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
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