| Individuals
and salaried class |
- Personal
income tax slab rates remains the same
- Introduction
of Standard deduction of Rs 40,000 for
the salaried class (replacing the
transport allowance and the
miscellaneous medical Reimbursement)
- Education
cess now to be called as Health and
Education cess effective rate increased
to 4% from 3%
- Introduction
of tax on long term capital gains above
Rs 1 lakh on sale of equity shares @ 10%
without giving the benefit of
indexation. Capital gains tax for until
31 January 2018 will be grandfathered
|
| For
senior citizens |
- No TDS on
interest from FD upto Rs 50,000
- Exemption
under Section 80D upto Rs 50,000 for
medical insurance for senior citizens
- Exemption
limit for medical expenditure for
certain critical illness from raised
from Rs 60,000/- in case of senior
citizens and from Rs 80,000 in case of
very senior citizens, to Rs 1 lakh in
respect of all senior citizens, under
section 80DDB.
|
| Other
announcements |
- Reduction
in corporate tax rate to 25% for
companies having a turnover of Rs 250
crores and less
- Equity
Oriented Mutual funds to face a Dividend
Distribution Tax @ 10%
- Short term
capital gains to continue to be taxed @
15%
- Cryptocurrencies
continued to be considered as not "legal
tender". Government to consider
exploring the Blockchain technology
- Introduction
of e-assessments to reduce interface
between income tax department and
taxpayers
|
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