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Union Budget 2018: Tax slabs unchanged, certain deductions allowed

Union Budget 2018: Tax slabs unchanged, certain deductions allowed
Highlights

Finance Minister Arun Jaitley on Thursday announced that the personal income tax slabs will be unchanged this year.

Finance Minister Arun Jaitley on Thursday announced that the personal income tax slabs will be unchanged this year.

However, the Minister proposed allowance of a standard deduction of Rs 40,000 in lieu of transport and miscellaneous expenses making it a relief to the middle class.

In his budget speech, Jaitley announced a slew of tax deductions for senior citizens.

He proposed to raise the deduction under health insurance premium to Rs 50,000 and for senior citizens with critical illnesses - Rs 1 lakh.

Also, the Minister added the exemption of fixed deposits and post office interest till Rs 50,000 while the 80D benefit has been enhanced to Rs 50,000.

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