February 1, 2018
Time – 11:48 am
- The finance minister announced new measures to provide relief to small taxpayers.
- He raised the deduction limit under Section 87A of the Income Tax Act from Rs. 2,000 to Rs 5,000 per annum.
- Under Section 87A, taxpayers first reduce Rs. 2,000 from their total tax payable.
- This section applied to those with a total income of less than Rs. 5 lakh.
- There was 12.6% growth in direct taxes a current year.
Time – 11:58 am
- Highlights for Education Sector
- Soon the government will be starting Integrated BEd program with teachers training as the main focus.
- The government invested Rs 1 lakh crore over the next 4 years for a new drive to boost Research and Development.
- Technology is the biggest driver in the education sector as it moved from the blackboard to digital boards.
- Soon special Railway University at Vadodara, Gujarat will be established.
Time – 12.04 pm
- Highlights From MSMEs And Employment
- The government announced to give Rs 3,794 crore to MSMEs last year for mass formalization.
- Soon it will announce measures to address non-performing assets of MSMEs.
- Measures will be taken to reduce the tax burden on MSMEs.
- Allocation of Rs. 3 lakh crore for lending under Mudra in FY 19.
- 12% of wages will be funded by new employees of EPF.
- Women to contribute only 8% to PF in first three years.
Time – 12:29 pm
- Highlights for Defence Sector
- Government to set up two industrial defense industrial development corridors in 2018-19.
- This will bring out an industry-friendly defense production policy.
- However, details of the Budget allocations for the armed forces are not mentioned yet.
Time – 12:41 pm
- Highlights for Railway Sector
- India taking steps towards optimum electrification of the railway.
- The target of renewal of Over 3,600 km track in 2018-19.
- Expenditure for Railway is set at Rs. 1.48 lakh crore.
- More than 4,200 unmanned level crossings to be eliminated in two years.
- Expected to have Wi-Fi in all stations and trains in upcoming years.
- Rs 17,000 crore allocated for Bengaluru Metro.
- Rs. 11,000 crore allocated for Mumbai rail network.