| TOP 10 CHANGES FROM 1ST APRIL’2018 |  |
*MAJOR AMENDMENTS IN INCOME TAX APPLICABLE FROM 1ST APRIL:
1. STANDARD DEDUCTION: Rs 40,000 standard deduction introduced.
2. CESS ON INCOME TAX: Higher cess from 3% to 4%
3. LONG TERM CAPITAL GAINS TAX ON LISTED EQUITY SHARES: Introduction of long-term capital gains tax on equity investments
4. DIVIDEND INCOME: Tax on dividend income from equity mutual funds:
5. HEALTH INSURANCE: More income tax benefits on single premium health insurance policies
6. WITHDRAWAL FROM NPS UPTO 25%: Income tax-benefits on NPS withdrawal up to 25% without any tax.
7. DEDUCTION ON INTEREST INCOME OF SENIOR CITIZENS: Deduction in respect of interest income to senior citizens
8. TDS ON SENIOR CITIZENS: Higher TDS or tax deducted limit for senior citizen
9. DEDUCTION UNDER SECTION 80 D FOR SENIOR CITIZENS: Higher deduction limit under Section 80D of the Income Tax Act for senior citizens
10 .DEDUCTION OF MEDICAL TREATMENT FOR SENIOR CITIZENS: Higher income tax deduction for senior citizens for medical treatment of specified diseases
For more updates/clarification you may contact
CA Bharat Poplani
B.Com, FCA, LLB
E mail: ca.bharat@bjpassociates.com
Mobile: +91-9646380245