No change in the income tax or corporate rates; Relief to salaried taxpayers, pensioners & senior citizens
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Mr Jaitley did not propose any change in the Income-tax rates or corporate tax.
However, he announced relief to salaried employees, pensioners, senior citizens, micro, small and medium industries.
He proposed a standard deduction of 40,000 rupees for salaried employees in place of transport allowance and medical expenses reimbursement.
Mr Jaitely said, the decision will benefit pensioners as well, as they do not get transport and medical expenses. This will cost 8,000 crore rupees to the exchequer and benefit 2.5 crore people.
The budget also proposes relief to senior citizens. Their exemption of interest of income on deposits has been increased from 10,000 rupees to 50,000. #casansaar (Source - Newson
air)
However, he announced relief to salaried employees, pensioners, senior citizens, micro, small and medium industries.
He proposed a standard deduction of 40,000 rupees for salaried employees in place of transport allowance and medical expenses reimbursement.
Mr Jaitely said, the decision will benefit pensioners as well, as they do not get transport and medical expenses. This will cost 8,000 crore rupees to the exchequer and benefit 2.5 crore people.
The budget also proposes relief to senior citizens. Their exemption of interest of income on deposits has been increased from 10,000 rupees to 50,000. #casansaar (Source - Newson
air)
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