Home BIG STORY No relief in income tax rates; Rs 40k standard deduction introduced

No relief in income tax rates; Rs 40k standard deduction introduced

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New Delhi: Finance Minister Arun Jaitley on Thursday did not provide any relief in the income tax rates for 2018-19.

“The government had made many positive changes in the personal income-tax rate applicable to individuals in the last three years,” Jaitley said in his Budget speech.

“Therefore, I do not propose to make any further change in the structure of the income tax rates for individuals.”

In order to provide relief to salaried taxpayers, Jaitley proposed to “allow a standard deduction of Rs 40,000 in lieu of the present exemption in respect of transport allowance and reimbursement of miscellaneous medical expenses”.

In the Budget 2017-18, Jaitley had reduced the income tax rate to 5 per cent from 10 per cent under the income slab from Rs 2.5 lakh per annum to Rs 5 lakh per annum.

(IANS)