- Tax Exemption limit is Rs.2,50,000/- After that, up to 5 Lakh, Tax rate is 5% (earlier it was 10%).
- Payment of Rent – Rs.50,000 per month by any Individual or HUF (not subject to Tax Audit requirement) – Deduct TDS @ 5%.
- Cess levied on your tax liability has been hiked by 1 per cent from the current 3 per cent to 4 per cent.
- Tax rebate is reduced to Rs.2500 from Rs.5000 per year for taxpayers with income up to Rs.3,50,000 (earlier Rs.5,00,000).
- Increase the tax exempt limit on interest income for senior citizens from Rs 10,000 to Rs 50,000.
- Limit for payment of expenses by cash (Both capital and revenue expenditure) reduced from RS. 20,000 to RS. 10,000 per day in aggregate per person.
- There is a standard deduction of Rs. 40,000 in lieu of transport allowance and medical reimbursement.
- No Person shall receive an amount of two lakh rupees or more, by cash (Sec 269ST).
- Those companies whose turnover is up to Rs. 250 crore, will now have to pay corporate tax at the rate of 25%.
- Late fee if IT Return not filled on time,Rs.5,000 for delay up to 31st December, and Rs.10,000 thereafter.
- A simple one page tax return form is to be introduced for Individual with taxable income up to Rs. 5 lakh (excluding Business Income).
- Those filing returns for the first time in this category will generally not be subject to scrutiny.
- It is mandatory to disclose the Aadhar number while filing IT Return.
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