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Income tax
- 1. PRESENTATION OF INCOME TAX ON Modi Government’s last full union budget FIVE THINGS SUBMITTED TO: SUBMITTED BY: Prof. Sunil Kumar Verma Akhil Rajeevan Divya Dubey Pradeep Kumar Shweta Patel
- 2. D
- 3. Introduction •A budget introduced by government is an annual financial statement presenting the government’s proposed revenues and spending for a financial year that is often passed by legislature, approved by the chief executive or president and presented by the finance minister to the nation. •In the Annual Financial Statement of 2018-19 , Government has taken Ease of Doing business further by stress on ‘Ease of Living’ for the common men of this country, especially for those belonging to poor & middle class of the society ‘‘Minimum Government and Maximum Governance’’. This vision has inspired Government agencies in carrying out hundreds of reforms in policies, rules and procedures.
- 4. The Narendra Modi government’s last full budget before the 2019 Lok Sabha elections mainly focuses on strengthening following factors- Budget Agriculture Tax InfrastructureEducation Railways
- 6. Agriculture • Government will develop and upgrade existing 22,000 haats into gramin agriculture markets (GrAMs). • GrAM to set up an Agri-Market infrastructure fund with the corpus of Rs.2000 cr. • Women self-help groups to be encouraged to take up organic agriculture in clusters. • Governments proposes to launch an “Operation Green” and allocate sum of Rs.500cr for the same. • Government proposes to extend facility of kisan credit cards to fisheries and animal husbandry farmers. • Ground water irrigation scheme under Prime Minister Krishi Sinchai Yojna- Har Khet ko Pani to be taken up in 96 deprived irrigation districts where less than 30% of the land holdings gets assured irrigation presently. Rs.2,600 cr. has been allocated for this purpose. • Hike in customs duty on orange fruit juices from 30% to 35%, on other fruit juices and vegetable juices from 30% to 50%, on cranberry juice from 10% to 50% and on miscellaneous food preparations (other than soya protein) from 30% to 50%. • To help the cashew processing industry, government has proposed to cut customs duty on raw cashew from 5% to 2.5%.
- 8. Tax paid on one’s personal income. Taxable income Tax Rate Up to Rs. 2,50,000 Nil Rs. 2,50,000 to Rs. 5,00,000 5% Rs. 5,00,000 to Rs. 10,00,000 20% Above Rs. 10,00,000 30% 10% Income Tax Slab for Individuals: Union Budget 2018-19: •There is no change in the tax slab •Allowed a standard deduction of Rs.40,000 in place of exemption on transport and medical reimbursements for salaried employees. 5%
- 9. Taxable income Tax Rate Up to Rs. 3,00,000 Nil Rs. 3,00,000 - Rs. 5,00,000 5% Rs. 5,00,000 - Rs. 10,00,000 20% Above Rs. 10,00,000 30% Income Tax slab for senior citizen (60-80years): Union Budget 2018-19: •There is no change in the tax slab for senior citizens. •Exemption on interest income on bank deposits increased to Rs.50,000 from Rs.10,000 •TDS not required to be deducted under section 194A.
- 10. Tax levied on the net income of the companies. •All the domestic companies were to be taxed at 30%, except 25% on companies having turnover up to 50 Crore. •Foreign companies were taxed at 40% Union Budget 2018-19: •All companies with turnover up to Rs.250 Crore will be taxed at 25%. •100 percent deduction proposed to companies registered as Farmer Producer Companies with an annual turnover up to Rs. 100 Crore on profit derived from such activities
- 11. •Tax on Long Term Capital Gains exceeding Rs. 1 lakh at the rate of 10 percent •Proposal to introduce tax on distributed income by equity oriented mutual funds at the rate of 10 percent •Proposal to increase cess on personal income tax and corporation tax to 4 percent from present 3 percent.
- 13. India needed investments over Rs.50 lakh cr. in infrastructure to “increase growth of GDP,connect and integrate the nation with a network of roads, airports, railways, ports and inland waterways and to provide good quality services" • For road infrastructure, the finance minister said the Bharatmala Pariyojana had been approved for providing connectivity to interior and backward areas and borders of the country by developing about 35,000kmof roadsin phase-Iat anestimatedcostof Rs5,35,000cr. • The government proposed to set up 5 lakh WIFI hotspots and also allocatedRs10,000cr.forthisundertelecom infrastructure. • Rs19,428corewillbeawardedtofocusonwatersuppliestoallhouseholds in500cities. Infrastructure
- 14. • The government also announced an allocation of Rs1,014.09 cr. for the upcomingfinancialyeartowardsrecoveryof50airportsand capabilitygap fundingforimprovingflightinfrastructureinthe north-eaststates. • Rs168.57 cr. is sanction ‘ Sagarmala projects’ for development and modernization of major ports, industrialization and coastal community developmentfor2018-19. • Housingforallby2022,morethanonecr.houseswillbuildinthe current and next financial year under the Pradhan Mantri Awas Yojana. In urban areas,assistancehasbeensanctionedtoconstruct 37lakhhouses. • The allocation of Rs 14.34 lakh crore for livelihood and infrastructure upgradesinruralareaswillbringaclearfocusonthebuildingof roads Infrastructure
- 15. Education • A new initiative known as ‘RISE’ was announced by the Finance Minister today. RISE stands for Revitalising of Infrastructure and Systems in Education. This scheme will be launched in the country with atotal investment of Rs1 lakh crore in the next four years. • The government proposed to revitalise infrastructure, opening schools for scheduled tribe population as well as promoting programmes for teachers, in order to improve quality educationforstudents. • Thegovernmenthasincreasedtheeducationalcessfrom3%to4% • Thegovernment isplanningtoincreasethedigitalintensityinthe educationsector.Jaitley saidthattechnologyisthebiggestdriverin improvingthequalityofeducation. • Thegovernmentproposetoincreasethedigitalintensityineducation andmovegradually from"blackboardtodigitalboard“. • Totackle‘Brain-Drain’thegovernmentintroduceanewschemeto identifybrightstudents pursuing B.Tech in premie engineering institutes and providing them higher education opportunitiesinIITs& IISC.Heretheywillreceivehigherfellowshipanddedicatefewhours toteachinhighereducationinstitutesweekly.
- 18. Railways “To upgrade railways and stations, add tracks” While presenting the railway budget of year 2018-2019. finance minister Arun Jaitely set ambitious targets for the Indian railways, with a capital expenditure of Rs. 1.48 lakh crores. • 18,000kms of doubling of railway tracks would eliminate capacity constraints. • India is moving towards optimum electrification of railways. • Over 3,600km of track renewal is being targeted in 2018-2019. • 4,267 unmanned level crossing to be eliminated in two years. • All stations and trains to gave wifi. • Rs 17000crore allocated for bengaluru metro.
- 19. •Elimination of 4,943 unmanned level-crossings, replacement of all old tracks and strengthening of the remaining tracks are among other safety-related proposals that will be highlighted in the budget. • Besides track defects, unmanned level-crossings are among the reasons for a maximum number train accidents.It has been decided to eliminate all unmanned level crossings by 2020, the official said. Railways