Major Takeaways - Budget 2018

Corporate tax rate reduction and targeted deductions reshape income tax liabilities under Budget measures.
Budget tax measures adjust direct and non GST indirect taxation: exemptions and targeted deductions for farmer producer companies, new employee hiring costs, reduced corporate tax for smaller companies, a salaried employee standard deduction, enhanced senior citizen medical and interest limits, a concessional tax on long term equity gains with transitional exemption, revised treatment of mutual fund dividends, a specified income tax cess, and introduction of electronic assessment; customs duties and procedural customs changes address indirect tax adjustments. (AI Summary)