Budget 2018 Key Highlights

Budget 2018 Key Highlights

No Change in Tax Slabs in this Budget:

  • There will no change for tax slabs for income tax.
  • Standard deduction of Rs 40,000 allowed for transport, medical reimbursement for salaried class.
  • Section 80D limit proposed to be hiked to Rs 50,000 for senior citizens

Proposals and Announcements:

  • All trains will soon have Wifi and CCTV.
  • All railways stations with footfall more than 25,000 to have escalators
  • PAN a must for transactions above Rs 2.5 lakh or more
  • Govt health scheme to cover 10 crore poor families is world’s largest government-funded health protection scheme.
  • Electronic IT assessment will be rolled out across the country,
  • Kisan credit card facility extended to fisheries and animal husbandry sectors.
  • 2 crore more toilets will built under Swachh Bharat Mission.
  • 1 crore houses to be built under Pradhan Mantri Awas Yojana (PMAY) in rural areas.
  • Rs 4.6 lakh crore sanctioned under MUDRA Scheme to target 3 lakh crore for lending under PM Mudra Yojana
  • 99 cities selected for smart cities project with an outlay of Rs 2.04 lakh crore.
  • 5 lakh WiFi hotspots will be set up in rural areas to provide easy internet access
  • Cash payments of more than Rs 10,000 by trusts and institutions will not be allowed.
  • Companies with turnover of up to Rs 250 crore to be taxed at 25 per cent:
  • 60 crore bank accounts under the Jan Dhan Yojana to be opened.
  • Bitcoins not a legal tender and Govt. will identify it as illegitimate transaction.
  • Govt will bring a scheme to provide a unique ID to every enterprise similar to Aadhaar.
  • Health and education cess has been increased to 4% from 3%
  • Rs 600 crore alloted to Tuberculosis patients undergoing treatment.
  • Amrut program to focus on water supply to all households in 500 cities.
  • Government to contribute 12 per cent of EPF contribution for new employees in all sectors
  • proposed to introduce tax on distributed income by equity oriented mutual funds at 10 per cent.
  • proposed to tax long term capital gains exceeding Rs 1 lakh at 10% without indexation.
  • Specialised railway university to be set up at Vadodara.
  • Pradhan Mantri Vaya Vandana Yojana (PMVVY), to be increased to Rs 15 lakh from the present Rs 7.5 lakh.
    Airport capacity to be hiked to handle 1 billion trips every year.

Some Tax Changes:

  • Customs duty on dental hygiene, perfumes, after-shave, room deodorizers, deodorants, preparations for use on hair increased to 20%.
  • Import duty on fruit juice increased from 30% to 50%.
  • Customs duty on mobile increased to 20% from existing 15%
  • Import duty on LCD/LED/OLED panels, parts of TVs hiked to 15%, duty on smart watches, wearable devices, footwear increased to 20%.

Salary Changes:

proposed revising salary of:

  • Rs 5 lakh for the President of India
  • Rs 4 lakh for the Vice President
  • Rs 3.5 lakh for the Governors

In short, the budget 2018-19 is balanced budget to every sector. There is no change in Salaried class but 1% extra in form of cess to be extra burden. Let us know in comments if you are happy with the budget.

How To Link Your PAN Card With Aadhaar Card

How To Link Your PAN Card With Aadhaar Card

It is now very important that you link your PAN number with your Aadhaar Card whether you file an income tax return or you do not. You will have to do it.

Under the new law presented by the Indian government, it is now necessary that every citizen living in India must link their PAN number with their Aadhar card.

The last date to link your PAN Card with your Aadhaar card is 31st December 2017 but, it would be great for you to do this work as soon as possible so that you can save your PAN card from being rejected.

Some people are still not able to fill their income tax returns because they have not linked their PAN with Aadhar but now they can file their returns without Aadhaar linked.

After reading such a thing, one thing in your mind must have been going on, how to link the PAN to the Aadhhar.

So today I’m going to explain to you the whole process of linking the PAN to the Aadhar.

  • First of all, you have to go to the income tax e-filling website on your search engine.
  • After reaching there, you will find a new web page with lots of options available.
  • Out of all the options, you have to choose in the services options.
  • After going into the services option, you will find a lot of options, from which you have to select the link Aadhar option.
  • After selecting the link Aadhar option, the page that opens in front of you. You will have to fill all the columns.
  • Now you have your original PAN card and Aadhar card or xerox copy.
  • In order to fill the details, you must first enter your PAN card number then enter the number of your Aadhaar card and at last, you will have to enter your name which as same written on your Aadhaar card.
  • For verification, a captcha code that is written on your screen you will have to re-enter.
  •  OTP option is also available for those who are unable to see or optical problem.
  • After filling all these options, there is a link option at the bottom and you have to press it.
  • For those who are having an optical problem, an OTP is sent to their mobile number, OTP has to fill in the options available there.
  • After the entire process is completed, it comes out that your Aadhar and Pan linking is successful.

Also Read: ELSS Vs Other Govt Tax Saving Options 

Link adhar

You can also Go to this link Directly and fill the form to link your aadhar and PAN card. : https://incometaxindiaefiling.gov.in/e-Filing/Services/LinkAadhaarHome.html?lang=eng

Note – For linking your Aadhar there are also other options are available but this option is best and easy to execute. If you are also having a problem in linking your Aadhar and PAN then you should take help of anyone or best option go to any cyber cafe. They will do the same for you by charging some amount.