The budget proposes a Standard Deduction of Rs. 40,000 for salaried tax payers which makes them exempt from paying tax on the first Rs. 2.5 lakhs of their income. This will effectively increase their disposable income and enable them to improve their standard of living. Furthermore, the Budget also offers a benefit of up to Rs. 1.5 lakhs in terms of deduction for premium paid on medical insurance. This will enabled people to receive quality healthcare without any economic burden burden.
To boost the rural sector, the Finance Minister has proposed various schemes and measures like Pension Scheme for Small and Marginal Farmers, Pradhan Mantri MUDRA Yojana, Deendayal Antyodaya Yojana and a corpus of Rs. 10,000 crore for Fisheries and Aquaculture Development. These will improve the lives of the rural population and reduce poverty.
The Budget also enhances the promise of Digital India by introducing a slew of measures like eliminating the need for physical filing of income tax returns and digital integration with the GST portal. This will make filing of returns hassle-free and reduce compliance time and cost.
Apart from the above mentioned points, the budget also proposes hikes in education, housing and infrastructure sectors. This will help create more jobs and attract more investments into India.
To sum it up, the Budget 2018 is a welcome step towards the attainment of the ambitious goal of 'Make in India' initiative. This budget seeks to reflect the aspirations and dreams of the common people of India by reducing their tax burden, creating employment opportunities, enhancing the rural sector and making filing of returns easier. Budget 2018 definitely heralds a new era of economic growth in India and will be remembered as one of the most progressive and promising budgets for years to come.
Article Created by A.I.