Arun Jaitley drapes Budget Speech documents in tri-colour
The other documents -- Budget at a Glance, Receipts Budget and Expenditure Budgets -- have photograph of Parliament on them.
By PTI | Updated:
NEW DELHI: Ending an age-old convention, the Finance Ministry today came out with the Budget documents displaying different colours and a photograph of Parliament.
The Budget speech, which is usually in plain blue, was this time in tri-colour -- saffron, white and green.
The other documents -- Budget at a Glance, Receipts Budget and Expenditure Budgets -- have photograph of Parliament on them.
In order to maintain some continuity, the nomenclature of the document was displayed on a strip of the colour which used to be the colour of the jacket of the document.
For instance, 'Receipts Budget' was written on the document in yellow strip. Similarly Expenditure Budget (Vol-I) and Expenditure Budget (Vol- II) were printed on blue and orange strip, respectively.
Earlier, the Receipt Budget used to come in yellow jacket and Expenditure Budget (Vol-I) and (Vol- II) were printed on blue and orange jackets, respectively.
The name of a chapter was also changed from 'Revenue Foregone' to 'Statement on Revenue Impact of Tax Incentives Under the Central Tax System'.
The Budget speech, which is usually in plain blue, was this time in tri-colour -- saffron, white and green.
The other documents -- Budget at a Glance, Receipts Budget and Expenditure Budgets -- have photograph of Parliament on them.
In order to maintain some continuity, the nomenclature of the document was displayed on a strip of the colour which used to be the colour of the jacket of the document.
For instance, 'Receipts Budget' was written on the document in yellow strip. Similarly Expenditure Budget (Vol-I) and Expenditure Budget (Vol- II) were printed on blue and orange strip, respectively.
Earlier, the Receipt Budget used to come in yellow jacket and Expenditure Budget (Vol-I) and (Vol- II) were printed on blue and orange jackets, respectively.
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The name of a chapter was also changed from 'Revenue Foregone' to 'Statement on Revenue Impact of Tax Incentives Under the Central Tax System'.
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The limit of reduction of health insurance premium was enhanced from Rs 15,000 to Rs 25,000. For senior citizens this limit has been increased from Rs 20,000 to Rs 30,000.
"For senior citizen above the age of 80 years, not eligible to take health insurance, deduction is allowed for Rs 30,000 toward medical expenditure. Deduction limit of Rs 60,000 on expenditure on account of specified diseases is enhanced to Rs 80,000 in the case of senior citizens," Jaitley said.
Additional deduction of Rs 25,000 is allowed for differently-abled persons, increasing the limit from Rs 50,000 to Rs 75,000. It is also proposed to increase the limit of deduction from Rs 1 lakh to Rs 1.25 lakh in case of severe disability.
Jaitley also proposed to provide that investment in Sukanya Samriddhi Scheme will be eligible for deduction under section 80C of the income-tax and any payment from the scheme shall not be liable to tax.
Limit on deduction on account of contribution to a pension fund and the new pension scheme is proposed to be increased from Rs 1 lakh to Rs 1.5 lakh.
Additional deduction of Rs 50,000 will be allowed for contribution to the new pension scheme u/s 80 CCD increasing from Rs 1 lakh to Rs 1.5 lakh.
"For senior citizen above the age of 80 years, not eligible to take health insurance, deduction is allowed for Rs 30,000 toward medical expenditure. Deduction limit of Rs 60,000 on expenditure on account of specified diseases is enhanced to Rs 80,000 in the case of senior citizens," Jaitley said.
Additional deduction of Rs 25,000 is allowed for differently-abled persons, increasing the limit from Rs 50,000 to Rs 75,000. It is also proposed to increase the limit of deduction from Rs 1 lakh to Rs 1.25 lakh in case of severe disability.
Jaitley also proposed to provide that investment in Sukanya Samriddhi Scheme will be eligible for deduction under section 80C of the income-tax and any payment from the scheme shall not be liable to tax.
Limit on deduction on account of contribution to a pension fund and the new pension scheme is proposed to be increased from Rs 1 lakh to Rs 1.5 lakh.
Additional deduction of Rs 50,000 will be allowed for contribution to the new pension scheme u/s 80 CCD increasing from Rs 1 lakh to Rs 1.5 lakh.
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