Budget 2018 has planned to remove the existing system of income tax return assessment. Once this amendment is passed by the Parliament, it will restrict the tax authorities from sending system generated outstanding tax demand notices automatically to individuals in case a mismatch between ITR and Form 26AS, Form 16 and Form16A. The rollout of budget on February 1 didn’t turn out good for the stock exchanges as Sensex lost 840 points on Friday,
Like every time budget, this year’s budget, too, has a lots of surprises. Some news brought smiles on your faces, while the others might have drawn blank faces. Budget 2018, undoubtedly, offered a slew of goodies such as re-introduction of standard deduction to the tune of Rs. 40,000 A mega health insurance policy that is proposed to offer cashless benefit of Rs. 5 lakh to nearly 10 crore families.
1. The Budget 2018 announced on February 1 by Arun Jaitley allows standard deduction of Rs. 40,000 for the salaried individuals.
2-The Finance Minister Arun Jaitley announced that 2017-18 disinvestment target of Rs. 72,500 crore has been exceeded and expected receipts of Rs.1,00,000 crore
3-Senior citizens get a bounty in form of increase in exemption of interest income on deposits with banks and post offices. The government has proposed to increase the amount from Rs. 10,000 to Rs. 50,000.
4-A mega health scheme is likely to cover over 10 crore poor and vulnerable families.
5-Another dose of sops for the senior citizens entails rise in deduction limit for health insurance premium and medical expenditure from Rs. 30,000 to Rs. 50,000 under section 80 D of the Income Tax Act, 1961.
6-Several initiatives are planned to spruce up rural infrastructure.
7-In case of certain critical illnesses, the senior citizens are allowed R
s. 60,000 exemption, while for the very senior citizens, the limit is Rs. 80,000.
Effects on Customs Duty On Mobile Phone Imports Increased to 20 Percent
In the Union Budget 2018 speech, the customs duty on mobile phones has been raised again from 15 percent to 20 percent.The government first announced a duty of 10 percent .Budget 2018 announcement aimed at increasing the local production of phones in India.As such, the Budget 2018 move is likely to increase the number of handsets being made in India – more than half already are, according to Counterpoint Research.his is an expected move but Industry will look forward to more such announcements from components manufacturing perspective,says Tarun Pathak, Associate Director at Counterpoint Research.
Almost three-fifth of total handsets out of 300 million last year were assembled in India.
as those devices do not come under this duty and can, therefore, be sold much more cheaply. After just half a year, that was then raised to 15 percent in December. Budget 2018, it has been come to 20 percent, less than two more months down the line.
Mobile phones companies are looking for growth market like India and this can push them towards investing more in manufacturing in India,
Not just the long list of items on which finance minister Arun Jaitley has proposed an increase in customs duty, but all imports will be impacted as he has also proposed a social welfare surcharge of 10% on basic customs duty.
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