Highlights of Union Budget 2018-2019 – Tax Slabs #unionbudget #taxslabs…

Highlights of Union Budget 2018-2019 – Tax Slabs

#unionbudget #taxslabs #seniorcitizens #salariedemployee

Here is our Quick Guide on tax proposals for Salaried Individual and Senior Citizens – Wiremesh 1st Feb, 2018

NO PERSONAL INCOME TAX CHANGES PROPOSED IN BUDGET

Incentives for Senior citizens: Exemptions in income of Rs 10,000 from Banks FD and post offices

Senior citizens to get Rs 50,000 per annum exemption for medical insurance under Sec 80D

Rs 7.5 lakh per senior citizen limit for investment in interest-bearing LIC schemes doubled to Rs 15 lakh

Standard deduction of Rs 40,000 allowed for transport, medical reimbursement for salaried tax payers

Government to reduce hardships faced in realty deals; no adjustment to be made in case circle rate does not exceed 5 pc of sale consideration

LONG TERM CAPITAL GAINS EXCEEDING RS 1 LAKH WILL BE TAXED AT 10% WITHOUT INDEXING

Short term capital tax remains at 15%

Education cess increased to 4 pc from 3 pc to collect additional Rs 11,000 cr

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