Below we have listed out the changes and the complete list of items that had become expensive from April 1. A standard deduction of Rs 40,000 in lieu of transport allowance and medical reimbursement had come into effect from Sunday. Below we have explained how the deduction of Rs 40,000 would work for people in different tax slab. Similarly, at income levels below Rs 10 lakh, the benefit is not quite as much and decreases as income does. The exception to this declining trend happens at a non-salary income of Rs 2.9 lakh.

Source: dna April 02, 2018 03:41 UTC