FM Arun Jaitley has presented the Union Budget for 2018-19 in Parliament. Here are the Key Highlights : Fiscal Situation * Fiscal deficit is 3.5% of GDP at Rs 5.95 lakh crore in 2017-18. Projecting fiscal deficit to be 3.3% of GDP in the next fiscal * Rs 21.57 lakh crores transferred as net GST to states as against projection of Rs 21.47 lakh crores Tax * 85.51 lakh new tax payers filed income tax returns in FY17 * NO PERSONAL INCOME TAX CHANGES PROPOSED IN BUDGET * Growth in direct taxes (till Jan 15) is 18.7 % * Surcharge of 10 pc on income above Rs 50 lakh but less than Rs 1 cr to be continued next year; 15 pc on income above Rs 1 cr to also continue. * 100% tax deduction is allowed to co-operative societies * Corporate Tax of 25% extended to companies with turnover up to Rs 250 cr in financial year 2016-17 * Incentives for Senior citizens: Exemptions in income of Rs 10,000 from Banks FD and Read more…
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