• Standard deduction for salaried persons increased from Rs.40000/= Rs.50000/=
  • 100% rebate on tax is allowed to resident individual tax payers having taxable income up to Rs.5 lakh. It means that the the resident individuals are not supposed pay any tax if their income is up to Rs.5 lakh after allowing all the permissible deductions under income tax act.
  • Limit of Gratuity is increased from 10 lakh to 30 lakh.
  • No TDS is to deducted by any person (other tan individual or HUF not subject to tax audit) on rent payable to resident up to Rs.2.40 lakh during a financial year. Previously this limit was Rs.1.80 lakh in a financial year.
  • No TDS is to be deducted by banks or post office on interest on fix deposits up to Rs.40000/= during a financial year. Previously, this limit was Rs.10000/=.
  • No notional income of second residential house will be added to taxable income even if it is locked up.
  • Individuals and HUFs having long term capital gain up to Rs. 2 crore from the sale of residential house, can get exemption by investing maximum in 2 residential houses. This benefit will be available once in life time.
  • 100% tax holiday is extended til March’2020 on profit from developments of affordable housing projects.
  • Taxation on notional rent from unsold inventories for builders and developers is extended from one year to two years.
  • Small and medium enterprises, registered under GST, will get a rebate of 2% on interest on excremental loan of Rs. one crore.
  • All businessmen, registered ¬†under GST and having their turnover less than 5 crore, eill be allowed to submit GST returns on quarterly basis.

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