Budget 2018 - How Will It Impact Your Money? - Make Money Online

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Budget 2018 - How Will It Impact Your Money?

Finally, the much awaited 2018 Union Budget is out. This year’s budget saw a big boost in healthcare expenditure, where the country lagged behind. The 2018 Union budget was certainly a big bag of surprises. If you are wondering how it will impact your money and savings, given below are the major takeaways from the 2018 budget: - 

Housing for All

Under the Pradhan MantriAwasYojna, the government announced the construction of one crore affordable houses in the rural area and 37 lakh affordable houses for the urban areas. Moreover, the government will also start a dedicated fund for affordable housing i.e. the AHF. 

No Change in Personal Tax Slabs  

No changes were announcedpertaining to the income tax slab for ay 2018-19. There have been no changes in the income tax rates because the government had already made several positive changes in the personal income-tax rate over the last three years. This year, the government has lain focus on the urgent needs of the poor and vulnerable population. 

Life Insurance

Now even the poor can avail the benefits of life insurance thanks to the Pradhan MantriJeevanJyotiBeemaYojana (PMJJBY). Under the PMJJBY, a person can avail a cover a Rs 2 Lakh by paying an annual premium of just Rs 330. 

Ayushman Bharat Programme

The government announced the National Health Protection Scheme (NHPS) which will provide up to Rs. 5 lakhs per family per year for secondary and tertiary care hospitalization. The NHPS is the world’s largest government-funded healthcare programme. This scheme will benefit millions of Indians, especially the poor sections. 

For The Salaried Class

In a bid to provide some relief to the overburdened salaried class, the government allowed a deduction of Rs. 40,000 instead of the present exemption of transport allowance and reimbursement of miscellaneous medical expenses. This deduction will also benefit the pensioners significantly as they do not get any transport or medical allowances. 

For Senior Citizen

Now senior citizen can avail enhanced exemption on interest earned through deposits with banks and fixed deposits, post offices, and recurring deposits. Tax deducted from Source or TDS will not be applicable for senior citizens. Furthermore, thededuction limit for health insurance has been increased significantly.

Capital Gains

This year the government introduced 10% tax for long-term capital gains on equity investments. This is a dampener as long-term capital gains were exempt from tax so far. 

More CPSE Investments; Gold Monetization Revamped

Now investors can invest in a diverse assortment of public sector companies and benefit from their impending growth over the long term. Furthermore, the government announced that the Gold Monetization Scheme will be revamped so that people can open Gold Deposit Account easily.
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