Indians had many high expectations from Union finance budget of 2018. But the populous budget was welcomed with mixed reactions. This was the last budget presented by the current government under their present tenure. So everyone was anxious as what they have to offer to common people, especially farmers and salaried employees. Though salaried population was left unhappy, there are some real good announcements made in the favor of farmers and poor.
The budget brought good news for women and senior citizens. Women will get only 8% PF cut in the first 3 years of their job. Exemption on interest rate on fixed deposit for senior citizens was increased from Rs. 10,000 to Rs. 50,000. But there is some bad news for those who have long term investment in mutual funds. Any long term capital gains more than Rs. 1 lakh is taxable at 10% without indexation benefit. All the taxpayers will have to pay 4% of cess on health and education instead of 3%. Custom duty on mobile phones and TVs has hiked. By implementing new health schemes, now nearly 10 crore poor families will get a health cover of Rs. 5 lakh per year.
Know all the other highlights from the Union finance budget of 2018 here…
