India’s 2018-19 Budget is the first one after the implementation of the Goods and Services Tax (GST) in July 2017. The Budget allocation of Rs1,200 crore is to be supplemented with CSR (Corporate Social Responsibility), and philanthropic funds. First, income tax exemption on interest on fixed deposits, without TDS, up to Rs50,000 on deposits with banks and post offices, a significant five-fold increase. Second, all senior citizens can now avail of deduction of health insurance premium of up to Rs50,000 (up from Rs30,000) under section 80D (of income tax Act). In conclusion, the Budget does continue promising broader approach to social protection and pensions sector.
Source: Mint February 13, 2018 11:15 UTC