Key points from budget 2018

1. Salaried persons will get Rs. 40000 standard deduction. Happy? Dont be. Coz it comes with a rider. So, if you are getting transport allowance and medical allowance, tgat will be deducted from it and only so much left will be standard deduction. So for eg. If u r getting rs. 19200 as transport allowance and rs. 15000 as medical allowance, your standard deduction will be rs. 40000-19200-15000 =5800
2. Health insurance limit has been raised to Rs. 50000 from current Rs. 30000
3. Long term capital gain (LTCG) will be taxed at 10 percent if more than Rs. 1 lac.

The cost price would be the original price at which share was bought or the price on 31st jan 2018 whichever is higher . Ltcg= selling price - cost price
4. There has been no change in the individual tax slabs.
5. Short term capital gain from shares sold before 1 year will be taxed at 15%.
6. Customs duty on mobile phone hiked to 20 % from 15%. So ideally, mobile phones will get costlier.
7. In case of senior citizens, income from deposits in banks, poat offices etc (interest income) , a deduction of rs. 50000 will be allowed.
8. Also no tds to be deducted upto rs. 50000 interest income for senior citizens.
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