CG Pay News

  • Home
  • 7th CPC Calculators
  • Expected DA
  • Holidays

Relief to Salaried Taxpayers – Standard Deduction of Rs 40,000 Allowed

February 5, 2018 by Amardeep Leave a Comment

Relief to Salaried Taxpayers – Standard Deduction of Rs 40,000 Allowed

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.”

Source: PIB News

Filed Under: INCOME TAX Tagged With: Income Tax, PIB News, Taxpayers

Recent Posts

  • How is a child defined for the purpose of grant of Paternity Leave
  • Interest on Leave Encashment Study Leave — Central Government Employees News
  • Encashment of EL on Joining Central Govt to PSUs
  • Revision of Hourly Rates of Incentive Bonus
  • Family Pension to family to missing employees covered under NPS – CPAO Order dated 13.02.2019
  • Whether Encashment of Leave is Allowed After LTC is Availed?
  • What are the leave entitlements of Govt. servants serving in a vacation Department?
  • OBC, SC and ST in Central Universities Reservation
  • 18th to 20th Feb 2019 BSNL Strike – 3 Days
  • Guaranteed Pension to CG Employees Governed Under NPS – PFRDA

Archives

  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • January 2018
  • December 2017
  • November 2017
  • October 2017
  • September 2017
  • August 2017
  • July 2017
  • June 2017
  • May 2017
  • April 2017
  • March 2017
  • February 2017
  • January 2017
  • December 2016
  • November 2016
  • October 2016
  • September 2016
  • August 2016
  • July 2016

Categories

  • 7th Central Pay Commission
  • 7th CPC Calculators
  • 7th CPC News
  • 7th pay commission
  • Aadhaar Card
  • aicpin
  • Air Travel
  • Armed Forces
  • Bank Employees News
  • Bank Strike
  • Bonus
  • Bonus Ceiling
  • BPMS
  • Budget
  • CBSE
  • CCS Rules
  • CG Employees News
  • CGDA
  • CGHS
  • Children Education Allowance
  • Confederation News
  • CSD Prices
  • DA Orders
  • Defence Employees
  • Defence Pensioners
  • Department of Posts
  • DESW Orders
  • Dopt
  • ECHS
  • Elections
  • Employment News
  • Expected DA
  • Finmin Orders
  • FNPO
  • GDS
  • GST
  • Holidays
  • HRA
  • IBA
  • INCOME TAX
  • INDWF
  • JNV Schools
  • Karnataka Govt Employees News
  • KV School
  • LDC UDC
  • Leave
  • LTC
  • MACP
  • NC JCM Staff Side
  • New Pension Scheme
  • NFIR
  • OROP
  • PBOR Tables
  • PCAFYS
  • PCDA
  • Pension
  • Pension Portal Orders
  • Pensioners Issue
  • PFRDA
  • PIB News
  • Railways
  • Reservation
  • Retirement Age
  • SSC
  • State Govt Employees
  • Strike
  • TNEA
  • Transport Allowance
  • Travelling Allowance
  • Uncategorized
  • UPSC
  • Women Employees

Tags

7th Central Pay Commission 7th CPC 7th CPC Allowances 7th CPC Allowances Committee 7th CPC News 7th CPC Pension 7th Pay Commission 7th Pay Commission News aicpin AIRF Armed Forces Bank Employees News Bonus BPMS CCS Rules Central Government Employees CG Employees CGHS CGHS Hospitals Concordance Table Confederation Confederation news Dearness Allowance Defence Pensioners DOPT Dopt orders Employment News Ex-Servicemen Expected DA FINMIN ORDERS Fixation of Pay Holidays Income Tax LTC MACP NC JCM Staff Side New Pension Scheme NFIR NPS Pension Pensioners Issue Pension Portal Orders Railway Board Railway Board Orders Railways

Copyright © 2019 · eleven40 Pro Theme on Genesis Framework · WordPress · Log in