No Change to Income Tax Slabs For Salaried Class in Budget 2018

But, Rs 40,000 can be saved under the transport and medical reimbursement.

Representative photo.

(Photo: iStock)

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

In his opening remarks, Jaitley said that India is poised to become a $5 trillion economy – up from the current $2.5 trillion. "We are now a $2.5 trillion economy, and we are firmly on the 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 for the poor and middle-class," he said

We hope to grow at 7.2 percent to 7.5 percent in the second half of 2017-18.

Arun Jaitley, Union Finance Minister