How will your salary change after Budget 2018

A look at how Budget 2018 will impact individual taxpayers; a few  highlights
Tax slabs unchanged
The income tax slabs unchanged this Budget as the finance minister said the Govt has made many positive changes in the personal income-tax rates for individuals in the last three years.

Standard deduction is back
The Standard deduction of Rs 40,000 was reintroduced for all salaried individuals. Standard deduction is the flat amount subtracted from your salary before calculation of taxable income. Former Finance minister P. Chidambaram removed it in the 2005-06 Budget.

Transport allowance & medical reimbursements removed
The Budget 2018 removed the existing annual transport allowance of Rs 19,200 and Rs 15,000 medical reimbursement. The individuals with income above Rs 5 lakh would end up shelling out more

Cess on income tax hiked to 4%
The cess was hiked from from 3% to 4% in Budget 2018. All tax payers in all categories will have to shell out more

Long-term capital gains taxed
Just like standard deductions, long-term capital gains (LTCG) tax made a comeback. The tax will be levied on gains from the transfer of listed equity shares exceeding Rs 1 Lakh. However, all gains up to January 31, 2018 will be exempt. At present, long-term capital gains from the equity-oriented mutual funds on which securities transaction tax has been charged on sell transactions are exempted from tax

EPF contribution for new women workers
In order to encourage more women to join the workforce, Jaitley said the new employees will have to contribute only 8% instead of 12% or 10%, helping them to have more cash in hand.  
Besides, the government will contribute 12% for the  new employees coming under the EPFO

Withdrawal from National Pension Scheme
Salaried employees, who want to withdraw their amount  National Pension Scheme, can enjoy a tax exemption up to 40% of total amount payable. Self-employed individuals can also avail this

Senior citizens get a deal
For senior citizens, the exemption limit of interest income on fixed and recurring deposits (with banks and post offices) has been increased from Rs 10,000 to Rs 50,000. The TDS is also not required to be deducted on such income, under Section 194A

Limit increased for health insurance
Finance Minister Arun Jaitley has increased the limit of deduction for health insurance premium and/or medical expenditure from Rs 30,000 to Rs 50,000 under Section 80D