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Highlights of Union Budget 2018-2019

  • No changes in personal income tax slabs.
  • Salaried tax-payers to get a standard deduction of ₹40,000 in lieu of transport allowance and "other medical expenses".
  • ₹2,000-crore fund for development of agri markets.
  • All senior citizens will now be able to claim benefit of a deduction of ₹50,000 for any medical insurance.
  • For critical illnesses, the deduction has been increased to ₹1,00,000.
  • Free power connections to 4 crore homes under Saubhagya Yojana.
  • Eight crore free gas connections for poor women through Ujjwala Yojana.
  • Govt. to implement minimum support price for all crops; It is hiked to 1.5 times of production costs.
  • Govt. to contribute 12% of wages of new employees for all sectors.
  • New flagship National Health Protection Scheme, providing a health insurance cover of ₹5 lakh per family per year announced.
  • Railway capex for 2018-19 set at ₹1.48 lakh crore.
  • Disinvestment target for this year set at ₹80,000 crore.
  • Automatic revision of emoluments parliamentarians every five years, pegged to inflation.