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Financial Planning

Are you one of the 8 types of people that will benefit from #Budget2017?

01 February 2017
A quick guide to the 8 types of people living in urban areas who will benefit from #Budget2017.
 

The government presented the Union Budget 2017-2018 to the nation on 1st February, almost a whole month earlier than usual, the idea being not to waste time in the implementation of announced schemes.

#Budget2017 comes as a relief to many, but for the following 8 types of people, it’s a true cause for celebration:

 

  1. The Graduate Executive: Reduced income-tax on the ground income slab (Rs. 2.5- Rs. 5 lakhs) from 10% to 5% means the young executive has more to spend or save from their pay-cheques. Our advice? Invest!
  2. The Shopaholic: What happens when your disposable income increases but there’s no increase in taxes on fashion wear and personal care? Your SHOP! And if you use plastic instead of paper money and/or shop online, your support to digitisation could be rewarded.  

Related: Money saving tips for shopaholics [infographic]

  1. The Non-Smoker: Cigarettes just got more expensive, so non-smokers are less likely to face passive smoking! And for people trying hard to quit smoking, here’s another reason for you to stay on course. This increase is on account of increase in excise duty.
  2. The Traveller: For all those travel enthusiasts who cherish memories of their childhood train-trips, here is a reason to relive those times.  Train-tickets booked online on IRCTC will no longer will incur any service tax!
  3. The Neo/New Age/Millennial Conservationist: ‘Clean & Green’ living just got MORE inexpensive. Duty-exemptions on eco-friendly and energy efficient technologies such as LED and solar have made them more affordable. Finally, it pays to live responsibly.

Related: How going green can save your money

  1. The Moderate Socialist: Focus on the youth, rural, and the impoverished community in #Budget2017 gives the socialist sentiments a reason to be optimistic about balanced economic development. In fact, ‘honouring the honest’ – the motto behind tax changes announced- prompted a 10% surcharge on the super-rich!
  2. The Retiree: In a move that’s sure to give the ageing populace (and their loved ones) some peace of mind, the Cabinet launched Varishtha Pension Bima Yojana 2017 (VPBY 2017) to promote social security in India. Under this scheme, senior citizens will be guaranteed 8% return for 10 years, with the option of monthly/quarterly/half-yearly and annual pay-outs.

Related: Types of pension plans and their tax benefits

  1. The Entrepreneur: As one of the many moves to promote creativity and innovation in the country, the Cabinet slashed corporate tax for companies with turnover up to Rs. 50 crore from 30% to 25%! In addition, eligible start-ups can now avail their 3-year tax holiday in a block of 7-years instead of 5-years, giving them more time to take advantage of the benefit.
 
 
 

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