BUSINESS
DNA Web Team | Feb 01, 2019, 12:50 PM IST
1.Full tax rebate
Individual taxpayers with annual income up to 5 lakh rupees to get full tax rebate
2.Tax exemption
Individuals with gross income up to 6.5 lakh rupees will not need to pay any tax if they make investments in provident funds and prescribed equities.
Around 3 crore middle-class taxpayers will get tax exemption due to this measure
3.Standard tax deduction
Standard tax deduction for salaried persons raised from 40,000 rupees to 50,000 rupees
4.Rental income
DS threshold on rental income raised from 1.8 lakh to 2.4 lakh rupees
5.Interest on bank and post office deposits
TDS threshold on interest on bank and post office deposits raised from 10,000 to 40,000 rupees
6.FM on rollover of capital tax
The 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 gains up to 2 crore rupees; can be exercised once in a lifetime
7.Housing projects
Benefits under Sec 80IBA of the Income Tax Act being extended for one more year, for all housing projects approved till the end of 2019-2020
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