Dear Learned Members,

Hope you will enjoy our corporate law updates. Please find below the key highlights of Union Budget 2018 for your information and reference purposes.

TAX: Related image

  • No change in personal Income Tax slab Rates.
  • Standard deduction of Rs 40,000 allowed for transport, medical reimbursement for salaried tax payers.
  • Senior citizens get Rs. 50,000/- exemption for medical Insurance.
  • Senior citizens get Rs. 10,000/- exemption in Income from FDs.
  • 100% tax deduction is allowed to co-operative societies.
  • LTCG exceeding Rs 1 lakh will be taxed at 10% without indexing.
  • Short term capital tax remains at 15% .
  • 25% Corp tax rate extended to companies with turnover up to Rs 250 cr.
  • PAN a must for transactions above Rs 2.5 lakh or more.

EDUCATION:

  • Rs. 1 lakh crore allocated to revitalization and up-gradation of education sector. Promoting learning based outcomes and research.
  • By 2022, every block with more than 50 per cent ST population will have Ekalvya schools at par with Navodaya Vidyalayas.
  • Aims to move from black board to digital board schools by 2022.  Image result for Key Highlights - Union Budget 2018

MSME:

  • Rs 3,794 crore allocated to the MSME sector in the form of capital support and interest subsidy.
  • Rs 3 lakh crore target has been set for the Mudra Yojana.
  • Rs 4.6 lakh cr sanctioned under MUDRA Scheme.

AGRICULTURE:

  • Rs 2,000 crore fund to be set up for upgrading rural agri markets.
  • Govt has promoted organic farmers in a big way; women self-help groups to be encouraged to take up organic farming.
  • Food processing sector growing at 8 percent; allocation for food processing ministry being doubled to Rs 1400 cr.
  • India’s agri export potential is $100 billion as against current $30 billion exports.