Much anticipated Union budget 2018 is out and according to the economic experts the fifth budget of the NDA government it’s a moderate one. Many speculations were made for the union budget 2018, some expected reduction in Income Tax, while some wanted relaxation in petroleum and crude oil. But now the budget is out and people have mixed reactions to it.

Before the announcement of the budget, NYOOOZ conducted a survey to know what people want or expect from this year’s budget. Let’s check out what got fulfilled, and what people have to wait for.

In our survey, we saw that 83% of the survey takers wanted the Income slab for tax exemption should increase from Rs 2.5 lakh to Rs 3 lakh but there will be much disappointment since no change in tax slab has been made.

It was also observed that 77% of the respondents wanted the government to remove online transaction charges forever. But the plead was heard to a bit, as service changes on the e-tickets will be reduced to an extent.

68% also felt that the State`s outlay/expenditure on education and health should increase compromising on infrastructure and modernizing bills. FinMin announced that the government will contribute 12% PF for new employees in all sectors for three years.

For women, PF contributions will be cut from 12% to 8% for the first three years.

Senior citizens will now have additional relief on income from bank interest (Rs. 30,000), investment in mediclaim (Rs. 50,000) and FDs (Rs. 50,000).

While for salaried taxpayers, the government has increased standard deduction from Rs. 15,000 to Rs. 40,000, a move which is likely to do good to 2.5cr taxpayers. This is in lieu of transport and medical reimbursement, which is worth Rs. 30,000. So, in reality, the actual tax benefit would be Rs. 10,000.

69 % of the respondents felt that bitcoins or cryptocurrency should not be made a legal tender and government budget clearly went in their favour as FinMin warned against the use of cryptocurrency, reminding citizens that it is not legal tender.

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