Presenting the Union Budget 2018 in Parliament on Thursday, Finance Minister Arun Jaitley announced that there will be no change in the income tax slabs to levy tax on the income of an individual or non-individual. Jaitley said the government has made many positive changes in the personal income tax rates applicable to individuals in the last three years and therefore it does not wish to make any changes to this. However, a standard deduction of Rs 40,000 will be applicable for salaried employees in lieu of transport and medical expenses. This is the first budget after the application of GST, which was put into effect from July 1. Watch this video to know more about the news.