'Nothing for middle class': Major highlights from Modi govt's last budget

There's a standard deduction of Rs 40,000 for salaried employees in lieu of transport and medical expenses.

Finance Minister Arun Jaitley on Thursday announced two new initiatives under the Ayushman Bharat Programme. Jaitley announced a new Flagship National Health Protection Scheme, providing health insurance cover of Rs 5 lakh per family per year. The scheme will cover 10 crore families, with approximately 50 crore beneficiaries.

There are no changes in income tax slabs for individuals this year. 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.

Education and health cess to be increased from 3% to 4%: FM Jaitley

For farmers the government has raised the minimum support price to 1.5 times the production cost for Kharif crops.

Revised emoluments for President - Rs. 5 lakh, Vice President - Rs. 4 lakh and Governor - Rs. 3.5 lakh : FM jaitley. Custom duty on mobile phones increased to 20% from 15%. Moible phones and TV sets will become costlier.