Budget 2018: IT Slabs Unchanged, Smartphones and TVs to Cost More

If you’re a middle-class and salaried, person, you may feel the pinch of the income tax slabs remaining unchanged.

Image used for representational purpose.

(Photo: The Quint)

When will you get relief from income tax?

Not in this Budget, sadly.

Finance Minister Arun Jaitley tabled the Union Budget 2018 at Parliament on Thursday, 1 February. Personal income tax rates for the salaried class remained unchanged in the Budget. However, the Finance Minister announced a standard deduction of Rs 40,000 under transport and medical reimbursement.

Even as the cost of living increases in the country, the income tax slabs remain unchanged in this year’s Budget as well.

In his opening remarks, Jaitley said India is poised to become a $5 trillion economy. "We are now a $2.5 trillion economy, and we are firmly on path to achieve 8 percent-plus growth soon," the Finance Minister said.

From ease of doing business, our government has moved to ease of living of the poor and middle-class.

Arun Jaitley, Finance Minister

Imported televisions and mobile phones are set to cost more, as the custom duty on mobile phones has been increased from 15 percent to 20 percent. Education cess has been raised from 3 percent to 4 percent, adding another Rs 11,000 crore in collection.

So, if you are a salaried middle-class person, you may not end up saving much.