· There is no change in income tax slab this year.
However, section 87A of the Income-tax Act to
provide relief to the individual taxpayers by increasing the maximum amount of tax rebate to ₹ 12,500/- from existing ₹ 2,500/-.
The
tax rebate shall now be admissible to taxpayers having total income up to ₹
5,00,000/-, instead of existing ₹ 3,00,000/-.
This means if your income is upto ₹ 5,00,000/-, you will receive Rebate under
section 87A upto ₹ 12,500/-
( i.e. 5,00,000-2,50,000
X 5% ).
However if your income is above ₹ 5,00,000/-, this rebate will not be
available….i.e. you have to pay at least ₹ 12,500/- plus cess.
· Standard tax
deduction for salaried persons raised from 40,000 rupees to 50,000 rupees.
· TDS
threshold on rental income raised from 1.8 lakh to 2.4 lakh rupees
· No tax on
notional rent on second house
· Capital
gains tax exemption under Section 54 raised to
· Tax on
notional rent on unsold inventory to not be paid for 2 years
· SC, ST
welfare to get
· Defence
Budget crosses
· SME loans
with ticket size of
· A National
Programme for Artificial Intelligence covering 9 areas to be promoted
· Government
to contribute 14% under New Pension Scheme
· Government
to implement mega pension scheme for unorganized labour from this year itself .
Mega pension scheme is for people with income up to
· Unorganised
labour to get
· Rashriya
Gokul Mission cow scheme to get
· PM Kisan
scheme for poor farmers to cost government . PM Kisan
scheme to transfer cash directly to farmers' accounts. Poor farmers to get Rs.6000/-
in three equal installments under PM Kisan scheme. Farmers up to 2
hectare of land to come under PM Kisan scheme.
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