General
- Education cess of 3% has been
replaced by the Health and Education cess of 4%.
- Henceforth, 40% of the sum
withdrawn from NPS by senior citizens is exempt non-salaried assessees
too. Hitherto it was exempt only for salaried assessees.
For
Salaried persons
- For assessees with salary
income, a standard deduction of Rs.40,000/- will be allowed
- Currently, Medical
reimbursement and transport allowance is exempt upto Rs. 15,000 and
Rs.19,200 respectively. This has been replaced with
introduction of Standard deduction.
For
Senior citizens
- Mediclaim deduction has been
increased from Rs.30,000 to Rs.50,000
- For ailments specified in
Section 80DDB, the deduction limit in respect treatment for senior
citizens and very senior citizens is Rs. 100,000/-
- In respect of interest earned
from Savings bank account, Fixed deposit account and Post office deposits
accounts a deduction of Rs.50,000/- would be allowed. However, no
deduction under section 80TTA shall be allowed for such assessees.
- No TDS will be deducted on
interest income for senior citizens upto Rs. 50,000/-
For
Capital asset holders
- Equity shares and units of
equity oriented funds held for more than 12 months are taxable at 10% on
sales. No indexation benefit will be given in respect of such sales
- Exemption in respect of capital
gains through investing in NHAI or REC bonds will be available only if the
bonds are redeemable after 5 years (as against 3 years)
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