NEW DELHI: Finance Minister
Arun Jaitley on Thursday announced that there will be no changes in the personal
income tax slabs this year.
Watch: Team TOI discusses main points of Budget 2018 However, in a relief to salaried class, Jaitley in his budget speech proposed to allow a standard deduction of Rs 40,000 in lieu of transport and miscellaneous medical expenses. This will boost the take-home pay of the middle class, the finance minister added.
Live updates Union Budget 2018He lowered the corporate tax for small, micro and medium enterprises with turnover of up to Rs 250 crore to 25 per cent from current 30 per cent, while reintroducing the tax on long term capital gains of over Rs 1 lakh made from the sale of shares.
Union Budget 2018: Full text of Arun Jaitley's speech Jaitley also announced a slew of tax deductions for senior citizens with extending the Pradhan Mantri Vaya Vandana Yojana (PMVVY) till March 2020.
"In addition to tax concessions, I propose to extend the Pradhan Mantri Vaya Vandana Yojana up to March, 2020 under which an assured return of 8 per cent is given by Life Insurance Corporation of India," Jaitley stated. The existing limit on investment of Rs 7.5 lakh per senior citizen under this scheme is also being doubled to Rs 15 lakh, he added.
Read this story in BengaliHe further proposed to raise the deduction under health insurance premium to Rs 50,000. In case of senior citizens with critical illnesses the deduction will be Rs 1 lakh. Fixed deposits and post office interest will be exempted till Rs 50,000 and 80D benefit has also been enhanced to Rs 50,000.
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