Income Tax Education Cess increased from 3% to 4%

cess-4-percent.jpg

Old Slab rate.jpg

Learn more

 

Income Tax Rate for Companies upto 250 Crore is 25%

Slab rate for companies.jpg

Learn more

 

Standard Deduction for Salaried Employees now Available

Transport, Medical Reimbursement Removed

 

Learn more

Earlier Now.jpg

Section 194A TDS limit increased for Senior Citizens

fd and rd.jpg

Learn more

 

Section 80D Limit Increased for Senior Citizens

Section 80D Deduction available of
25000 for Family
+
25000 for Parents

If senior citizen ,then 30000 50000 Deduction

Summary.jpg

Learn more

 

Cash Payment more than 10000 disallowed for Charitable and Religious Trusts also

medical reimb and transport not exempt.jpg

Learn more

 

Section 44AE Limit Changed for Large Motor Vehicles

44AE OLD.jpg

44ae new.jpg

Learn more

 

Section 80D Deduction if Medical Insurance done for More than One Year

medical for more than 2 years.jpg

Learn more

 

Section 80TTB Deduction for Senior Citizens

NORMAL CITIZENS (BELOW 60) SENIOR CITIZENS (60 OR MORE)
They will get Deduction Under Section 80TTA They will get Deduction Under Section 80TTB
Maximum 10000 Deduction Available Maximum 50000 Deduction Available
Deduction is for Savings Interest Only,no deduction for FD) Deduction is for All types of Interest (whether Savings or FD)

Learn more

 

Long Term Capital Gain on Sale of Shares now Taxable

CAPITAL GAIN.jpg

Learn more

 

No Income Tax Deduction if Return filed late

Government has disallowed  Deductions under Part C of Income Tax if Return not filed on time

EARLIER NOW

Return filed on Time

All Deductions Available

Return filed on Time

All Deductions Available

Return filed late

All Deductions Available

except Section 80IA,80IB,80IC,80ID

Return filed late


All Deductions Available except Part C Deductions in respect of Certain Incomes

Government has disallowed  Deductions under Part C of Income Tax if Return not filed on time

Learn more

 

Download PDF

Go Ad-free
CA Maninder Singh's photo - Co-founder, Teachoo

Made by

CA Maninder Singh

CA Maninder Singh is a Chartered Accountant for the past 14 years. He also provides Accounts Tax GST Training in Delhi, Kerala and online.