salary employees tax payers budjet 2018-19 highlights
For salary employees :
No changes in personal income tax rates.
A major portion of the personal income tax collection comes from the salaried class. 1.89 crore returns were filed last year, and ₹1.44 lakh crore was paid as taxes.
He proposes a standard deduction of ₹40,000 for transport and medical reimbursements. Revenue cost of this is ₹8,000 crore.
Exemption of interest income for deposits in banks and post offices (including TDS) will be increased from ₹10,000 to ₹50,000 for senior citizens.
All senior citizens will now be able to claim benefit of a deduction of ₹50,000 for medical insurance.
For critical illnesses, the deduction has been increased to ₹1,00,000.
source from :http://www.thehindu.com
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