Here is a look at who gets to gain from Budget 2018 and those who will take the hit.
Advantages for taxpayers
* For salaried individuals, a standard tax deduction of Rs 40,000 for transport and medical reimbursements.
* Tax exemption on income through interest from bank accounts for senior citizens raised from Rs 10,000 to Rs 50,000.
* Widening the scope of online assessment of taxes across the country from select cities now.
Disadvantages to taxpayers
* Customs duty increased on items like mobile phones, cosmetics, juice and TV products.
* Tax rate for individuals in the highest bracket is now 35.9 per cent. Cess also has been increased by 1 per cent.
Advantages for investors
* EPF contributions of women employees reduced to 8 per cent from 12 per cent for the first three years.
* Self-employed individuals can avail a tax exemption of up to 40 per cent on National Pension System (NPS) withdrawals
* Tax relief for buyers and sellers of property by allowing it to be valued up to 5 per cent below circle rates for calculation of stamp duty.
Disadvantages to investors
* Long term capital gains above Rs 1 lakh to be taxed at 10 per cent.
* Dividends distributed by equity oriented mutual funds on or after April 2018 to be taxed at 10 per cent.
