According to Budget 2018-19, education cess is raised from 3% to 4 per cent for individual taxpayers
Government did not change personal income tax rates in Budget 2018
Finance Minister Arun Jaitley announced standard deduction of Rs 40,000
Education cess to be hiked to 4% from 3% for individual taxpayers
Finance Minister Arun Jaitley in Budget 2018 did not change personal income tax rates. Nor did he change income tax slabs. However, he announced a standard deduction of Rs 40,000 in place of exemptions allowed for medical reimbursement (Rs 15,000) and transport allowance (Rs 19,200). The finance minister also raised cess on income tax from 3 per cent to 4 per cent for individual taxpayers. Here's how these tax changes will impact your tax liability going forward in 2018-19 (Assessment Year 2019-20), if you are a salaried employee below 60 years.