Before the budget of 2018, know what was special for you in the previous budget?
Finance Minister Arun Jaitley will present this year's budget in the coming months. Obviously people will be waiting for something special for them in this budget.
New Delhi: Finance Minister Arun Jaitley will present this year's budget in the coming months. Obviously people will be waiting for something special for them in this budget. Before that we tell you what were the main plans of the government in the previous budget. It is very important for you to keep the previous budget in mind only if you can better assess both budgets.
In the Budget, Finance Minister Jaitley gave some relief to the middle class in the income tax. Tax on income from Rs 2.5 lakh to Rs 5 lakh was halfway to 5 percent. There was a rebate of Rs. 12 thousand 785 on more than 5 lakh income.
Taking big steps towards controlling corruption, the limit of cash in the cash for the political party was 2 thousand. The rest should be donated by buying bonds from the donor banks. The identity of all those who give donations will also be revealed.
First of all, do you think that the finance minister's pitcher had left for middle class?
- No tax will be paid on the earnings up to 3 lakh - those earning
from 3 to 3.5 lakh will have to pay a tax of Rs. 2500
- earning from 2.5 to 5 lakh will be taxed at 5% instead of tax 10
from 3 to 3.5 lakh will have to pay a tax of Rs. 2500
- earning from 2.5 to 5 lakh will be taxed at 5% instead of tax 10
These three major changes were made in the tax slab for the middle class. However, the government has increased the burden of surcharge tax by imposing taxes on those whose income is more than Rs 50 lakh. Understand the advantages of middle class, then
- If your earnings are up to Rs 3 lakhs then no tax will be charged - If you earn Rs
5 lakh per annum then you had to give 20 thousand 600 rupees but after the previous budget 12 thousand 875 rupees would be given i.e. 7,255 rupees gained
- 10 lakhs had to give first Rs.18, 28, 750 rupees and after the last budget, Rs.15, 15, 875 would have been given, ie, Rs. 12875 was benefited
- accordingly, the income of Rs. 50 lakhs is Rs. 12875. Gaining
5 lakh per annum then you had to give 20 thousand 600 rupees but after the previous budget 12 thousand 875 rupees would be given i.e. 7,255 rupees gained
- 10 lakhs had to give first Rs.18, 28, 750 rupees and after the last budget, Rs.15, 15, 875 would have been given, ie, Rs. 12875 was benefited
- accordingly, the income of Rs. 50 lakhs is Rs. 12875. Gaining
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