Govt to allow standard deduction of ₹40,000 for the salaried

The Budget 2018 has proposed a standard deduction of ₹40,000 for salaried people in place of existing transport allowance and medical reimbursement. With this, salaried taxpayers and pensioners will not be required to file any documents and bills to claim the standard deduction. The government did not make any changes to the personal income tax rates.