The finance minister Arun Jaitley is set to present Budget 2018 in Parliament at 11 AM today. So, here is a look possible announcements the middleclass taxpayer can expect from Budget 2018.It was reported last week that officials at the finance ministry are working on reintroducing standard deduction for salaried employees. If the standard deduction makes a comeback, it will lead to more money in the hands of the salaried class and even bring in parity with the non-salaried individuals, i.e. self -employed, who pay taxes after taking deductions on the expenses incurred for earning that income.The simplicity of calculation of standard deduction was its main advantage. It was given as a straight deduction from the salary before arriving at the taxable salary.

Source: Economic Times February 01, 2018 04:13 UTC