Filing for AY 2024-25 is coming soon
Filing for AY 2024-25 is coming soon
Keep calm and sign up for early access to our super filing platform

Budget 2018 – Get Live Updates on India Union Budget 2018

Updated on: Jul 13th, 2021


9 min read

The Indian Union Budget 2018

Download Union Budget 2018 Highlights by Finance Minister, Mr.Arun Jaitley.

Union Budget 2018

Feb 1, 2018 12:51 pm (IST)

This year’s budget strengthens employment, MSME, infrastructure, rural development in the country. Hoping for a great year 2018-19!E-assessment is to be rolled out over entire India to transform the assessment procedureIndirect Taxes : Customs : Mobile phone custom duty increased from 15% to 20%Tax Updated : e-Assessment of Income Tax returns to now be rolled out across the countryPropose to tax LTCH exceeding Rs 1 lakh @ 10% without indexation. However, AAll CG up to 31 Jan 2018 will be grandfatheredExempted Capital Gain is around 3 lacs crores as per the returns filed last yearTax Update for Senior Citizen : Exemption on interest income 80TTA from Rs. 10,000/- to Rs. 50,000/-Salaried Income : Tax Update : Standard Deduction of Rs. 40,000/- in lieu of transport and medical reimbursementTax Update : Salary : No change in Income Tax Rates

Feb 1, 2018 12:49 pm (IST)

Incentivising Micro Small and Medium Businesses. Reduce Corporate Tax Rate to 25% extended to companies with Turnover up to 250 CroresTax Update : Consideration of stamp duty / circle rate valuation : 5% difference in valuation will be accepted and not be added back during the assessment process80 JJAA relaxed to 150 days80JJAA salary expense for new employees deduction @ 30% allowed.Tax Update : 100% deduction : companies registered as farmer producer companies for turnover upto 100 Crore5.68 Lakh returns filed under the Presumptive schemeTax Compliance behavior of professionals has become better.41% more returns are filed under presumptive taxation (44AD, 44ADA)

Feb 1, 2018 12:30 pm (IST)

Avg. tax payment is Rs. 7000 for Indiv / HUF and FirmsTurnover of less than Rs. 50 Lacs : u/s 44ADA : 41% more return filed this yearNo. 6.47 Lacs crore to 8.27 Lacs crore : Increase in No. of tax payers81.5 Lakh new tax payersExcess revenue collected from personal income tax is 19000 crore due to various measures taken by the govt.Direct Tax growth 2017-18 : 12.6%Allocate Rs 150 cr for commemoration of Mahatma Gandhi: FM2017 – 18: 3.5% of the GDP is the fiscal deficit.Fiscal deficit for 2018 – 19 is proposed at 3.3 % of GDP2017-18 : Expenditure at 21 Lacs crores

Feb 1, 2018 12:27 pm (IST)

Law to be introduced to fix MPs’ salary every 5 years indexed to inflation: FMCentral Government will receive Fiscal Revenue from GST for only 11 monthsCRISIL: 10% of total highways in India (9,000 km) built in a single year.Emoluments revised for Parliamentarians – will be evolved over time – indexed to inflationFY18 revised divestment estimate at Rs 1 lakh cr: FMEmoluments revamped to the following dignitaries President: 5 Lacs Vice President: 4 Lacs Governor: 3.5 LacsFY19 divestment target at Rs 80,000 cr, says FM

Feb 1, 2018 12:24 pm (IST)

Gold monetisation scheme to be revamped : FMComprehensive Gold Policy to develop Gold as an asset classNational Insurance, United India Insurance & Oriental Insurance to be merged, listed: FMVarious acts to be amended to do away with long litigation processesPSUs may lend additional 5 lakh crores with Bank recapitalisation programmeCRISIL: Another big boost for corporate bond marketBank recapitalisation programme pegged at Rs. 80,000 cr.

Feb 1, 2018 12:18 pm (IST)

Strategic Privatisation of Air IndiaDisinvestments by Govt : 1Lac crores received by the govt. in 2017-18Govt. to come out with Ind-friendly defense production policy: FM2 defence industrial production corridors to be set up: FMCRISIL: Bharatmala to be funded via NHAI’s TOT model & infra fundEvery Enterprise to get a unique ID like Aadhaar is for IndiansDefense: Private and public sectors to have ease in operations.Class M & Class N vehicles sold from Dec 17 to have fasttags The Government does not consider Cryptocurrencies as legal currency however Blockchain Technology is being recognized by the Govn.

Feb 1, 2018 12:14 pm (IST)

CRISIL: LPG demand growth to rise to over 10% next 2 years given 8 crore new BPL connections targetedWill consult with states to make amendments to Indian stamps act: FM5 Lakh Wifi Hotspots which will provide internet for 5 Crore Rural Indian CitizensDoubled Digital India allocation to 3073 CroresCRISIL: 1 cr houses under PMAY augurs well for lenders.IFSC to be set up in Delhi to regulate all financial services in the country

Feb 1, 2018 12:09 pm (IST)

Allocate Rs 17,000 cr for Bengaluru metro network: FMSEBI to mandate 1/4th of the corporate financing needs through bondsAAI capacity to 1M trips a year.Airport capacity to increase 5 times.FM says NHAI to make use of Toll-Operate-Transfer model & InvITs (infrastructure Investment fund) to mobilise funds

Feb 1, 2018 12:06 pm (IST)

Mumbai transport system to be expanded to add 90 kms of double tracksRegional Connectivity scheme UDANshall connect 56 unserved airports.35,000 km to be completed under Bharat Mala with outlay of Rs 5.35 lakh crApprox. 148000 crores of CapEx of railways

Feb 1, 2018 12:03 pm (IST)

Projects worth Rs 2,350 cr under smart city mission completed: FMTourist facilities to be upgraded at 210 important monuments: FMRoad Infra – National Highway 9000+ crore roads to be completedFM proposes reduction in mandatory EPF contribution for women from 12% to 8% for first 3 yearsGovt to contribute 12 percent under EPF for all employees for next 3 years: FM

Feb 1, 2018 11:57 am (IST)

2.04 Lcs for Smart City programme: FM JaitleyRs 3794 crore allocated for development of MSME sectorRs 1.38 lakh crore allocated for higher educationAllocation increased to recognised hard work of individuals belonging to SC & ST categoryINR 600 cr for nutritional support to all TB patients.1325 crore people insured under Pradhanmantri Bima Suraksha Yojana.

Feb 1, 2018 11:47 am (IST)

National Health Protection scheme to cover 10 crore families i.e. 50 crore beneficiaries, INR 5 Lakh per family per year. Ekalavya School for the tribal children of India to initiate integrated B-Ed Programme for teachers: FM Rs 1.38 lakh crore allocated for higher education. Rs 3794 crore allocated for development of MSME sector.

Feb 1, 2018 11:45 am (IST)

Livelihood creation – 14.34 Lacs crore across all ministries.

Feb 1, 2018 11:45 am (IST)

National Livelihood Mission ~ 5000 cr.

Feb 1, 2018 11:45 am (IST)

Loans to Self-help groups of women will increase to 75000 cr by 2019.

Feb 1, 2018 11:42 am (IST)

Everyone in the country to have a house by the year 2022.

Feb 1, 2018 11:40 am (IST)

Target to provide free LPG connections to 8cr women population under Ujwalla Yojna.

Feb 1, 2018 11:40 am (IST)

Swaccha Bharat Mission – 2 crore toilets to be built

Feb 1, 2018 11:40 am (IST)

Government plans to spend 16000 crores under PM Soubhagya Yojana.

Feb 1, 2018 11:39 am (IST)

Encourage to sell their surplus solar power at remunerative rates.

Feb 1, 2018 11:39 am (IST)

Allocation to promote bamboo sector with an outlay of INR 1290 crores.

Feb 1, 2018 11:39 am (IST)

Export of agricultural commodities to be liberalised, says FM Arun Jaitley.

Feb 1, 2018 11:35 am (IST)

Setting up an agriculture market fund with a corpus of Rs 2200 Cr is on the to-do list, mentions FM Jaitley.

Feb 1, 2018 11:30 am (IST)

Minimum support price for Kharif crops to increase 1.5 times the cost of their produce. 19 minutes ago

Feb 1, 2018 11:24 am (IST)

Operation green has been launched on the lines of operation flood. Sum of Rs 500 crore has been allocated for this purpose. This operation will help farmers generate produce. We also propose to extend kisaan credit cards to live stock farmers,” says Finance Minister Arun Jaitley

Feb 1, 2018 11:20 am (IST)

Good news for our farmer brothers! Government to emphasize on generating higher income for farmers.

Feb 1, 2018 11:18 am (IST)

Quick updates: As per the Finance Minister, exports are expected to grow at 15% in FY18 & manufacturing sector is already back on growth path.

Feb 1, 2018 11:15 am (IST)

FM says the focus will now be on agriculture, improving education & better health.

Feb 1, 2018 11:10 am (IST)

FM Jaitley starts Budget speech in Parliament. Says, we are on track for GDP growth of over 8%. When our government took over, our nation was considered a part of the fragile five. We have transformed the nation into the fastest growing economy in the world. We are a $2.5 Trillion economy. As a result of measures taken by the government, there is a premium on honesty. India achieved an average growth of 7.5% growth in the last 3 years. We are the third-largest economy in terms of purchasing power parity and seventh largest economy in the world in terms of growth. The manufacturing sector is back on track and services sector, which is India’s backbone, is performing well. This year’s budget will particularly concentrate on agriculture and rural economy. We will also focus on promoting education and healthcare,” says Finance Minister Arun Jaitley.

inline CTA
File your returns in just 3 minutes
100% pre-fill. No manual data entry

Quick Summary

The Indian Union Budget 2018 focuses on strengthening employment, MSME, infrastructure, and rural development. Key highlights include increased customs duty on mobile phones, e-assessment for income tax returns, tax updates for senior citizens, and incentives for micro, small, and medium businesses. Various allocations and reforms were announced for different sectors.

Was this summary helpful?

Clear offers taxation & financial solutions to individuals, businesses, organizations & chartered accountants in India. Clear serves 1.5+ Million happy customers, 20000+ CAs & tax experts & 10000+ businesses across India.

Efiling Income Tax Returns(ITR) is made easy with Clear platform. Just upload your form 16, claim your deductions and get your acknowledgment number online. You can efile income tax return on your income from salary, house property, capital gains, business & profession and income from other sources. Further you can also file TDS returns, generate Form-16, use our Tax Calculator software, claim HRA, check refund status and generate rent receipts for Income Tax Filing.

CAs, experts and businesses can get GST ready with Clear GST software & certification course. Our GST Software helps CAs, tax experts & business to manage returns & invoices in an easy manner. Our Goods & Services Tax course includes tutorial videos, guides and expert assistance to help you in mastering Goods and Services Tax. Clear can also help you in getting your business registered for Goods & Services Tax Law.

Save taxes with Clear by investing in tax saving mutual funds (ELSS) online. Our experts suggest the best funds and you can get high returns by investing directly or through SIP. Download Black by ClearTax App to file returns from your mobile phone.

Cleartax is a product by Defmacro Software Pvt. Ltd.

Company PolicyTerms of use


ISO 27001

Data Center


SSL Certified Site

128-bit encryption