Rated 1.5 TheUnion Budget of India, also referred to as theAnnual Financial Statementin the Article 112 of theConstitution of India,is the annual budget of theRepublic of India.The Governmentpresents it on the first day of February so that it could be materialized before the commencement of new financial year in April.
As of September 2017,Morarji Desaihas presented 10 budgets which is the highest followed byP Chidambaram's 9 andPranab Mukherjee's 8.Yashwant Sinha,Yashwantrao ChavanandC.D. Deshmukhhave presented 7 budgets each whileManmohan SinghandT.T. Krishnamacharihave presented 6 budgets.
Rated 1 As if no increase in tax bracket was not enough. Now your compensetion even after lay-off will also be taxable. This is certainly the worst budget for salaried class. Please visit below link for more details.
Rated 2.5 Whats there in the budget this year. Very little for salaried people.
Finance Minister Arun Jaitley presented the Budget for the fourth time in the Lok Sabha on Thursday with emphasis on agriculture and healthcare.
He proposes a standard deduction of ₹40,000 in lieu of the current exemption for medical and transport allowances. Revenue cost of this is ₹8,000 crore.
Exemption of interest income for deposits in banks and post offices will be increased from ₹10,000 to ₹50,000 for senior citizens, and TDS shall not be deducted from this income.
All senior citizens will now be able to claim benefit of a deduction of ₹50,000 for medical insurance premium.
For critical illnesses, ₹1,00,000 deduction will be given for medical expenditure.
In short its not a very attractive budget fir salaried class. No change in income tax slab. Imtroduced standard deduction 40k, but you have to reduce 19200+15000 =34200 from that. So added deduction is 40000-34200=5800 only. Then you have to pay increased cess. Your investement in mutual fumd is also taxable at 10% rate now. So basically the salaried class is got hit in this budget. It is a disappointed budget for salaried people.
Its good that govt has now started talking about the overall improvement of the health sector. Still I have doubt how this huge money will be brought into. Where from this huge money will come. Govt has said nothing on that.
Salary of MP, Governor, Vice President and Prsident got increased by 200, 300 and 400 % respectively.