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Sunday 7 June 2020

Budget Highlights 3

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New Delhi: President’s emolument raised to Rs 5 lakh, Vice President’s to Rs 4 lakh and Governors’ to Rs 3.5 lakh per month

New law to provide automatic revision of emoluments indexed to inflation for MPs.

GST revenue for 2017-18 will be for 11 months; shortfall of non-tax revenue due to deferment of spectrum auction.

Govt earmarks Rs 150 crore to commemorate 150 years of birth of Mahatma Gandhi.

Expenditure for 2017-18 pegged at Rs 21.57 lakh crore, as against Rs 21.8 lakh crore previously estimated.

Fiscal deficit for 2017-18 raised to 3.5% of GDP as against 3.2% previously estimated; for FY 19 deficit pegged at 3.3% as against 3% targeted previously.

12.6% growth rate in direct taxes in FY18

Rs 90,000 crore additional income tax collection in 2016-17 and 2017-18 due to measures against tax avoidance

Huge increase in tax returns filed; 85.51 lakh people filed returns in 2017-18, as against 66.26 lakh in 2016-17

Reduced corporate tax by 25% extended to cos with turnover of Rs 250 cr to benefit small, micro and medium enterprises.

Rs 7,000 cr revenue forgone on account of lower corporate tax for Rs 250 crore turnover cos.

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

Rs 8,000 crore revenue lost due to standard deduction allowed to salaried employees.

Senior citizens allowed Rs 50,000 deduction on health insurance premium paid in a year from earlier Rs 30,000.

Standard deduction of Rs 40,000 allowed for transport, medical reimbursement for salaried tax payers.

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

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

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

Jaitley announces tax on distributed income of equity oriented mutual funds at the rate of 10%.

Education cess increased to 4%c from 3% to collect additional Rs 11,000 crore.

PTI

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