RupeeTree

Quick Updates on Budget 2018:
100% deduction of income for Producer Companies.
2 New Planning & Architectural School and 18 inclusive Planning & Architectural School in IITs & NITs.
National Health Protection Schemes cover enhanced to Rs. 5 Lakhs.
Online loan sanctioning process for MSMEs and Bill Discounting finance by leveraging GSTN.
Special taxation structure for Venture Capital Funds and Angel Investors.
For first three years of women employee, EPF contribution is reduced to 8%, Employer Contribution to remain same at 10%/12%.
Reforms will be done in Stamp Duty Laws for Stamp Duty on securities.
Jaitley reiterates, cryptocurrencies are not legal in India.
Blockchain technology will be used for various government projects.
Unique ID will be issued to each enterprise in the same manner as Adhar Number issued to each individual.
New India Assurance Company Ltd., United India Insurance Co. Ltd., National Insurance Co. Ltd., and Oriental Insurance Co. Ltd. will be merged in one company and will be listed on stock exchange.
Presumptive taxation for Business Rs.2 Crore and for Professionals with turnover less than Rs.50 Lakhs
In case of real estate transaction, if the shortfall in circle rate is not more than consideration amount, circle rate can be considered for calculating LTCG.
Reduced corporate tax rate of 25% for companies with a turnover of up to Rs. 250 crore in the year 2015-2016.
NO CHANGE IN TAX SLABS FOR INDIVIDUALS.
Standard Deduction for Salaried Individuals of Rs.40,000/-.
Exemption on interest on fixed deposit for senior citizens increased to Rs.50,000/-, not TDS has to be done on such income by the financial institutions.
80D deduction for Senior Citizen increased to Rs.50,000/-.
Medical expenses deduction for senior citizens increased to Rs.1,00,000/-.
Exemption from LTCG to nonresident trading in IIFC and reduced Alternative Minimum Tax of 15% to resident trading in IIFC.
Cash payment now allowed up to Rs.10,000/- by businesses.
30% amount of expenses not allowed in case TDS is not done on such expenses.
LTCG above Rs.1,00,000/- after 31st January 2018 shall be taxed at 10% without indexation benefit.
Dividend received from ELSS and Dividend fund will be taxed at 15%.
Custome duty on Mobile Phone increased to 20%.
Central Board of Excise and Customs to be renamed as Central Board of Direct Taxes and Customs.

Jaitley has said that 41% more returns were filed this year under the simplified tax scheme. This has to be considered a success for the government, especially considering our past problems with tax compliance. If more number of people start paying their taxes, it will be easier for the government to ease tax burden on people.

It doesn't look like the government wants to slow down divestment at all, especially since it is likely to be one of the most important modes of financing budget deficit in the coming fiscal year. Divestment target for FY19 has been set at Rs 80,000 crore.