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Income Tax Education Cess increased from 3% to 4%
Income Tax Rate for Companies upto 250 Crore is 25%
Standard Deduction for Salaried Employees now Available
Transport, Medical Reimbursement Removed
Section 194A TDS limit increased for Senior Citizens
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
Cash Payment more than 10000 disallowed for Charitable and Religious Trusts also
Section 44AE Limit Changed for Large Motor Vehicles
Section 80D Deduction if Medical Insurance done for More than One Year
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) |
Long Term Capital Gain on Sale of Shares now Taxable
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
|
Government has disallowed Deductions under Part C of Income Tax if Return not filed on time
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