Indian Union Budget 2018- 2019 – Highlights, Impact
Arun Jaitley presented the Budget for 2018-19 in Parliament on 1st Feb 2018. Following are the highlights of his speech:
Income Tax
No change in personal income tax slabs and rates;
Surcharge of 10% on income above Rs 50 lakh but less than Rs 1 cr, 15% on income above Rs 1 cr to continue;
Standard Deduction returns after a decade; Rs 40,000 to be allowed in lieu of transport allowance and medical expenses;
Growth in direct taxes up to Jan 15, 2018 is 18.7%;
Corporate tax reduced to 25% for firms with turnover of Rs 250 cr in 2016-17;
Interest income exemption on deposits with banks and post offices for senior citizens increased from Rs 10,000 to Rs 50,000;
Senior citizens will be able to claim benefit of deduction up to Rs 50,000 annually on health insurance premiu...