Secured Versus Unsecured Loan

Upcoming Indian Union Budget 2017-18

In the current financial set-up of the nation both small and big reforms are expected from the ministry of finance. Though all the big financial reforms have been made, the expectation, eagerness and will is now expected with the coming session of budget which is in progress. All the expertise of financial analysis is of the view that upcoming budget will help the economy to be on accurate track. 

Major expectations from Union Budget 2017-2018:

Here are the few points that may be key takeaways of the upcoming budget session.

1.      Steps to be taken to move towards a pensioned society by promoting and facilitating pension plans

2.      Promotion of affordable housing is one of the key highlights of this budget

3.      Mobilization of resources for the agriculture sector, the rural economic sector and steps to foster a cleaner and better environment

4.      The current government aims at offering certainty in the taxation process and as such numerous steps towards to reform taxation have been launched. This includes reduced black money and a stable taxation regime. Simplification of taxes is another facet the budget looks at.

5.      Making use of technology to make governance as well as various government related projects more efficient and transparent

6.      Make in India, the pet project of the current government is all set to be implemented more strongly by a tight coupling with reduced taxes, excise duties to reduce cost and make it profitable to manufacture domestically. Ease of doing business and various offerings for start-ups also formed a key point of this budget.

7.      Special focus has been put on governance mechanisms and ease of doing business in the country. This is keeping in mind the foreign direct investments opened by the current government.

8.      Education, skills and job creations will be lent huge impetus in terms of finance. The budget aims at opening several schools and at setting up world class teaching institutes.

9.      A huge chunk of finance has been allocated towards development of the rural sector which aims also at reforming distressed rural areas.

Budget 2017-18 Income Tax Slab (expected)–

Taxable Income	Tax Rate
Less than Rs. 4 lakhs	Nil
Rs. 4 lakhs to less than Rs. 8 lakhs	10% on taxable income exceeding Rs. 4 lakhs (Max. Rs. 40,000)
Rs. 8 lakhs to less than Rs. 12 lakhs	Rs. 40,000 + 20 % on taxable income over Rs. 8 lakhs (Max. Rs. 1.2 lakhs)
Rs. 12 lakhs and above	Rs. 1.2 lakhs + 25% on taxable income over Rs. 12 lakhs