My First Take of Union Budget
The most awaited day with full expectations and hopes of ‘Acche Din’ for common man has finally ended and with smiles on the face of Aam Aadmi. Just 7-week old our new government today announced its first Union Budget headed by Finance Minister, Arun Jaitley.
Following are some of the key features of Modi-budget which gave some relief to the common:
Personal Tax: Though the tax rate and slab structure has not been revised, the government increased the Tax Exemption Limit for Individuals (below 60 years) from Rs 200,000 to Rs 250,000. For Senior Citizens, it increased by Rs 50,000 to Rs 300,000.
Our government also put focus on savings and hence, increased the 80C limit which include public provident fund, national savings scheme, unit-linked insurance plans etc, to Rs 150,000.
This will definitely help the salaried class for making more investment. PPF limit also rose to Rs 150,000.
Home Loan: Exemption on payment of income tax on interest paid on loans for self occupied houses was also raised to Rs 2 lakh from Rs 1.5 lakh.
Exclusively for Housewives: It seems our Finance Minister truly very well understand women and her problems. Being a girl, I am happy when I heard that excise duty on footwear reduced from 12 per cent to 6 per cent, and for specified food package, it is reduced from 10 per cent to 6 per cent. Now, it’s time for some shopping…!!