Budget 2018: Is Baba Ramdev not happy? Here is what he has to say about income tax slabs

Budget 2018: Jaitley proposed a standard deduction of Rs 40,000 in lieu of the present exemption in respect of transport allowance and reimbursement of miscellaneous medical expenses.

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Budget 2018: Baba Ramdev has expressed displeasure for the Budget 2018 presented by Finance Minister Arun Jaitley on Thursday.(Reuters)

Budget 2018: Baba Ramdev has expressed displeasure for the Budget 2018 presented by Finance Minister Arun Jaitley on Thursday. Ramdev expressed that the budget has not provided relief for the salaried class and a better budget with increased personal income tax slabs could have been presented. Ramdev said, “It would have been better had people been provided relief in Income Tax up to a limit of Rs 5 Lakh. I’m sure a decision will be taken in this regard soon. This was a nation-building budget.” FM Arun Jaitley on Thursday presented the Budget 2018 where he announced that there will no changes in the personal income tax rate this year. FM Arun Jaitley during his Budget presentation said, “The government had made many positive changes in the personal income-tax rate applicable to individuals in the last three years, Therefore, I do not propose to make any further change in the structure of the income tax rates for individuals.”

Also read: Budget 2018 for women: Arun Jaitley slashes employee EPF contribution to boost income; here are 4 key reforms

Contrary to expectations in the populist budget, the finance minister failed to provide any relief to salaried people, according to experts. However, to provide some relief to salaried taxpayers, Jaitley proposed a standard deduction of Rs 40,000 in lieu of the present exemption in respect of transport allowance and reimbursement of miscellaneous medical expenses. The minister added that this will boost the take-home pay for the middle class.

Also watch: Budget 2018: How It Affects Auto Sector, Car Prices & Motorists

Bringing a relief for thew elder citizens, the budget also proposed interest exemption of deposits from Rs 10,000 to Rs 50,000 in banks and post offices and under section 80D the limit of deduction of medical insurance premium and health expenditure has also been from Rs 30,000 to Rs 50,000. Last year, budget had benefited the corporate tax for small, micro and medium industries with 25 per cent tax rates for turnover upto Rs 50 crore while this year’s budget extended the benefit to enterprises with turnover of Rs 250 crore from current 30 per cent and reintroduced the tax on long term capital gains of over Rs 1 lakh made from shares.

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