The Same Old Taxing Times

• No change in personal income tax; standard deduction of Rs 40,000 reintroduced, but ­medical and travel benefits to go

• Education and health cess increased from three to four per cent, which will affect all ­taxpayers and neutralise gains from standard deduction

• Long-term capital gains tax on gains above Rs 1 lakh reintro­duced; markets react—both Sensex and Nifty fall; investment in markets likely to be affected

• Senior citizens to benefit from increase in tax exemption on interest income and on medical insurance, both up to Rs 50,000

• Corporate tax on MSMEs with turnover of up to Rs 250 crore (excluding proprietorships and partnerships) reduced from 30 per cent to 25 per cent

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Union Budget 2018 has been on expected lines, aimed at app­easing farmers and others in rural areas, as well as small ind­ustry. When it comes to most tax proposals, though, it has disappointed everybody except senior citizens and Micro, Small...

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