Tax Changes effective from 1 April 2018 (FY 2018-19)
- Penalty on late filing of ITR upto Rs.10,000
- Reduction in time limit to revise ITR, to be done in same assessment year
- No ITR can be filed after the assessment year
- Transport allowance and medical reimbursement to employees are taxable
- Standard deduction of Rs. 40,000 to salaried assesses
- Hike in cess from 3% to 4%
- Levy of Long Term Capital Gain Tax (LTCG) on shares and equity mutual funds
- Senior citizens (above 60 years) interest income exempted to Rs.50,000. TDS on interest for senior citizen will be deducted only if interest income is more than Rs.50,000
- Tax benefit on premium on medical insurance for senior citizen upto Rs.50,000
If you have any query regarding this Click Here
Connect with us +91 966 777 9615
