Ravish kumar Budget Analysis , Post Budget Speech Analysis
Ravish kumar Analysisi , Truth of Budget
Finance Minister Arun Jaitley has presented the Narendra Modi-led NDA government’s final full Union Budget right now.
No changes in personal income tax rates, Mr. Jaitley announces. A major portion of the personal income tax collection comes from the salaried class. 1.89 crore returns were filed last year, and ₹1.44 lakh crore was paid as taxes.
He proposes a standard deduction of ₹40,000 for transport and medical reimbursements. Revenue cost of this is ₹8,000 crore.
Exemption of interest income for deposits in banks and post offices (including TDS) will be increased from ₹10,000 to ₹50,000 for senior citizens.
All senior citizens will now be able to claim benefit of a deduction of ₹50,000 for medical insurance.
For critical illnesses, the deduction has been increased to ₹1,00,000.