Though Finance Minister Arun Jaitley in his Budget Speech this year did not really make any changes in the Tax percentages or income tax slabs, however some proposals announced by him will still have an impact on the amount of tax you pay.
So let’s see the top 10 Income Tax changes from April 1st this year:
1 STANDARD DEDUCTION REINTRODUCTION
Reasons to cheer for both the salaried class and pensioners, standard deduction of Rs. 40,000 has been reintroduced once again. Standard Deduction refers to a deduction of a fixed sum straightaway from your income to arrive at your taxable income on which the income tax will be calculated. While in case of the salaried class, these might get offset by some other things, for pensioners it’s completely a winner! Moreover, people are not required to submit and proof of bills etc to avail this tax benefit.
2 TRANSPORT ALLOWANCE AND MEDICAL REIMBURSEMENTS NOW TAXABLE
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