Just a day before when the government will place the Union Budget 2018-2019, industries, businessmen, common people and entrepreneurs are keeping their fingers crossed and discussing with what surprises the PM Modi-led government will present the budget. For a democratic country like India, the budget is an important development every year as its only after this, companies decide their annual policies and set their year goals. For common people, one of the most important aspects of the union budget is the distribution of income tax and how well the government is planning to give rebates to the common people. 

Saving tax is everybody’s concern, especially for the people who are salaried and have less space or options to save their tax, therefore, its the common people who expect tax rebates from the government in the Union Budget. In the past couple of budget, the government has raised the benchmark to set the lower limit in relation to peoples’ annual income. By doing so, many people who earlier used to fall into the bracket of income tax had got a big relief. However, people expectations from the government this year are no less as once again millions of them would be eyeing what the finance ministry has it for them this time. While people await Union Budget 2018-2019, here’s a look at the budget over the years in terms of tax, income taxpayers.  

Budget over the years


Male taxpayers: Rs. 1.6 lakh

Female taxpayers: Rs. 1.9 lakh

Senior citizens: Rs. 2.4 lakh

10% surcharge removed


Tax slabs changed

10% deductable upto Rs 5 lakh

20% deductable upto Rs 8 lakh

30% deductable over Rs 8 lakh


Exemption limit raised

Male taxpayers: Rs. 1.8 lakh

Female taxpayers: Rs. 1.9 lakh

Senior citizens: Rs. 2.5 lakh


Tax rebate of Rs 2,000 for income upto Rs 5 lakh

10% surcharge levied on income above Rs 1 crore


Exemption limit raised

General: Rs 2.5 lakh

Senior citizen: Rs 3 lakh

Very senior citizen: Rs 5 lakh


Surcharge on income above Rs 1 crore hiked to 12%

Wealth tax removed

Medical deduction hiked to Rs 25,000


Surcharge on income above Rs 1 crore hiked to 15%

Tax rebate of Rs 5,000 for income upto Rs 5 lakh


10% surcharge on income above Rs 50 lakh

Home loan deduction capped at Rs 2 lakh

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