'Nothing for middle class': Major highlights from Modi govt's last budget
Last Updated: 01 Feb 2018 01:22 PM
- There are no changes in income tax slabs for individuals this year. Currently there are 3 tax slabs- 5% income tax for individuals with annual income between Rs 2.5 lakh-Rs 5 lakh, 20% on annual income between Rs 5 lakh-Rs 10 lakh and 30% on income above Rs 10L. Individuals earning below Rs 2.5L are exempted from paying any income tax.
- There's a standard deduction of Rs 40,000 for salaried employees in lieu of transport and medical expenses.
- Finance Minister Arun Jaitley on Thursday announced two new initiatives under the Ayushman Bharat Programme. Jaitley announced a new Flagship National Health Protection Scheme, providing health insurance cover of Rs 5 lakh per family per year. The scheme will cover 10 crore families, with approximately 50 crore beneficiaries.
- Education and health cess to be increased from 3% to 4%: FM Jaitley
- For farmers the government has raised the minimum support price to 1.5 times the production cost for Kharif crops.
- Revised emoluments for President - Rs. 5 lakh, Vice President - Rs. 4 lakh and Governor - Rs. 3.5 lakh : FM jaitley. Custom duty on mobile phones increased to 20% from 15%. Moible phones and TV sets will become costlier.
First Published: 01 Feb 2018 01:22 PM