Income Tax Sops

Several income tax sops are expected to be rolled out in Budget 2018, the first one being raising the exemption slab to 3 lakh from the current 2.5 lakh, followed by waiver on interest on education loans and more perks to first time homebuyers, besides restructuring the entire tax slab rate keeping in view inflation, economic growth and purchasing power. Separating Home Loan deductions from Section 80C is also a largely awaited overhaul. Similarly, raising the tax-free gratuity limit from the current Rs 10 Lakhs to Rs 20 Lakhs is highly expected from the FinMin.