• Skip to main content
  • Skip to secondary menu
  • Skip to primary sidebar
  • Home
  • DOPT ORDERS 2020
  • FinMin Orders 2020
  • Railway Orders 2020
  • Contact Us

7th Pay Commission Latest news

Central Government Employees News

  • DOPPW Orders
  • 7th Pay Commission
  • Dearness Allowance
  • Dearness Relief
  • CSD Price List
  • Defence
    • Defence Pension
You are here: Home / Income Tax / Relief to salaried taxpayers: standard deduction of Rs 40,000 allowed in lieu of present exemptions

Relief to salaried taxpayers: standard deduction of Rs 40,000 allowed in lieu of present exemptions

February 1, 2018 pcadmin Leave a Comment

Relief to salaried taxpayers: standard deduction of Rs 40,000 allowed in lieu of present exemptions

2.5 Crores salaried employees and pensioners to benefit Differently-Abled will continue to get transport allowance at enhanced rate 

In order to provide relief to salaried taxpayer, the Union Minister for Finance and Corporate Affairs, Shri Arun Jaitley, proposed to allow a standard deduction of Rs. 40,000/- in lieu of the present exemption in respect of transport allowance and reimbursement of miscellaneous medical expenses. However, the transport allowance at enhanced rate shall continue to be available to differently-abled persons. Also, other medical reimbursement benefits in case of hospitalisation etc., for all employees shall continue.

Presenting the General Budget 2018-19 in the Parliament here today, the Finance Minister said, “Standard deduction shall significantly benefit the pensioners also, who normally do not enjoy any allowance on account of transport and medical expenses. The revenue cost of this decision is approximately Rs.8,000 crores. The total number of salaried employees and pensioners who will benefit from this decision is around 2.5 crores.”

Shri Jaitley 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. There is a general perception in the society that individual business persons have better income as compared to salaried class.”

The Finance Minister further said, “Apart from reducing paper work and compliance, this will help middle class employees even more in terms of reduction in their tax liability.”

 

Filed Under: Budget 2018, Income Tax

Also Read

AICPIN for the month of July 2023

AICPIN for the month of July 2023

September 1, 2023 By pcadmin Leave a Comment

AICPIN for the month of July 2023 GOVERNMENT OF INDIAMINISTRY OF LABOUR & EMPLOYMENTLABOUR BUREAU Shram Bureau Bhawan, Block No. 2,Institutional Area, Sector 38 (West),Chandigarh — 160036Dated: 31st August, 2023 F.No. 5/1/2021-CPI Press Release Consumer Price Index for Industrial … [Read More...] about AICPIN for the month of July 2023

CCS (LTC) Rules, 1988 - Modifications in the LTC instructions.

CCS (LTC) Rules, 1988 – Modifications in the LTC instructions.

August 15, 2023 By pcadmin Leave a Comment

CCS (LTC) Rules, 1988 - Modifications in the LTC instructions. F.No. 31011/17/2023-Estt.A-IVGovernment of IndiaMinistry of Personnel, Public Grievances & PensionsDepartment of Personnel & TrainingPers. Policy (A-IV) North Block, New Delhi.Dated: 10th August, 2023 OFFICE … [Read More...] about CCS (LTC) Rules, 1988 – Modifications in the LTC instructions.

Reverting to Old Pension Scheme : Lok Sabha QA

Reverting to Old Pension Scheme : Lok Sabha QA

August 7, 2023 By pcadmin Leave a Comment

Reverting to Old Pension Scheme : Lok Sabha QA GOVERNMENT OF INDIAMINISTRY OF PERSONNEL, PUBLIC GRIEVANCES AND PENSIONS(DEPARTMENT OF PENSION & PENSIONERS’ WELFARE) LOK SABHAUNSTARRED QUESTION NO. 2171(TO BE ANSWERED ON 02.08.2023) REVERTING TO OPS 2171. DR. A. CHELLAKUMAR:SHRI … [Read More...] about Reverting to Old Pension Scheme : Lok Sabha QA

Karmayogi Guidelines 2023: Guidelines for Civil Servants

Karmayogi Guidelines 2023: Guidelines for Civil Servants

August 3, 2023 By pcadmin Leave a Comment

Karmayogi Guidelines 2023: Guidelines for Civil Servants IMMEDIATE No.T-16017/6/2023-TFAGovernment of IndiaMinistry of Personnel, Public Grievances and PensionsDepartment of Personnel & Training(Training Division) Old JNU Campus, New DelhiDated the 28th July, 2023 OFFICE … [Read More...] about Karmayogi Guidelines 2023: Guidelines for Civil Servants

Family Pension for LIC and General Insurance Pensioners

Family Pension for LIC and General Insurance Pensioners

August 3, 2023 By pcadmin Leave a Comment

Family Pension for LIC and General Insurance Pensioners GOVERNMENT OF INDIAMINISTRY OF FINANCELOK SABHAUN-STARRED QUESTION NO- 1704TO BE ANSWERED ON THE JULY 31, 2023 /SRAVANA 9,1945 (SAKA) 1704. SHRI PRAJWAL REVANNA:SHRIMATI SUMALATHA AMBAREESH:SHRIMATI ANGADI MANGAL SURESH:SHRI NALIN KUMAR … [Read More...] about Family Pension for LIC and General Insurance Pensioners

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

All About Pension

All about Pension

Latest DOPT Orders

Submission of claims for reimbursement of Children Education Allowance: DOPT ORDER

CCS (LTC) Rules, 1988 – Modifications in the LTC instructions.

Karmayogi Guidelines 2023: Guidelines for Civil Servants

Instructions on Timely submission of Annual Immovable Property Return by the members of Central Civil Service/Posts

Status of Cadre Review proposals as on 17th July 2023

Latest Finmin Orders

Revised guidelines for the purchase of laptops/notebooks for eligible officers

Date of next increment under Rule 10 of CCS (RP) Rules, 2016 – FINMIN

New development in Pension Module for PAOs in PFMS Portal

CGEGIS 1980 – Tables of Benefits for the savings fund for the period from 01.04.2023 to 30.06.2023.

Dearness Allowance to Central Government employees effective from 01.01.2023 – FINMIN Order

Latest Railway Orders

Grant of notional increment (as due on 1st July) for the pensionary benefit

Grant of notional increment for the pensionary benefits

Disbursement of Railway Pension through Private Sector Banks

Dearness Relief to Railway pensioners from Jan 2023

State Railway Provident Fund Interest Rate from April 2023 to June 2023

Categories

Copyright © 2023