Union Budget 2018: Personal Income Tax rates unchanged; Rs. 40k standard deduction
Nimrat Kaur
February 1st 2018 12:43 PM --
Updated:
February 1st 2018 12:47 PM
Standard deduction of tax for salaried class: A standard deduction of Rs 40,000 for salaried taxpayers.
Arun Jaitley proposed to cut corporate tax to 25 percent for firms upto Rs 250 crore annual turnover. Tax Rate unchanged for Individuals.
Propose to tax long term capital gains exceeding Rs 1 lakh at 10% without indexation
In Budget 2017-18, the finance minister had reduced the tax rate for income between Rs. 2.5 lakh and Rs. 5 lakh to 5 per cent. However, he reduced rebate under Section 87A from Rs. 5,000 to Rs.2,500. Among other changes, he had also introduced a surcharge of 10 per cent on tax for income between Rs. 50 lakh and Rs. 1 crore.
It remains to be seen whether Mr Jaitley announces any income tax sops this year.
-PTC News