Does this budget impacts you and your finance?

NPnews24 Online: Union finance Minister Nirmala Sitharaman presented her maiden budget speech in the parliament and it was sprinkled with a few hits and misses.

There are few exemptions for taxpayers, a few duty hikes and few announcements such as PAN and Aadhaar being alternative mode of identification henceforth.

TDS: The Modi government has announced TDS of 2 per cent on cash withdrawal of more than Rs 1 crore from a bank account in a year. The move is to discourage withdrawals of big amounts of cash and promote digital transactions.

CAMERA, AUTO PARTS: Nirmala Sitharaman has announced that basic custom on optical fibres, digital camera, cashew, certain synthetic rubber, and vinyl flooring have been hiked.

GOLD:  Prices for gold and other precious metals will go up with the latest announcement. Customs duty of gold has been hiked from the current 10 per cent to 12.5 per cent

ELECTRIC VEHICLE: In a bid to promote use of electric vehicles and reduce pollution, the government has announced income tax reduction of Rs 1.5 lakh for loans taken to purchase electric vehicles.

PETROL/DIESEL: The government has raised special additional excise duty and road cess on petrol and diesel by Re 1 per litre each.

FOR WOMEN: Every verified woman Self-Help Group (SHG) member with a Jan Dhan account to get an overdraft of Rs 5,000, announced Nirmala Sitharaman under the ‘Mudra Yojana’ in her Budget speech on Friday. She said that the government wishes to encourage women with the motive of ‘Nari to Narayani’. Also, one woman in every Self-Help Group will be allowed a loan of Rs 1 lakh.

IMPORTED BOOKS: 5 per cent custom duty has been imposed on imported books finance minister announced in her budget speech.

AADHAAR NRI: The government has proposed to consider issuing Aadhaar cards to NRIs holding Indian passports in India without having to wait for the necessary 180 days.