Budget 2018: Finance Minister Arun Jaitley announces 'no change' in personal income tax slabs
Union Finance Minister Arun Jaitley on Thursday announced to make no changes in the personal income-tax slabs.
"Govt has made many positive changes in the personal income tax rates applicable to individuals in the last three years therefore I do not wish to make any changes to this," he said.
Jaitley said that there will be a standard deduction of Rs 40,000 under transport, medical reimbursement for the salaried class.
The facility has been extended to pensioners also.
However, for the senior citizens, the exemption of interest income on bank deposits has been raised to Rs 50,000.
During his budget speech, Jaitley informed that the number of effective tax-payers has gone up from 6.47 crore in 2014-15 to 8.27 crore in 2016-17.
He also projected the fiscal deficit for 2018-19 at 3.3% of GDP.
"The fiscal deficit for 2017-18 was Rs 5.95 lakh crore, that is, 3.5% of GDP. I project it at 3.3% of GDP in 2018-19."
Thi is the last full budget of the ruling NDA government.