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Tax exemption, Sec 80C limits, surcharge on HNIs may be hiked in Budget 2018: EY

Tax exemption, Sec 80C limits, surcharge on HNIs may be hiked in Budget 2018: EY

Finance
We expect Budget 2018 to increase the basic tax exemption limit from the current Rs 2.5 lakh to Rs 3 lakh and also the Section 80C investment limit for tax saving from the current Rs 1.5 lakh to Rs 2 lakh, says Sonu Iyer, tax partner and people advisory services leader, EY. Talking to ET online about what she thinks the forthcoming budget would bring in the area of personal taxes, she said that these increases were also warranted to account for inflation. These increases would entail loss of revenue for the exchequer but they were also needed to keep the limits in line with inflation, she explained. Re-introduction of inheritance tax unlikelyCommenting on the current speculation regarding re-introduction of inheritance tax, Iyer said "I don't think it will come in. Wealth tax was a...
Budget on February 1, first part of budget session from January 29 to Feb 9

Budget on February 1, first part of budget session from January 29 to Feb 9

Finance
The Union Budget would be presented on February 1 this year as well, Parliamentary Affairs Minister Ananth Kumar today informed. He also said that first part of the budget session would take place from January 29 to February 9. "First part of budget session to be held from 29 January to 9 February, budget to be presented on 1 February. The second part to be held from 5 March to 6 April," said Parliamentary Affairs Minister Ananth Kumar. President Ramnath Kovind will address the joint sitting of the two Houses on January 29 and the Economic Survey will be tabled on the same day. The government had advanced the Budget date to February 1 in September 2016. Earlier, the Union Budget used to be presented on the last working day of February. The Winter session of Parliament has e...
Budget 2017: Hammond to 'seize opportunities' from Brexit

Budget 2017: Hammond to 'seize opportunities' from Brexit

Business
The UK must "seize the opportunities" from Brexit while tackling deep-seated economic challenges "head on", Philip Hammond is to say in his second Budget.The chancellor will promise investment to make Britain "fit for the future" as an "outward looking, free-trading nation" once it leaves the EU in 2019.But he will also commit to supporting hard-pressed families with the cost of living and address housing shortages.Labour say he should call time on austerity and boost public services.In his Commons speech, which will begin at about 12:30 GMT, Mr Hammond will set out proposed tax and spending changes.He will also update MPs on the current state of the economy, future growth projections and the health of the public finances.He has been under pressure in recent months from sections of his par...
Driverless car tests at heart of 'upbeat' Budget

Driverless car tests at heart of 'upbeat' Budget

Technology
Billions of pounds for housing and high-tech industry are expected to be at the centre of Chancellor Philip Hammond's "positive and upbeat" Budget this Wednesday.Treasury sources say Philip Hammond will try to help start-up businesses which specialise in driverless cars and artificial intelligence develop into success stories of the future.He will remove regulatory potholes which prevent developers from road-testing driverless technologies without humans present, pump £400m into electric car charge points and invest £160m in 5G mobile networks.::Long read: One number towering over the BudgetThe Chancellor is also reportedly ready to find £5bn for housing schemes and underwrite loans to small home builders.This is part of a commitment to deliver 300,000 new homes every year, adding an extra
Budget 2017: Plans to build 300,000 homes a year

Budget 2017: Plans to build 300,000 homes a year

Business
Media playback is unsupported on your devicePhilip Hammond says next week's Budget will set out how the government will build 300,000 new homes a year.But the chancellor said there was no "single magic bullet" to increase housing supply and the government would not simply "pour money in".Ministers want to speed up developments where planning permission has been granted and give more help to small building firms, he added.Labour says ministers "still have no plan to fix the housing crisis".Speaking on the BBC's Andrew Marr Show ahead of Wednesday's Budget, the chancellor also said: "There are no unemployed people" while discussing the threat to jobs posed by technological change - when pressed later, he said the government hadn't forgotten the 1.4m who are unemployedThe government was "on t...