Budget 2018: No changes in Income Tax slabs; Salaries of President, Governors increased

New Delhi: Contrary to the expectations, the Union Budget 2018 has made no changes in tax slabs.  "Government has made many positive changes in the personal income tax rates applicable to individuals in the last three years therefore I do not wish to make any changes to this," said Finance Minister Arun Jaitley on Thursday. However, the government has hiked the salaries of President and Governors. "Emoluments of the President to be revised to Rs 5 lakh per month & emoluments of the Vice-president to be revised to Rs 4 lakh per month," Jaitley said. It was being expected that Union Budget 2018 may make certain changes in tax slabs in order to lower the tax burden on the people of the country. The chances were strong as this was the last full Budget by the Prime Minister Narendra Modi led BJP government and many were also calling it, in advance, a populist Union Budget. Currently there are 3 tax slabs- 5% income tax for individuals with annual income between Rs 2.5 lakh-Rs 5 lakh, 20% on annual income between Rs 5 lakh-Rs 10 lakh and 30% on income above Rs 10L. Individuals earning below Rs 2.5L are exempted from paying any income tax.