Union Budget 2018 Highlights PDF Download 2018 Budget Important Key Points

Union Budget 2018 Highlights PDF Download: hi viewers welcome to our web portal ssc-ibps.com, in this post we are sharing the full detailed highlights of the year Union Budget 2018-2018 in the Parliament on 1st February 2018. Hon’ble our finance minister Arun Jettly has announced the 2018 Budget. Below this post we are given the PDF File of the Finance Minister Speaking in English and Hindi Both Languages. From this budget in every competitive exams more than 2-4 questions are coming from Union Budget so don’t neglected students. This is useful for the SBI Clerk, SBI PO, IBPS Clerk, IBPS PO, RRB, Railway, SSC and Other Government Exams also.

Union Budget 2018 Highlights PDF Download

Union Budget 2018 Highlights PDF Download 2018 Budget Important Key Points

Below we are given the top 20 highlight key points are described here.  

1. Govt has made many positive changes in the personal income tax rates applicable to individuals in the last three years, therefore, I do not wish to make any changes to this, Arun Jaitley said.

2. For senior citizens, exemption of interest income on bank deposits raised to Rs 50,000.

3. Govt to reduce hardships faced in realty deals; no adjustment to be made in case circle rate does not exceed 5 pc of sale consideration

4. Standard deduction of Rs 40,000 allowed for transport, medical reimbursement for salaried tax payers. Rs 8,000 crore revenue lost due to standard deduction allowed to salaried employees.  Salaried taxpayers, pensioners need no documents, bills to claim Rs 40,000 standard I-T deduction on travel, medical expenses,” said CBDT chief Sushil Chandra later in the evening, thereby conveying some more good news to taxpayers.

Archit Gupta, Founder & CEO ClearTax 

Standard deduction has been reintroduced but at a cost, it takes away medical reimbursement and travel allowance. There were several demands to raise medical reimbursement from 15,000 and bring it up according to current prices (the amount has been same since more than a decade). However, now the clamour for raising this limit will die down. With this, for a salaried, the amount taxable under salary shall be reduced by Rs 5,800. While cess will go up by 1%. Senior citizens have much to rejoice and will face much lower burden of taxes, this is especially crucial in the falling interest rates from banks and deposits.

5. Rs 7.5 lakh per senior citizen limit for investment in interest-bearing LIC schemes doubled to Rs 15 lakh

6. Cash payments exceeding Rs 10,000 by trusts and institutions will be disallowed in a bid to curb cash economy.

7. Strong case for long term capital gains from equities; 10 pc tax on long term capital gains in excess of Rs 1 lakh.

8. Education cess increased to 4 pc from 3 pc to collect additional Rs 11,000 cr.

9. Customs duty on perfumes, dental hygiene, after-shave, deodorants, room deodorizers, preparations for use on hair doubled to 20 pc.

10. Import duty on fruit juice raised from 30 pc to 50 pc.

2018 Union Budget Highlights PDF in English

11. Duties on petrol, diesel rejigged; basic excise duty lowered by Rs 2 per litre, Rs 6 additional excise duty abolished, but Rs 8 a litre road cess introduced. ”2 Rs excise on petrol and diesel is being reduced & this is being converted into cess, that is the only change we have made, practically there is no impact on the final price of petrol & diesel. To the consumers, there is no change,” says Hasmukh Adhia, Finance Secretary.

12. Import duty on LCD/LED/OLED panels, parts of TVs hiked to 15 pc; duty on smart watches, wearable devices, footwear doubled to 20 pc.

13. Customs duty on imitation jewellery hiked from 15 pc to 20 pc; doubled on all watches to 20 pc.

14. Customs duty on sunglasses, cigarette lighter, toys, bus and truck tyres, select furniture hiked.

15. Import of solar tempered glass for manufacture of solar cells exempted from customs duty.

16. Customs duty on crude edible vegetable oils like groundnut oil, safflower seed oil hiked from 12.5 pc to 30 pc; on refined edible vegetable oil from 20 pc to 35 pc.

17. Tax on distributed income of equity oriented mutual funds at the rate of 10 per cent announced.

18. New scheme for providing electronic assessment to eliminate person-to-person contact

19. Customs duty on mobile phones to be hiked to 20 per cent from 15 per cent

20. Indian economy has performed very well since our government took over in may 2014. Now, India is a $2.5 tn economy, 7th largest in world, expect to become 5th largest soon. On PPP we are already third biggest economy. 6.2 pct GDP growth has signalled this strength. This year’s budget will focus on strengthening and building on these gains. Budget 2018 will focus on strengthening agricultural and rural economy. Modi government had promised to reduce poverty; we have taken decisive action. From ease of doing business, our government has moved to ease of living for the poor and middle class.

Union Budget 2018 Highlights PDF Download 2018 Budget Important Key Points Union Budget 2018 Highlights PDF Download 2018 Budget Important Key Points Reviewed by mani on 21:27:00 Rating: 5

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