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Union Budget 20818: Standard deduction of Rs 40,000 allowed in lieu of present exemptions

Union Budget 20818: Standard deduction of Rs 40,000 allowed in lieu of present exemptions

New Delhi, Feb 1 (IBNS): In the Union Budget 2018, FM Arun Jaitley has proposed to allow a standard deduction of Rs. 40,000 in lieu of the present exemption in respect of transport allowance and reimbursement of miscellaneous medical expenses for salaried taxpayers.