section 80D upto Rs 50,000 for medical insurance for senior citizens.
  • Equity Oriented Mutual funds to face a Dividend Distribution Tax @ 10%.
  • Short term capital gains to continue to be taxed @ 15%.

 

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