Budget 2018: No Change In Income Tax Slab, Govt Introduces Standard Deduction

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New Delhi, Feb 1: Finance Minister Arun Jaitley introduced standard deduction of Rs. 40,000 for the salaried class.
Finance Minister Arun Jaitley on Thursday proposed no new changes in income tax rates applicable to individual. The finance minister, however, introduced standard deduction of Rs. 40,000 for the salaried class. Standard deduction allows for a flat deduction from income of a salaried individual towards expenses that would incur in relation to his or her employment. The government has made many positive changes in individual tax rates in past three years, Jaitley said.

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