Finance Minister has given out the 110-minute speech of Budget for the fiscal year 2017-18. Budget is one of the most important parts for any government.
College students least care about things like Budget, but here are some of the reasons why you should care about this budget:
1. Tax slab changed: This is one of the good news for the students who have started to earn from their college only. If you are a freelancer or self-employed and earn around 25-30k per month, you should start declaring your income. Filing an income Tax return would not only make you a responsible citizen of the country and would also help you in getting a loan in future for your business or studies. Also, the amount would be none if you declare your income less than 2.5 lakh per year and 5 percent if you declare between 2.5 LPA to 5 LPA.
2. Cash limit for Political Parties: If you ever donate to political parties or your parents do, there is a cash limit after this budget season of 2000 per person. This would end up the long streak of the protests held by Aam Admi Party to pass the law of declaring the list of party donors.
3. Cigarettes: Prices of things like Cigarettes, Pan Masala, Bidis is expected to go up by nearly 44 percent. This probably would be affecting the youth to great extent, as these have high consumption rates among the youths.
4. Fees Reduction: One of the major help given by this Government to the students is the waiver of tax paid in the fees by IIM Students. This would reduce the fees paid by the students pursuing PGDM from IIMs to a large extent.
5. Better highways: Government is planning to spend high amounts of money on highways. This would give better infrastructure and more jobs and good transportation system.
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