Key Highlights from Budget 2018:

*Govt keeps income tax rates unchanged.

* Standard deduction of Rs 40,000 allowed for transport, medical reimbursement for salaried tax payers 

* LONG TERM CAPITAL GAINS EXCEEDING RS 1 L AKH WILL BE TAXED AT 10% WITHOUT INDEXING .(more detail  later)

* Short term capital tax remains at 15% 

* A tax on distributed income at 10% 

* Govt makes PAN mandatory for any entity entering into a financial transaction of Rs 2.5 lakh or more. 

* Incentives for Senior citizens: Exemptions in income of Rs 50,000 from Banks FD and post offices 

* Senior citizens to get Rs 50,000 per annum exemption for medical insurance under Sec 80D

* Rs 7.5 lakh per senior citizen limit for investment in interest-bearing LIC schemes doubled to Rs 15 lakh.(8.30% )