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Tuesday, 20 March 2018

This will change from 1st April, these 5 rules of income tax will affect your income

Income tax rules vary from 1st April to April. The effect of which will be directly to you. It will also affect your salary even after these rules have been introduced. So you need to know about these rules.
-TT on LTCG
In case of a mutual fund having equity and equity, if there is a profit of more than Rs lakh rupees, it will have to pay 10% long term capital gains tax on it. However, the government has said that no LTCG tax will be applicable on the shares not listed.
- Taxes on a policy with a sum assured premium
Taxpayers will have to pay a single premium premium for the next financial year, which has a term of more than one year. It will get relief in tax on the amount of time it will be covered for years.
- Relief on LTCG on investment in government bonds
If a person invests in the government bond, it will be allowed in long-term capital gains tax under section 54C. However, this bond has to be kept for at least three years.
Cover of Rs 1 lakh for serious illness
80 DDB offers a one lakh rupees for all senior citizens by raising deduction limit for medical expenditure under 60 DDB to 60,000 rupees in case of senior citizens and raising from 80,000 in case of senior citizens. This will give an additional tax benefit of Rs 4,000 crore to senior citizens.
- 40,000 relief in standard deduction
Each taxpayer will get a discount of 40 thousand rupees while returning the file. However, the biggest benefit of this taxpayers will be the taxpayers. It will save at least Rs. 5800 in every person's taxable income.

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