Budget 2018: Arun Jaitley delivers a realistic mixed bag on the tax front

There has been moderate relief on both the personal and corporate tax fronts, apart from incentives for start-ups

Direct taxes
 
The finance minister (FM) presented Budget 2018 in the backdrop of high expectations on tax relief on both the personal and corporate fronts. He delivered a realistic mixed bag on the tax front.
 
Welcome measures for personal tax
 
Senior citizens

Medical and interest exemption limits proposed to be enhanced (Table 1)

Salaried class

Standard deduction of up to Rs 40,000 is introduced. It will however subsume the existing medical reimbursement (Rs 15,000) and transport allowance (Rs 19,200). Effective additional deduction will be Rs 5,800, though the entire deduction will be allowed without