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He also proposes an inflation-linked revision of salary of Members of Parliament.
We embarked upon the path of consistent reduction of the fiscal deficit. The revised fiscal deficit for 2017-18 is at Rs 5.95 lakh crore or 3.5% of GDP. Projecting fiscal deficit at 3.3% of GDP for 2018-19.
Feb 01, 12:36 PM (IST)
So finally, something for the middle class, that section of society that is usually the most ignored. Jaitley has said that the government has decided to allow a standard deduction of Rs 40,000 for salaried taxpayers, keeping in mind that they have been paying way more tax than individual business owners.
The total number of salaried employees and pensioners who will benefit from these changes is pegged at 2.5 crores.