LIVE Budget 2018 for common man: No Income Tax slabs relief for aam aadmi; mobile, TV get costlier

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New Delhi | Updated: February 01, 2018 3:37 PM

Budget 2018 impact on common man: Union Budget 2018 is being presented today. Finance Minister Arun Jaitley is presenting the Modi government's India Budget 2018 in Parliament. Budget 2018 India Income Tax slab is a major disappointment for common man. Arun Jaitley has not made changes in budget 2018 tax slab. Income tax in budget 2018 will remain the same as current slab.

union budget for common manBudget 2018 impact on common man: Arun Jaitley is presenting Union Budget in Parliament

Budget 2018 impact on common man: Union Budget 2018 is being presented today. Finance Minister Arun Jaitley is presenting the Modi government’s India Budget 2018 in Parliament. Budget 2018 India Income Tax slab is a major disappointment for common man. Arun Jaitley has not made changes in budget 2018 tax slab. Income tax in budget 2018 will remain the same as current slab. People had expectations surrounding budget income tax. During the Budget 2018 speech, FM Jaitley said that common man will continue to be getting utmost importance from Modi government. He said that Modi government wants to create ease of living for common man.

After Budget 2018 will your income tax go up or down? Track Financial Express Budget Income Tax calculator 2018

Track Live updates of Budget 2018 Impact on Common Man

1:28 pm: After presentation of Budget 2018, Prime Minister Narendra Modi said the budget focuses on ease of living of common man.

12:48 pm: In Budget 2018, there is no change in Income Tax slab. Arun Jaitley said that there will be standard deduction in lieu of present exemption

Also Read: Budget 2018 for senior citizens: It’s Acche din. Get a number of concessions from Modi government

12:45 pm: Apart from Budget 2018 India Income Tax slab, more disappointment for common as mobile phone and TV sets are set to be costlier as customs duty on mobile phones has been increased to 20% form the current 15%.

12:40 pm: In a disappointment to middle class and common man, Arun Jaitley has not made any changes in Income Tax slabs. Arun Jaitley has said that the Modi government has made many positive changes in the personal income tax rates applicable to individuals in the last three years.

12:37 pm: In Budget 2018, Arun Jaitley made no changes made in the Income Tax slabs.

12:30 pm: In Budget 2018, FM Jaitley said 5 lakh Wi-Fi spots to be created in rural areas. 1 lakh Gram Panchayats connected to optic fibre completed, says FM Jaitley.

12:26 pm: Under Budget 2018 speech, FM Jaitley had announced that UDAN (Ude Desh ka Aam naagrik) scheme will connect 56 unserved airports and 31 unserved helipads

12:22 pm: In Budget 2018, with an aim to provide poor people and common man treatment in affordable cost,  24 new government medical colleges and hospitals will be set up by upgrading existing district hospitals, says FM Arun Jaitley

12:17 pm: In budget 2018, the Modi government is looking to provide more comforts. Arun Jaitley had announced that Railway stations with more than 25,000 footfalls will have escalators. WiFi and CCTV services will be available to more trains.

12:13 pm: In major boost for students, the Modi government will launch Prime Minister’s Research Fellow Scheme. The scheme will identify 1000 B.Tech students to do Ph.D at IITs. Apart from these two new schools of planning and architecture will be established.

12:08 pm: In budget 2018, Arun Jaitley announced that the Modi government will set up 18 more Indian Institute of Technologies (IITs) and NIITs.

12:05 pm: In budget 2018 speech, FM Jaitley said that 76% of loan accounts are of women and over 50% belong to SC, ST and OBC under the Mudra Yojana. The Modi governmnet will further provide Rs 3 lakh crore under Mudra Yojana in 2018-19.

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12:00 pm: In his Budget 2018 speech Arun Jaitley said the government is committed to Beti Bachao Beti Padhao programme.

11:57 am: In Budget 2018, Arun Jaitley said that the Modi government will provide 12% of wages to EPF.

11:54 am: Arun Jaitley has also proposed an ammendment in the Employees’ Provident Funds and Miscellaneous Provisions Act which would reduce women’s contribution in EPF to 8 per cent of salary without changing enployer’s contribution.

11:51 am: In budget 2018, FM Jaitley said Rs 16,000 crore to be spent on providing electricity connection to 4 crore poor households

11:48 am: In Budget 2018 speech, FM Jaitley announced that By 2022, every block with more than 50% ST population and at least 20,000 tribal people will have ‘Ekalavya’ school at par with Navodaya Vidayalas.

11:45 am: Modi government is committed to provide houses to all poor by 2022.

11:43 am: Under the health wellness centre, 10 crore families will get Rs 5 lakh per annum, says Arun Jaitley.

11:40 am: In Budget 2018, The government has National Health protection scheme. Under this 50 crore people will get free health insurance

11:35 am: In budget 2018, Swachh Bharat Mission gets a booster from the Modi government. “We have constructed 6 crore toilets under Swachh Bharat Mission, our aim is to build 2 crore more toilets,” says FM Arun Jaitley

11:32 am: In budget 2018 speech, FM Jaitley said there will be a new scheme which will help reduce pollution.

11:30 am: In Budget 2018, FM Jaitley announced that the government is expanding the scope for the Saubhagya Yojana. Now 4 core poor households will benefited through this scheme.

11:25 am: In his budget 2018 speech, FM Jaitley has announced there 8 crore households will be provided free LPG connections

11:17 am: During his Budget 2018 speech, FM Jaitley has said that the government has hiked Minimum Support Price (MSP) of Kharif crops by 1.5 times

11:15 am: In Budget 2018, FM Jaitley said the Modi government wants to ensure benefits are delivered to the beneficiaries and this has eliminated middlemen in the process. Direct Benefit Transfer programme is the biggest such exercise in the world.

11:10 am: The Government commits to welfare for farmers. Focus is on generating high income for farmers, says FM Jaitley.

11:08 am: The government wants to focus on agriculture and rural economy, says FM Jaitley.

11:06 am: The Modi government promises to do more for common man. The Government wants create a ease of living for common man, says FM Jaitley.

11:04 am: In Budget 2018, FM Jaitley has said that the government will take difficult decisions and promised to reduce poverty.

11:00 am: Union Budget 2018 is being presented in Parliament currently. FM Jaitley has begun his budget 2018 India speech in Parliament.

10:55 am: Common man also wants the Modi government to take look at certain allowances. Common man wants hiking in Medical reimbursement allowance.

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10:50 am: In Budget 2018, common man wants separate exemption for principal repayment on home loans. At present, deduction on home loan is up to Rs 1.5 lakh on repayment of the principal amount under Section 80C of the Income Tax Act.

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10:45 am: Common man also wants an increase in Section 80C deduction limit. At present, the upper limit of deduction allowed under Section 80C of the Income Tax Act is Rs 1.5 lakh. Common man wants the deduction limit to be increased to Rs 2 lakh.

10:42 am: Common man wants  the income tax exemption limit to Rs 3 lakh from present Rs 2.5 lakh.

10:40 am: Ahead of Budget 2018,  common man wants an increase in Income Tax exemption limit. Common man also wants a revision in tax slabs. Apart from these, common man wants a cut in tax rate.

10:37 am: In budget 2018, common man wants reduction in tax burden. Common man wants FM Jaitley should ease their tax burden as inflation is rising and job market is reportedly has gone down low.

9:50 am: Finance Minister has reached Parliament. There will be a cabinet meeting ahead of Budget 2018. Budget 2018 will be presented at 11 am.

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9:40 am: FM Jaitley will have a hectic day on Union Budget 2018. FM Jaitley will present the budget at 11 am, FM Jaitley will give interview at 2 pm. There will be press briefing on the budget 2018 at 4 pm. Meanwhile, FM Jaitley will answer questions from common man at 7 pm.

9:30 am: Modi government will likely to balance between a middle ground between populism and hard-core reforms in Budget 2018. Experts told FE Online that the Modi government may focus on agriculture and infrastructure in the Union budget. The Modi governent will likely to focus on creating indirect jobs.

9:25 am: Ahead of Budget 2018, Sensex has nearly gained 150 points in the early trade. Though this is purely from market’s point of view, but common man can expect good things from the Modi government’s budget 2018.

9:20 am: Common man, especially woman, youth, have lot of expectations from the Modi government’s Budget 2018. Common man and doctors want better budget allocations on health sector

9:15 am: Finance minister Arun Jaitley and his team are gearing up for presentation of Union Budget 2018. FM Jaitley will brief cabinet just ahead of Budget 2018 India.

9:10 am: Common man wants the Budget 2018 will bring ‘Achhe din’ for them.

9:00 am: Common man, salaried class, middle class, farmers are wanting maximum benefits, more jobs, revised income tax slab, more farm assists respectively.

8:50 am: Ahead of Budget 2018, Finance Minister Arun Jaitley has arrived at the Ministry of Finance. After this FM Jaitley will brief the cabinet about budget. Following that, FM Jaitley will be presenting the Union Budget 2018 in Parliament today.

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8:40 am: Financial Express Online has conducted a survey ahead of Budget 2018. The FE Online pre-budget survey has depicted the practical constraints of the Modi Government in giving away much. However, the FE Online survey has captured the expectation of taxpayers. They want a substantial revision to get relief from the tax burden in the country.

8:30 am: Even if the Modi government does not come with an increase in income tax slabs or exemption limit in the Budget 2018, Section 80C can be a relief. It will not just give tax relief but also step up financial savings for both individuals and the government.

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8:20 am: “GST collections are slower than anticipated the government is finding it difficult to manage the fiscal deficit. In this background, it makes sense to increase the limit of 80C, which also provides relief to the middle-class taxpayers”, Rusmik Oza, Head-Mid-caps, at Kotak Securities, said.

7:20 am: Common man also expect that the Modi government can come up with a relief under Section 80C in Budget 2018.  Common man also expects that there Modi government won’t come up with an upward revision of Income Tax slab rates in Union Budget.

7:10 am: Ahead of the Budget 2018, common man expects that Income tax exemption will go up from current 2.5 lakh to Rs 3 lakh. Common man also expects that there will be changes in the income tax slabs.

For exclusive updates of Modi government’s Union Budget, please check Budget 2018 live

7:00 am: After presenting the Union Budget 2018, Finance Minister Arun Jaitley will answer a few questions. Common man can also participate by tweeting their questions. Take a look

6:50 am: Talking about what common man should expect from Budget 2018, Prime Minister Narendra Modi said he has trust on the aam aadmi of the country. PM Modi has also assured that his government will take decisions to fulfil their needs and aspirations in Union Budget

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6:40 am: PM Modi during an interview had ruled out any interference. He had said that Budget is the property of Parliament and It falls under the ambit of Finance Minister Arun Jaitley. That’s why he does not want to interfere.

6:30 AM: Union Budget is crucial for the common man as Budget 2018 India expectations are high. It will be interesting to see what FM Jaitley and Modi government do for the aam admi. Prime Minister Narendra Modi himself has said that common man does not need sops and freebies.

6:00 am: In Union Budget 2018, FM Jaitley can enhance deduction for payment of health insurance premium (which is currently at INR 30,000) and expenses for medical treatment could be of good support for senior citizens.

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5:30 am: In Budget 2018,the Modi governmnet can come up with a separate tax grievance redressal mechanism for speedy resolution for senior citizens. Currently, the regulations mandate necessary reasoning by the assessing officer to select a return of senior citizen for scrutiny assessment. The Modi government can redefine this by laying guidelines to handle the assessment.

5:00 am: In the budget 2018, a senior citizen wants an increase in Income tax slab. In most cases, the main income sources of senior citizens are pension, interest, dividend etc. It has been learnt that pension received in annuity can be taxed at special rates if it exceeds the taxable limit. Deduction of INR 10,000 applicable on the interest received from savings account can be doubled for senior citizens. This deduction can also be extended to interest from fixed deposit – this being the major avenue for investment.

4:30 am: It has been learnt that a taxpayer is considered as a senior citizen after he attains sixty years of age at any time during the tax year. Currently, a senior citizen who is a tax resident in India enjoys tax exemption limit Rs 3 lakh. A senior citizen is also exempted from the advance tax obligation. Apart from these, the person is exempted from automatic scrutiny selection.

4:00 am: Senior Citizens are expexcting great things from FM Jaitley on Budget 2018 day.Even after retirment, one continues to be a taxpayer on account of earning income. India tax laws provide for certain additional tax benefits when the taxpayer becomes a senior citizen.

3:30 am: The net direct tax collections represent 70.3 percent of the total budget estimates of direct taxes for F.Y. 2017-18 (Rs. 9.8 lakh crore). Further, gross collections (before adjusting for refunds) have increased by 13.5 percent to Rs. 8.11 lakh crore during April, 2017 to January 15 2018. The finance ministry also revealed that refunds amounting to Rs.1.22 lakh crore have been issued during April 2017 to January 15.

3:00 am: Ahead of the Budget 2018, direct tax collections for fiscal year 2017-2018 show a growth rate of 18.7 percent, up to January 15, the Finance Ministry had said.”The provisional figures of direct tax collections up to January 15, show that the net collections are at Rs. 6.89 lakh crore which is 18.7 percent higher than the net collections for the corresponding period of last year,” a notification from Ministry of Finance stated.

2:30 am: Over 50 percent of the respondents agreed that in the next fiscal, India will grow at a rate of 7 percent or more. For the next set of reforms, the survey suggested that the focus should be on easing litigation around tax issues, followed by reforms in the real estate sector.

2:00 am: Ahead of Budget 2018 India, 51 percent expressed that, in the coming year, the GST would impact their sector/industry positively, while a small percentage (13 percent) still feels that the impact would be negative.
1:30 am: Ahead of the presentation of Union Budget 2018 on Thursday, people are expecting a five percent reduction in the corporate tax rate, according to Deloitte survey revealed that the respondents. People are also expecting that there will be changes in the Income Tax slab.

1:00 am: Budget 2018 session began on January 29. Finance Minister Arun Jaitley had tabled the Economic Survey 2017-18 in Lok Sabha.The document had noted that a series of major reforms undertaken over the past year will allow real GDP growth to reach 6.75 percent this fiscal and will rise to 7.0 to 7.5 percent in 2018-19.On January 29, President Ram Nath Kovind had addressed to the joint sitting of both Houses of Parliament.

This year’s union budget assumes political significance as there will be a number of assembly elections taking place across the country in 2018. The Budget Session of Parliament has begun on January 29. The first phase of the session will end on February 9. Following a recess, Parliament will resume again on March 5. The second phase of the Budget session will culminate on April 6.

Do you know What is Finance Bill, Short Term Capital Gains Tax, Fiscal Policy in India, Section 80C of Income Tax Act 1961, Expenditure Budget? FE Knowledge Desk explains each of these and more in detail at Financial Express Explained. Also get Live BSE/NSE Stock Prices, latest NAV of Mutual Funds, Best equity funds, Top Gainers, Top Losers on Financial Express. Don’t forget to try our free Income Tax Calculator tool.

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