Takeaways from the Budget Speech of Budget Speech 2018-19

Takeaways from the Budget Speech of Budget Speech 2018-19

a.) Every poor person should have a home by 2022.
b.) Farm income to double by 2022.
c.) 8 crore poor families will be given free gas connection via Ujjwala scheme.
d.) Rs 5 lakh medical insurance cover per year for 10 crore families across the country to be provided. 
e.) Introduction of 24 new medical colleges including upgrading certain existing colleges. This will ensure there is 1 government medical college in every state of the country. 
f.) Special scheme is proposed to curb air pollution in Delhi NCR.
g.) Rs 500 per month to those afflicted with Tuberculosis.
h.) Tax burden on MSMEs to be reduced.
i.) Highway construction will exceed Rs 9,000 km by end of FY18.
j.) All railway stations with more than 25000 footfalls to have escalators.
k.) Aim to expand airport capacity by 5 times to handle 1 bn trips a year.
l.) Two defense production corridors to be developed in India.
m.) Government will take all measures to curb use of cryptographies. 
n.) Pay hike for Prez, Vice President and Governors: Salary of President raised to Rs 5 lakh, Vice President to Rs 4 lakh, governor to Rs 3.5 lakh per month.
o.) 1 lakh Gram Panchayats connected to optic fibre completed; 5 lakh Wi-Fi spots to be created in rural areas.
p.) FY18 fiscal deficit at 5.95 lakh crore (3.5% of GDP) as against expected 3.2%, FY18 direct tax revenue up 12.6%.
q.) 85.5 lakh new taxpayers filed their returns.
r.) 100% tax deduction to companies with revenue of Rs 100 cr registered as farmer producers cooperatives.
s.) No change in personal income tax structure.
t.) Corporate tax for companies with turnover up to Rs 250 cr cut to 25%.
u.) Standard deduction of Rs 40,000 for salaried taxpayers in lieu of medical and transport allowance, keeping in mind that they have been paying way more tax than individual business owners. 
v.) The deduction under health insurance premium will be Rs 50,000. In case of senior citizens with critical illnesses the deduction will be Rs 1 lakh. 
w.) Govt levies long-term capital gains tax of 10% for over Rs 1 lakh investments.
x.) No TDS on FD, Post Office interest to senior citizen of up to Rs 50,000.
y.) Propose to amend income tax act for electronic assessments.
z.) Propose to cut import duty on raw cashews to 2.5% from 5%, Increase in customs duty on mobile phones to 20% from 15%.