These rules will be changed after March 31, 2018 - Advance Tipby SHAHID HUSSAIN advance tips
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There are many major changes coming from the coming of the Modi government, which has affected the common people as well as the people of large sections. The budget for the year 2018 has brought many major changes. Finance Minister Arun Jaitley has not made any changes to the income tax slab, but many other major changes have been made. Most of the budget 2018 will be applicable from 1st April. These changes are related to income tax, so you also know what these are.
Cess will be increased in the income tax of indigenous taxpayers, the cess has been increased to 4 percent. That is, now that tax will be made on a person, 4 percent of it will be given as health and education cess. Which was the first 3 percent? In fact, the total amount of Cess is with the government, whereas the states also have a share in the amount raised from the tax.Income Tax Department will give you answers from online chat.
LTCG tax will be reintroduced till April 1, 2018, with a holding of at least 1-year holdings or equity mutual funds, a 10% long-term capital gains tax will be applicable for earning more than Rs. 1 lakh. At present, these profits till January 31, 2018, will be tax-free. This means that after 1st February, the shares or equity mutual funds will have to pay tax after the reduction of 1 lakh rupees.
Tax benefits on single premium insurance scheme will now be exempted from tax on single premium insurance scheme.What is Insurance and types of insurance? Health insurance companies give some discounts for the amount of insurance they have been given for many years. Earlier, the insured could claim the tax deduction at the amount of up to Rs. 25,000, but in this budget, a proposal for exemption of a single premium health insurance scheme for more than one year would be allowed in favor of insurance period. Therefore, if the insurance company is giving 10 percent discount on giving a 40,000 rupees for 2 years insurance cover, then you can claim a tax deduction of Rs 20-20,000 for both years.
The advantage of Tax on NPS The Government of India has proposed to pay the benefit of tax exemption on removing the amount deposited in the National Pension System (NPS) for those who are not employed. At present, employees who are contributing in NPS(How to first time login NPS NSDL some easy tips) are given tax exemption at 40 percent of the total amount due to the closure of the account or withdraw from the NPS. This tax was not available for Non-Employee Subscribers right now. Now they will get the benefit from April 1st.
Tax exemption on income to senior citizens On April 1, an interest of up to Rs 50,000 has been tax-free to senior citizens from the deposits in the banks and post offices. Let us tell you that till now under section 80TTA of Income Tax Act, a person has been receiving the tax exemption on the interest of Rs 10,000 from interest. Now the new Section 80TTB will be added, under which the interest earned from the senior citizens' FD and RD for 50,000 rupees will be tax-free. There is no need to cut TDS under Section 194A.Consumer Protection Act – List of Consumer Rights.
Tax exemption limit on treatment The government has increased the limit of tax exemption on the treatment expenses of serious illnesses to Rs 1 lakh. Earlier, this limit was Rs 80,000 for the elderly of 80 years and 60,000 for 60 to 80 years for the elderly. Under section 80D, the limit for tax exemption on health insurance premium and general medical expenditure has been increased from Rs. 30 thousand to 50 thousand rupees to senior citizens under section 80D.
Standard deduction Arun Jaitley has given benefits of Rs 40 thousand standard deductions to salaried and pensioners. However, transport allowance of Rs.19,200 and medical reimbursement of Rs.15,000 has been withdrawn.
Created on Mar 29th 2018 12:46. Viewed 361 times.