Changing this Income Tax 11 Rules from 1st April

New financial year is being started from 1st April. Union Finance Minister Arun Jaitley has made some changes in the general budget on February 1. It should be noted that the change in the income tax rules can affect you as well. The new fiscal year is bringing some change in your life. There are more cesses on long-term capital gains tax, standard deduction and income tax. Rules have also been changed for Senior Citizens.

Medical re-embracing facility is complete
Salaried and pensioners will get the benefit of standard deduction of 40 thousand rupees. Medical re-embarkation of 15 hajas can not be found and the transport allowance of Rs. 19,200 is also completed.

4% tax instead of 3% on revenues

4% health and education cess will be applicable on income. If taxable income is Rs 5 lakh, then 125 will be incurred. Cess of Rs. 2,625 will be applicable on taxable income of Rs. 15 lakhs.

Insurance

There will be more flexibility in single-premium health policy plans. If the health policy for single premiums for a limit of more than one year then you will get tax exemption on the premium at the same rate every year.

For example, if you pay 40 thousand rupees for a two-year insurance cover, then tax of 20 to 20 thousand rupees will be allowed for two years. Earlier this limit was 25 thousand.

Investment

10% tax and 4% cess will be applicable on longterm capital gains tax 10% and profit of more than 1 year. If a 1 year capital gain is upto Rs 1 lakh, then the tax will not be applicable.

10% tax on dividend income

Equity mutual fund dividends will be taxed at 10% rate. The mutual fund company will deduct this tax while giving dividends to investors. Investors will not be responsible for depositing the tax.

Interest up to 50 thousand

For Senior Citizens, interest of up to 50 thousand on bank and post office savings will be tax-free. Earlier interest of up to 10 thousand was tax-free.

Twice the investment limit in the scheme of age plan

Under the Prime Minister's Vandal scheme, the limit of investment limit has been increased from Rs 7.5 lakh to Rs 15 lakh. This scheme has been extended till March 31, 2020. Investors get eight percent fixed interest in this scheme.

E-way bill

To get goods from one state to another, the e-bill will be required. If the value of the goods kept in the car will be less than 50 thousand or the bill will not be available. Price excluded from tax is not included in this. In addition to the supplier Transporter Courier agency and e-commerce operators can also make bills.

New accounting standard

New Accounting Standard 115 will also be applicable from the new year. This will make the revenues accounting more transparent. With this, the old two Storn 18 and 11 will end.

Tax exemption limit on treatment expenses increased

Tax exemption limit on treatment expenses has increased to one lakh rupees. Earlier, for persons aged 60 years and above, 60 thousand and 80 years of age were 80 thousand rupees.

SBI-Minimum Balance Charges would be considered low

If the SBI does not have the average monthly balance in the bank account, then it has reduced the interest charged on it. In the city, the charge fell from Rs 50 to Rs 15 and Rs 40 for the town, instead of Rs 12. In villages, instead of 40 rupees, it has been reduced to 10 rupees. However, this amount will be 18 percent GST.

MCLR benefits to lenders on base rate

An old system of base rate based loans will be combined with the MCLR. The bank does research in MCLR every month. In this way, the rate of interest on the base rate will change in the EMI.

Exempt from self-employed amount from NPS

Which is a self employed. If they withdraw money from the National Pension Scheme, then 40% of the shares will not be taxed. Earlier this facility was available to the working class only.
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Tag : INCOME TAX

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