Major changes in Income Tax after 1st April, 2018

  1. Tax Exemption limit is Rs.2,50,000/- After that, up to 5 Lakh, Tax rate is 5% (earlier it was 10%).
  2. Payment of Rent – Rs.50,000 per month by any Individual or HUF (not subject to Tax Audit requirement) – Deduct TDS @ 5%.
  3. Cess levied on your tax liability has been hiked by 1 per cent from the current 3 per cent to 4 per cent.
  4. 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).
  5. Increase the tax exempt limit on interest income for senior citizens from Rs 10,000 to Rs 50,000.
  6. 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.
  7. There is a standard deduction of Rs. 40,000 in lieu of transport allowance and medical reimbursement.
  8. No Person shall receive an amount of two lakh rupees or more, by cash (Sec 269ST).
  9. Those companies whose turnover is up to Rs. 250 crore, will now have to pay corporate tax at the rate of 25%.
  10. Late fee if IT Return not filled on time,Rs.5,000 for delay up to 31st December, and Rs.10,000 thereafter.
  11. A simple one page tax return form is to be introduced for Individual with taxable income up to Rs. 5 lakh (excluding Business Income).
  12. Those filing returns for the first time in this category will generally not be subject to scrutiny.
  13. It is mandatory to disclose the Aadhar number while filing IT Return.

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