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Union Budget 2018 – Live Updates

Union Budget 2018 - Live Updates

The Union Budget 2018 was announced today and here are updates from the Budget Speech for you.
We will soon publish Budget Highlights on our Blog page.

Here is a copy of Budget 2018 Speech

Here is a copy of Finance Bill 2018

Rs 8,000 crore revenue lost due to standard deduction allowed to salaried employees

Date: February 1st, 2018 | Time: 12.52PM (IST)

Steps to usher in “New India”

Date: February 1st, 2018 | Time: 12.52PM (IST)

Definite timeline for adjudication of GST cases

Date: February 1st, 2018 | Time: 12.50PM (IST)

Social welfare charge on import.

Date: February 1st, 2018 | Time: 12.50PM (IST)

Custom duty increase on mobile phones from 15% to 20% and some parts accessories.

Date: February 1st, 2018 | Time: 12.49PM (IST)

The total amount of exempted capital gains has surged to nearly Rs 360,000 crore as of last years returns. Considering return on equity is already high, the FM proposes to tax capital gains exceeding Rs 1 lakh at 10% without indexation benefit with certain caveats

Date: February 1st, 2018 | Time: 12.47PM (IST)

Capital gains made on shares until Jan 31 will be grandfathered. Short-term capital gains remain at 15%.

Date: February 1st, 2018 | Time: 12.47PM (IST)

No changes in the taxation rules related to short term capital gains. #BudgetWithBlock #IndiaBudget2018 #Budget2018 Tweet This

e-Assessment across the country in 102 cities.

Date: February 1st, 2018 | Time: 12.47PM (IST)

e-Assessment across 102 cities will be proposed. #BudgetWithBlock #IndiaBudget2018 #Budget2018 Tweet This

Education Cess of 3% (2%+1%) increased to 4% (Health and Education Cess)

Date: February 1st, 2018 | Time: 12.46PM (IST)

Existing Cess to be replaced by health and educational cess @ 4%. #BudgetWithBlock #IndiaBudget2018 #Budget2018 Tweet This

15% tax on shares held up to 1 year. 10% DDT on dividend distribution by equity MFs.

Date: February 1st, 2018 | Time: 12.45PM (IST)

Long Term Capital Gain on equity shares exceeding Rs. 1Lacs now taxable @ 10% without indexation

Date: February 1st, 2018 | Time: 12.43PM (IST)

Propose to tax long-term capital gain exceeding Rs. 100000 at the rate of 10% without allowing indexation. #BudgetWithBlock #IndiaBudget2018 #Budget2018 Tweet This

For control cash economy for trust ,payment 10,000 in cash will be disallowed

Date: February 1st, 2018 | Time: 12.40PM (IST)

Payments exceeding Rs 10,000 shall be disallowed in cash. #BudgetWithBlock #IndiaBudget2018 #Budget2018 Tweet This

80DDB deduction increased to Rs. 1 Lacs.

Date: February 1st, 2018 | Time: 12.38PM (IST)

50K deduction under 80D for senior citizens and 80K for super senior deduction.

Exemption of Interest Income 80 D to be increased from 30 k to Rs 50 K.

Date: February 1st, 2018 | Time: 12.38PM (IST)

Exemption of Interest Income under section 80D to be increased from Rs 30,000 to Rs 50,000 for senior citizen and Rs 80,000 for super senior citizen. #BudgetWithBlock #IndiaBudget2018 #Budget2018 Tweet This

Tax Update for Senior Citizen : Exemption on interest income 80TTA from Rs. 10,000/- to Rs. 50,000/-

Date: February 1st, 2018 | Time: 12.38PM (IST)

Relief to Senior Citizens- Exemption on interest income in banks increased from 10000 to 50000. #BudgetWithBlock #IndiaBudget2018 #Budget2018 Tweet This

Standard Deduction for Salaried employees of Rs. 40K in place of Transport allowance and medical reimbursment.

Date: February 1st, 2018 | Time: 12.36PM (IST)

A standard deduction of Rs 40,000 in Income Tax under medical expenses for salaried people. #BudgetWithBlock #IndiaBudget2018 #Budget2018 Tweet This

1.89 cr salaried tax payers filed tax returns for A.Y. 2017-18.

Date: February 1st, 2018 | Time: 12.36PM (IST)

1.89 cr salaried individuals filed the tax returns. #BudgetWithBlock #IndiaBudget2018 #Budget2018 Tweet This

No Change in Individual Tax Rates

Date: February 1st, 2018 | Time: 12.35 PM (IST)

Individual income tax rates remains unchanged. #BudgetWithBlock #IndiaBudget2018 #Budget2018 Tweet This

99% MSME will be benefited.

7000Cr. forgone due to reduction in corporate tax

Date: February 1st, 2018 | Time: 12.34 PM (IST)

Corporate Tax Rate to 25% extended to companies with Turnover up to 250 Crores

Date: February 1st, 2018 | Time: 12.33 PM (IST)

Corporates with turnover above 250 crores to be taxed @ 30%. #BudgetWithBlock #IndiaBudget2018 #Budget2018 Tweet This

Consideration of stamp duty / circle rate valuation : 5% difference in valuation will be accepted and not be added back during the assessment process

Date: February 1st, 2018 | Time: 12.33 PM (IST)

80 JJAA relaxed to 150 days for leather, footwear and apparel industry

Date: February 1st, 2018 | Time: 12.31 PM (IST)

Minimum employment period should be 150 days in footwear, leather and apparel industry for deduction under 80JJA. #BudgetWithBlock #IndiaBudget2018 #Budget2018 Tweet This

100% deduction : companies registered as farmer producer companies

Date: February 1st, 2018 | Time: 12.30 PM (IST)

Avg. tax payment is Rs. 7000 for Individuals / HUFs and Firms

Date: February 1st, 2018 | Time: 12.29 PM (IST)

Turnover of less than Rs. 50 Lacs : u/s 44ADA : 41% more return filed this year

Date: February 1st, 2018 | Time: 12.28 PM (IST)

Demonetisation accepted as Imandari ka utsav.

Date: February 1st, 2018 | Time: 12.27 PM (IST)

81.5 Lakh new taxpayers.

Date: February 1st, 2018 | Time: 12.27 PM (IST)

81.51 lakhs new taxpayers in the current FY. #BudgetWithBlock #IndiaBudget2018 #Budget2018 Tweet This

Additional revenue collected from personal income tax is 19000 crore due to various measures taken by the govt.

Date: February 1st, 2018 | Time: 12.26 PM (IST)

2017-18 the central govt will be receiving GST revenue of only 11 months and this will have a fiscal effect. There will also be shortfall of non-tax revenue. The total revised estimated expenditure is Rs 21.57 lakh crore against 21.47 lakh crore.

Date: February 1st, 2018 | Time: 12.26 PM (IST)

growth rate for DT for 12.5 % in current year

Date: February 1st, 2018 | Time: 12.26 PM (IST)

Fiscal Deficit target for F.Y.2018-19 3.3%

Date: February 1st, 2018 | Time: 12.25 PM (IST)

FM proposes to revise the emoluments of President to Rs 5 lakh per month, Rs 4 lakh for Vice President and Rs 3.5 lakh for Governor.

Salary hike for President, VP, and Governers. New law to govern MP salaries. Automatic revision per 5 years which will be linked to inflation.

Date: February 1st, 2018 | Time: 12.22 PM (IST)

GOI allocated  14500 cr to  bhart 22 ETF

PSU bank recap will allow banks to give additional lending of Rs 5 lakh crore

Comprehensive Gold Policy to develop Gold as an asset class. Gold Monetisation scheme to bee revamped.

Date: February 1st, 2018 | Time: 12.19 PM (IST)

Similar to Aadhaar, Individual enterprises too to have unique ID, announces FM

Date: February 1st, 2018 | Time: 12.19 PM (IST)

80K cr Disinvestment target for 2018-19

Date: February 1st, 2018 | Time: 12.18 PM (IST)

3 PSU, National Assurance, United India Assurance and oriental insurance will merged in one company.

Disinvestments by Govt : 1Lac crores received by the govt. in 2017-18

GOvt approves listing of 14 CPSEs including two insurance companies on the stock exchanges

Debt ETF to be introduced.

2 defence industrial production corridors to be set up

Govt to evolve scheme to assign every individual enterprise in India a unique ID

Class M & Class N vehicles sold from Dec 17 to have fasttags

Date: February 1st, 2018 | Time: 12.18 PM (IST)

FM stresses that the government does not consider cryptocurrencies as legal tender and will take measures to eradicate use of crytocurrencies for illegitimate activities

Date: February 1st, 2018 | Time: 12.14 PM (IST)

Cryptocurrency investors in India have to bear in mind that the government doesn’t consider them legal tender. But they needn’t worry too much because Jaitley has only said that the government will look to eradicate their usage for illegitimate activities, nothing about investing in them.

1 lakh gram panchayat connected to high speed network. 3073 cr allocate to digital India. 5 lakh wifi hotspot with Broad band facility for rural sector.

Date: February 1st, 2018 | Time: 12.12 PM (IST)

Govt plans to expand airport capacity by 5 times to 1 billion trips a year.

Rs 60 crore has been allocated to kick start the initiative.

Date: February 1st, 2018 | Time: 12.11 PM (IST)

Regional Connectivity scheme UDANshall connect 56 unserved airports.

multiply India’s 124 airports to 5 times that number.

Date: February 1st, 2018 | Time: 12.11 PM (IST)

Approx. 148000 crores of CapEx of railways.

Suburban rail network of 160 km at Rs 17,000 cr for Bengaluru.

Government will spend as much as Rs 11,000 crore to add tracks to the Mumbai local train network.

Allocate Rs 17,000 cr for Bengaluru metro network.

Date: February 1st, 2018 | Time: 12.10 PM (IST)

cctv on all staions and trains.

wifi in trains

Date: February 1st, 2018 | Time: 12.06 PM (IST)

Tourist facilities to be upgraded at 210 important monuments.

Projects worth Rs 2,350 cr under smart city mission completed.

Date: February 1st, 2018 | Time: 12.05 PM (IST)

35,000 km will be completed under Bharatmala project with outlay of Rs 5.35 lakh cr before moving on to the initiatives in Railways.

Date: February 1st, 2018 | Time: 12.04 PM (IST)

482 cities started credit rating.

Date: February 1st, 2018 | Time: 12.03 PM (IST)

Infrastructure: Need Rs 50 lakh crore to improve infra, GOI is confident of completing 9000 kms national highways to be by 2018-19.

Date: February 1st, 2018 | Time: 12.02 PM (IST)

144 cities get investment rating.

Road Infra – National Highway 9000+ crore roads to be completed

Date: February 1st, 2018 | Time: 12.01 PM (IST)

Sensex pares gains as FM announces social schemes, shifts focus to rural India; Nifty below 11,050; fear gauge India VIX at 15.69.

Date: February 1st, 2018 | Time: 12.00 PM (IST)

Sensex up by 243 points. #BudgetWithBlock #IndiaBudget2018 #Budget2018 Tweet This

2.04 Lcs for Smart City programme.

Out of 100 smart cities 99 cities have been selected with an outlay Rs 2.04 lakh crore.

Date: February 1st, 2018 | Time: 11.59 AM (IST)

Amendment in EPF ACT proposed.

Nearly 70 lakh formal jobs have been created this year.

Women contribution to EPF reduced to 8% for first 3 years of employment.

Date: February 1st, 2018 | Time: 11.58 AM (IST)

Paid maternity leave from 12 weeks to 26 weeks great sucess

Govt to contribute 12% of wages of new employees. 12% epf for all new employees next 3 years.

Date: February 1st, 2018 | Time: 11.56 AM (IST)

Rs 3 lakh crore target has been achieved under Mudra Yojana

Date: February 1st, 2018 | Time: 11.55 AM (IST)

SSY has been a great success, with 1.26Cr accounts opened until Nov last.

Trade Electronic Discounting by Banks will be allowed.

Date: February 1st, 2018 | Time: 11.53 AM (IST)

Rs 1.38 lakh crore allocated for higher education

Date: February 1st, 2018 | Time: 11.49 AM (IST)

Govt will expand PM Jan Dhan Yojana: All 16 crore accounts will be included under micro-insurance and pension schemes

Date: February 1st, 2018 | Time: 11.48 AM (IST)

187 project sactioned under namami gange project

Date: February 1st, 2018 | Time: 11.47 AM (IST)

1325 crore people insured under Pradhanmantri Bima Suraksha Yojana

Date: February 1st, 2018 | Time: 11.47 AM (IST)

500 per month to TB patient

Govt will identify 1000 Btech students each year and provide them means to pursue PHDs in IITs and IISc

24 new medical govt college to be set up

Date: February 1st, 2018 | Time: 11.44 AM (IST)

National Health Protection Scheme initiative with nearly 50 crore beneficiaries which will provide up to Rs 5 lakh per family per year for hospitalisation, one of the largest such benefits program anywhere in the world.

Date: February 1st, 2018 | Time: 11.42 AM (IST)

1200 cr allocation under National Health Policy. Health Care Protection Scheme for 10Cr. Poor families providing 5Lakh health cover to each family.

Date: February 1st, 2018 | Time: 11.40 AM (IST)

1000 student will be provided opportunity to do fellowship in premier educational institution with very good stipend.

Date: February 1st, 2018 | Time: 11.40 AM (IST)

Eklavya school for tribal

Date: February 1st, 2018 | Time: 11.39 AM (IST)

Target to provide free LPG connections to 8cr women population under Ujwalla Yojna.

Date: February 1st, 2018 | Time: 11.39 AM (IST)

Under Swachh Bharat Mission , 6 crore toilets being constructed across the country. An additional 2 crore toilets will be made in the next 2 years and this should go a long way in addressing the crucial issue of open defecation, especially in rural areas.

Date: February 1st, 2018 | Time: 11.38 AM (IST)

The government plans to construct around 2 crore new toilets under Swachata Abhiyaan. #BudgetWithBlock #IndiaBudget2018 #Budget2018 Tweet This

2600 crore allotted for ground water irrigation.

PM Saubhagya Yojana: 4 crore poor will get power connection.

The govt will spend Rs 16,000 crore on this scheme.

Date: February 1st, 2018 | Time: 11.35 AM (IST)

51 lakhs houses under Prime minister Awas yojana

Date: February 1st, 2018 | Time: 11.32 AM (IST)

4 crores electricity free connections under PM Soubhagya Yojana.

Date: February 1st, 2018 | Time: 11.32 AM (IST)

The governrment will undertake to fight the ever growing hazards of pollution from both crop burning, promotion of gas connection in houses using wood fire for cooking, among others.

Date: February 1st, 2018 | Time: 11.31 AM (IST)

Government is focusing on poverty as started ujjwala yojana. 8 cr gas connection to women.

Date: February 1st, 2018 | Time: 11.30 AM (IST)

The government has announced a Rs 10,000 crore allocation for fisheries, aquaculture and animal husbandry funds. This is going to go along way in improving the standard of animal rearing in the country and may even significantly improve the quality of meat available in the market.

Food processing sector is growing at average 8% per annum.

Date: February 1st, 2018 | Time: 11.28 AM (IST)

It has doubled from 750 cr last year to 1400 crore in 2018-19.
Allocation to food processing industry will be doubled to 1480Cr.

Government is promoting organic farming

Date: February 1st, 2018 | Time: 11.27 AM (IST)

Institutional mechanism will take place by establishing GRAMs

Date: February 1st, 2018 | Time: 11.24 AM (IST)

Farmers are small and marginal and not in position to transact at APMCs. Set up GRAMS and 470 APMCs connected to eNAM.

Government will work with NITI Aayog to develop system of optimal farm price realisation and develop existing 22,000 gramin agri centres GRAMS to help farmers for direct sales.

Corpus of 2000 cr will allocate to farmers.

Date: February 1st, 2018 | Time: 11.22 AM (IST)

Corpus of 2000 cr will allocate to farmers. Tweet This

Direct help for small farmers.

Date: February 1st, 2018 | Time: 11.21 AM (IST)

The focus will now be on agriculture, improving education & better health. Goverment will implement Minimum Support Prices for crops. f prices are lower than MSP then the government has to ensure there are ways to make sure the farmers receive necessary MSP or an apt price for their products.

He says the government is committed to welfare of farmers. We had sought to effect a paradigm shift. The PM had given a call to double farmer income by 2020. Expand warehouse ,export facility ,future & options for farmers.

Date: February 1st, 2018 | Time: 11.19 AM (IST)

On a purchasing power parity basis, India is the third largest economy in the world

Date: February 1st, 2018 | Time: 11.18 AM (IST)

More Governance and less government

Date: February 1st, 2018 | Time: 11.17 AM (IST)

The government is now focusing on ease of living and that there is limited interference of the government in their lives. Free gas connections are being provided, 4 crore houses are being electrified, low cost medicines are being provided, stents are being provided, free dialysis facilities are being provided, easier and cheaper convenient mode of transactions are being provided.

Indian economy is now 2.5 trillion dollar economy in the world and is expected to become the fifth largest economy very soon, says FM. IMF has projected that India will grow at 7.4% next year. Exports are expected to grow at 15% in 2017-18. We are set to achieve a high growth.
DBT has been great success and big motivation to the world.

Date: February 1st, 2018 | Time: 11.14 AM (IST)

India breaks into “Top 100 in ease of business” ranking by World Bank

Date: February 1st, 2018 | Time: 11.12 AM (IST)

Demonetisation has increased tax base and spurred greater digital transaction in the country. Recapitalised banks have now greater ability to support growth. This will help the country achieve growth in medium to long term, he FM.

Date: February 1st, 2018 | Time: 11.10 AM (IST)

The journey of economic reforms has been challenging but rewarding. FDI has gone up and various measures have made it easier to do business in India. ” There is a premium on honesty,” he says.

Date: February 1st, 2018 | Time: 11.09 AM (IST)

GST will be made simpler, digitisation will be encouraged.

Date: February 1st, 2018 | Time: 11.08 AM (IST)

The Budget Speech 2018 is LIVE now

Date: February 1st, 2018 | Time: 11.05 AM (IST)

FM hints to expedite Infrastructure creation and build a strong India.

Stay tuned with just 5 mins to go for the budget speech to start

Date: February 1st, 2018 | Time: 10.55 AM (IST)

We are expecting a lot of firsts in this budget before the 2019 elections.

Welcome to the LIVE updates for Union Budget 2018 at H&R Block

Date: February 1st, 2018 | Time: 10.14 AM (IST)

The Finance Minister Arun Jaitley has arrived at the Parliament and the session will start soon.

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7 Comments

  1. Chandra Kumar says:

    Salaried Employee: looking for more tax exemptions and income tax slab change
    Agriculture: lokking for reduction in prices for fertilizer & chemicals and also on crop. And they are looking for loan waive.
    Small small industries development in india with certain benefits. Encourage to start up business

  2. ghansham randad says:

    Send details

  3. Nitin Balkrishna Mhasawade says:

    Hopeful for remarkable enhancement in tax free income limit..

  4. Dr. D. N. Pant says:

    Pensioners must be exempted as the pension is not a salary, it is a reward of hard work done in the past during service period.
    Further in old age the most of the pension amount is being spent for family and other donation purpose.

    • Chandra Kumar says:

      Employees are not charged or paid any taxes on pension or pf amt during their services, hence Govt cannot exempt the pension fund after retirement or on withdrawal of such fund during service!

  5. Shekhar says:

    1325 crore people insured under Pradhanmantri Bima Suraksha Yojana? seriously, 1325 crore ?

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