In the wake of 2019 polls, a change in income tax slab was widely expected. However, shutting down the salaried-class expectation, Jaitley announced no new tax slab and defending the decision he said, the five per cent tax slab in India is already the lowest in the world. For salaried class, a standard deduction in lieu of medical and travel allowance has been increased. The effect of a standard Rs 40,000 deduction depends on the amount of salary you are working for. The Budget also proposed to introduce 10 per cent tax on long-term capital gains (LTCG) from stock markets, exceeding Rs 1 lakh.

Source: dna February 02, 2018 06:10 UTC