Ankit Juyal
1. Individual taxpayers with annual income up to 5 lakh rupees to get full tax Rebate.
2. Rebate under section 87A has increased from 2500 to 12500 rupees up to the income of 5 lakh rupees.
3. Individual with gross income up to 6.5 lakh rupees will not need to pay any tax if they makes investment in the Provident funds and Prescribed equities.
4. TDS threshold limit on rental income raised from 1.8 lakh to 2.4 lakh rupees.
5. Gratuity limit increased from 10 lakh to 30 lakh rupees.
6. Standard tax Deduction for Salaried persons raised from 40,000 rupees to 50,000 rupees.
“ Around 3 crore middle class taxpayers will get tax exemption due to this measures” the finance Minister said.
7. Benefit of rollover of capital tax gains to be increased from investment in one residential house to that in two residential houses, for a taxpayer having capital gain up to 2 crore rupees; can be exercised once in a lifetime.
8. Benefit under Sec 80(i) BA being extended for one more year, for all housing projects approved till end of 2019-2020.
9. Businesses with less than Rs. 5crore annual turnover, comprising over 90% of GST payers, will allowed to return quarterly basis.
10. Direct tax collection from 6.38 lakh crore in 2013-2014 to almost 12 lakh crore; tax base up from 3.79 crore to 6.85 crore. 99.54% returns have been accepted without any Scrutiny.
11. GST collection has crossed 1 lakh crore rupees.
12. Despite of many speculation in Market, their is no change in tax slabs and no investment incentives for salaried investors and tax payers.
13. Government has increased Defence Budget to Rs 3 lakh crore.
