Budget 2018: Income Tax Slabs, Rates And Useful Deductions

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In Budget 2018, Finance Minister Arun

Jaitley is expected to announce some income tax relief for the middle class. The government may tweak income tax slabs and rates to bring down the burden on individuals, according to a survey by tax and advisory firm EY. Standard deduction for salaried individuals could make a comeback: The government may bring in standard deduction in Budget 2018 to reduce the tax burden of salaried individuals, according to majority of respondents in a pre-Budget survey by EY. Standard deduction allows for a flat deduction from income of a salaried individual towards expenses an employee would incur in relation to his or her employment. 

In Budget 2017, the government did not change income tax slabs/rates but gave a rebate of up to Rs. 2,500 for taxable salary up to Rs. 3.5 lakh. Under the Income Tax Act, there are many exemptions that can reduce your tax liability. Here are the income tax rates and other details. 





https://www.ndtv.com/business/budget-2018-income-tax-slabs-rates-and-useful-deductions-1806327

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