Latest Declarations of Union Budget 2018 – Read What FM Announced

Business News

Declarations are:

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.

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