Here’s the bottom-line

Union Budget 2018- Standard deduction has been revived, saving some tax, but that’s  instead of medical allowance and transport allowance. It has also increased the cess on incomes from 3% to 4%, hiking your tax bill. So, what’s the net effect of these three changes?

• If you invest in equities either directly or through a mutual fund, the rebirth of the long-term capital gains tax will hurt you.
• At income levels below Rs 10 lakh, the benefit is not quite as much and decreases as income does.
• Meanwhile, Senior Citizens stand to gain from a range of proposals.

Similarly, at income levels below Rs 10 lakh, the benefit is not quite as much and decreases as income does. The exception to this declining trend happens at a non-salary income of Rs 2.9 lakh. Such a person would now pay Rs 2,060 in taxes and cesses.

Post this Budget, they pay nothing.

The repeated resort to the vernacular, as much as the content of what he said, revealed the political nature of his Budget. The appeal was primarily two sections that make up the numbers at the hustings – the poor, farmers, lower middle class, young jobseekers, senior citizens. In sharp contrast, the well-heeled will have to pay more income tax, including cess, as well as for imported goodies like cellphones, TVs, and high-end cars. They’ll also see the taxman claiming his cut of what they gain from successful punts on the stock market.

Even this target appears somewhat ambitious given the promised welfare splurge on health, agriculture, senior citizens and rural infrastructure, all of which put together would “build a New India 2022”, according to the minister.

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The post Union Budget:For Common Man-Is it Gonna be richer or poorer?-Moneymindz appeared first on MoneyMindz.