Salaries: President (5L) > Vice President (4L) > Governors (3.5L); MP salaries revised with inflation every 5 year.
Deficits Targets for 2018-19: RD: 2.2%, FD: 3.3%; PD: 0.3% of the GDP. Debt to GDP: 40%
Disinvestment Targets: 80k Crore (Last Year 72,500 cr). New ETFs, incl. Debt-ETFs planned. Air India to be privatized.
Tax buoyancy has improved. 90k cr more collected compared to the scenario two years ago.
No. of Tax-filers increased, though “compliance” behavior is not appreciative. Non salaried professionals hardly paying IT in ~7k to 35k range.
Income tax Slabs: Not changed (5-10-20-30%). (New) 40k Std. deduction. But transport & Medical exemptions removed.
Elderly: No IT or TDS on interest income upto Rs.50k (earlier 10k), Upto 50k deduction for health insurance premium, upto Rs.1 lakh for critical illness. Pradhan Mantri Vaya Vandana Yojana (LIC): 8% return for upto Rs.15 lakh till March 2020.
25% corporation tax for Companies with turnover upto Rs.250 cr (earlier only 50 cr.) Companies given deduction for hiring new people. [previous rules tweaked]
Cess on Income Tax & Corporation Tax Cess: 2% Primary Education + 1% Secondary & Higher education + (new) 1% Health cess to finance the new health insurance scheme for BPL/Rural.
Securities: 15% short term CGT + (new) 10% Long term CGT, if profit more than 1 lakh. Equity Mutual Funds: 10% distribution tax.
Gift City (IFSC): certain securities removed from Capital Gains Tax (CGT), There will be Alternate Minimum Tax (AMT) instead of MAT. New regulator for Gift city.
Black Money: Trusts can’t pay more than 10k in cash. Stricter rules for TDS compliance. Every entity doing transactions of Rs.2.5lakh or more must get PAN, incl. its office bearers.
Farmers FPO: 100% deduction for next 5 years. This will help in Op. Greens and Pradhan Mantri Kisan SAMPADA Yojana (Scheme for Agro-Marine Processing).
To reduce Tax terrorism: E-assessment for direct taxes. Customs Act’62 amendments for implement WTO’s Trade Facilitation Agreement (TFA). Customs to have authority for advance ruling.
Farm loan target: 11 lakhs (Last year 10 lakhs). Lessee cultivators will be covered.
2x farm income by 2022 ke liye 1.5 x MSP. FCI’s working capital to be raised via debt & equity for this.
GrAM gramin haats. Because small-marginal farmers can’t bring their produce to APMC / E-NAM. These GrAM haats will be connect via PM Gram Sadak Yojana.
Organic farming ke liye Women SHG.
Op. Greens for Tomato Onion Potato (TOP). National Bamboo Mission. (Bamboo already removed from the legal definition of ‘trees’ to reduce inspector-raj.)
Fishermen and Animal Husbandry-walla to get Kisan Credit card and new funds.
Farmers to sell surplus electricity from solar panels in their farms to DISCOMMs.
RURAL Infra ke liye: SBM ,Ujjawala, Saubhagya electricity, PM Awas Yojana, PM Krishi Sinchai yojana, NRLM … all these schemes’ funds and targets increased.
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