Finance Minister Piyush Goyal, in the interim budget 2019 proposes to hike the standard deduction limit to Rs 50,000 from Rs 40,000, currently.
Till FY 2017-18, medical reimbursement received by an individual from the employer was exempt from tax for maximum up to Rs 15,000 and transport allowance in salary was exempt up to Rs 1,600 per month or Rs 19,200 p.a.
The benefit of standard deduction from salary was introduced in Budget 2018. The deduction of Rs 40,000 was introduced in lieu of medical reimbursement and transport allowance. The latter two were common tax-exempt components of a person’s salary structure till FY 2017-18.
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