Here are the highlights tax reliefs from this year budget:
No tax for those whose taxable income is less than Rs 5 lakh
Standard deduction increased to Rs 50,000 from Rs 40,000 for salaried class
Inpiduals with gross income up to 6.5 lakh rupees are not required to pay any tax if they make investments in provident funds and prescribed equities
TDS threshold for home rent increased from Rs 1.8 lakh to 2.4 lakh
Interest income up to Rs 40,000 in post offices and banks made tax free
Capital gains tax exemptions under Section 54 to be available up to Rs 2 crore. Capital gains exemption to be available on 2 house properties.
Income tax relief on notional rent from unsold houses extended to 2 years from 1 year
Income Tax returns to be processed within 24 hours and refunds will be paid immediately
Rs 6,000 per year assured income support for small and marginal farmers
Farmers having up to 2 hectare of lands will get Rs 6,000 per year in three equal instalment. The scheme will be effective from December 1, 2018.
Group of Ministers are requested to suggest the ways to reduce GST for house buyers
Direct tax collections increased from Rs 6.38 lakh crore in 2013-14 to almost Rs 12 lakh crore; The tax base is up from Rs 3.79 crore to 6.85 crore
Businesses with less than Rs 5 crore annual turnover, including over 90% of GST payers, will be allowed to file quarterly returns
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