Here is a gist of provisions that may impact your tax outgo in the upcoming financial year
- Rebate of up to Rs. 12,500 for taxpayers having taxable income up to Rs. 5 Lakhs. This rebate will only be available if the investor’s taxable income is below Rs. 5 Lakh. This rebate will not be available for those with taxable income of over Rs. 5 lakh. Taxable income is income after reducing deductions u/s 80C, 80D, and 80E and home loan interest u/s 24b.
- Standard deduction for salaried individuals increased from Rs. 40,000 to Rs. 50,000. This deduction is available only for income from salary.
- TDS (tax deducted at source) threshold on bank and post office deposits increased from Rs. 10,000 to Rs. 40,000. Banks will not deduct TDS if total interest income from all deposits is less than Rs. 40,000. Note that the interest income still remains taxable in the hands of the tax payer. There is no new exemption on interest income.
- Second self-occupied house property to be tax-free. Earlier if an assessee had two house properties, tax was required to be paid on the notional rent of any one of the house properties. This has now been changed such that an assessee has the option of not considering notional rent for up to two self-occupied properties.
- Exemption u/s 54 extended to two houses up to Rs. 2 crore. If a person sells a residential property, earlier they could avail the exemption by reinvesting the sales proceeds in another residential property. Now the assessee can invest capital gains up to Rs 2 crore in a maximum of 2 houses.
- Processing of I-T returns will be done in 24 hours for returns filed online. Refund will also be issued at the same time, if there is no dispute.
- Gratuity exemption increased from Rs. 10 Lakh to Rs. 20 Lakh. This exemption is available for people who receive gratuity at the time of retirement or switching their job. The exemption is total across the life of an assessee, in case they receive gratuity on more than one occasions.
- Threshold for TDS on rental income increased from Rs. 1,80,000 to Rs 2,40,000 per annum: Rental income paid by non-individuals was subject to TDS if it exceeded Rs 1,80,000 per annum. The budget proposes to increase this to Rs 2,40,000.
As you can see, there are no wholesale changes anywhere. That said, if you have an income Rs. 5-7 lakh, you may be able to avail a benefit of up to Rs. 13,000 due to the tax rebate. You can do this by making investments in tax saving instruments like ELSS mutual funds to bring your income to the Rs 5 lakh threshold for tax rebate. For salaried individuals earning more than this, your benefit will be limited to Rs. 2080 (for people in 20% tax bracket) or Rs. 3120 (for people in 30% tax bracket) due to the increase in the standard deduction.
Have you ever thought about including a little bit more than just your articles? I mean, what you say is important and everything. Nevertheless just imagine if you added some great images or videos to give your posts more, “pop”! Your content is excellent but with images and video clips, this website could definitely be one of the very best in its niche. Great blog!
My brother recommended I might like this blog. He was totally right. This publish truly made my day. You cann’t consider just how so much time I had spent for this info! Thank you!
Wow, this post has given me useful info and answered some of my questions. I hope to give something back and aid others like you helped me. Feel free to surf my website Webemail24 about Sports.
This is top-notch! I wonder how much effort and time you have spent to come up with these informative posts. Should you be interested in generating more ideas about Website Design, take a look at my website Seoranko
Sharing is caring the say, and you’ve done a fantastic job in sharing your knowledge on your blog. It would be great if you check out my page, too, at Autoprofi about Accident Car Purchase.
You’ve done an impressive work on your website in covering the topic. I am working on content about Private Investigators Agencies and thought you might like to check out Articlecity and let me what you think.
Hi there, I simply couldn’t leave your website without saying that I appreciate the information you supply to your visitors. Here’s mine Articleworld and I cover the same topic you might want to get some insights about Social Media Marketing.
Informative articles, excellent work site admin! If you’d like more information about Search Engine Optimization, drop by my site at Article Sphere Cheers to creating useful content on the web!
Your blog has really piqued my interest on this topic. Feel free to drop by my website Article Star about Nonprofit Organizations.
Having read your blog, you obviously know what you are talking about. I’m sure visiting my page 94N about Cosmetic Treatment will be worth your time!
It is always great to come across a page where the admin take an actual effort to generate a really good article. Check out my website QH5 concerning about Thai-Massage.
With your post, your readers, particularly those beginners who are trying to explore this field won’t leave your page empty-handed. Here is mine at FQ6 I am sure you’ll gain some useful information about Marketing too.
You made some really good points on your post. Definitely worth bookmarking for revisiting. Also, visit my website 67U for content about Cosmetics.
It appears that you know a lot about this topic. I expect to learn more from your upcoming updates. Of course, you are very much welcomed to my website FQ7 about Airport Transfer.
You made some really good points on your post. Definitely worth bookmarking for revisiting. Also, visit my website UY5 for content about Airport Transfer.
You made some really good points on your post. Definitely worth bookmarking for revisiting. Also, visit my website Article Home for content about SEO.
My site QU9 covers a lot of topics about Cosmetics and I thought we could greatly benefit from each other. Awesome posts by the way!
Awesome page with genuinely good material for readers wanting to gain some useful insights on that topic! But if you want to learn more, check out 92N about Airport Transfer. Keep up the great work!
petirjitu
When I initially commented I clicked the “Notify me when new comments are added” checkbox
and now each time a comment is added I get four e-mails with the same comment.
Is there any way you can remove people from that service?
Cheers!
erek erek 99
Wow, that’s what I was searching for, what a material!
present here at this blog, thanks admin of this web site.
Informative articles, excellent work site admin! If you’d like more information about Thai-Massage, drop by my site at 71N Cheers to creating useful content on the web!
livesports088 livesports088
livesports088 livesports088 （https://northernfortplayhouse.com/）
Hey! Someone in my Myspace group shared this website with us so I came to look it over.
I’m definitely enjoying the information. I’m book-marking
and will be tweeting this to my followers! Wonderful blog and terrific design and style.
slot slot slot slot
Now I am going to do my breakfast, later than having my breakfast coming again to read other
news.
teslatoto teslatoto teslatoto teslatoto
Thanks for sharing your thoughts on preman69. Regards
pragmatic demo pragmatic demo pragmatic demo pragmatic demo
Hello, its fastidious paragraph on the topic of media print,
we all be aware of media is a enormous source of information.
The way you put together the information on your posts is commendable. I would highly recommend this site. You might also want to check my page UY4 for some noteworthy inputs about Content Writing.
Your blog has really piqued my interest on this topic. Feel free to drop by my website UQ6 about Cosmetic Treatment.
lunatogel lunatogel lunatogel
Does your blog have a contact page? I’m having a tough
time locating it but, I’d like to send you an email. I’ve got some
suggestions for your blog you might be interested in hearing.
Either way, great website and I look forward to seeing it improve over time.
I came across your site wanting to learn more and you did not disappoint. Keep up the terrific work, and just so you know, I have bookmarked your page to stay in the loop of your future posts. Here is mine at UQ5 about Cosmetic Treatment. Have a wonderful day!
Informative articles, excellent work site admin! If you’d like more information about Cosmetics, drop by my site at QN5 Cheers to creating useful content on the web!
unyil4d unyil4d unyil4d
Hello, i believe that i saw you visited my blog thus i
came to return the favor?.I am trying to find things to enhance my website!I guess its adequate to make use of
a few of your ideas!!
Having read your posts. I believed you have given your readers valuable information. Feel free to visit my website QU6 and I hope you get additional insights about Cosmetics as I did upon stumbling across your site.
This is quality work regarding the topic! I guess I’ll have to bookmark this page. See my website 63U for content about Entrepreneurs and I hope it gets your seal of approval, too!
maxwin89 maxwin89 maxwin89
I am not sure where you are getting your information, but good
topic. I needs to spend some time learning more
or understanding more. Thanks for fantastic information I
was looking for this information for my mission.
I don’t even understand how I ended up right here, but I thought this put up was
great. I do not know who you might be however certainly you’re going
to a well-known blogger when you aren’t already.
Cheers!
always i used to read smaller content that as well
clear their motive, and that is also happening with this post which I am
reading at this place.
I really like your blog.. very nice colors & theme.
Did you create this website yourself or did you
hire someone to do it for you? Plz respond as I’m looking to design my own blog
and would like to know where u got this from. thanks
Thanks for the marvelous posting! I certainly enjoyed
reading it, you could be a great author.I will always bookmark your blog and may come
back sometime soon. I want to encourage one to continue
your great job, have a nice evening!
Bookmarked, so I can continuously check on new posts! If you need some details about Advertise, you might want to take a look at UY6 Keep on posting!
I like the comprehensive information you provide in your blog. The topic is kinda complex but I’d have to say you nailed it! Look into my page YV6 for content about Thai-Massage.
My spouse and I stumbled over here coming from a different page and thought
I should check things out. I like what I see so now i am following you.
Look forward to finding out about your web page again.
For anyone who hopes to find valuable information on that topic, right here is the perfect blog I would highly recommend. Feel free to visit my site QH7 for additional resources about Car Purchase.
This excellent website certainly has all of the info I needed about
this subject and didn’t know who to ask.
Thank you for any other informative blog. Where else may just I am getting that type of
info written in such an ideal approach? I’ve a mission that I am simply now operating on, and I’ve been at the look out
for such info.
Hi, after reading this awesome article i am too happy to share my familiarity here
with mates.
Great to see this rebate initiative! It’s a relief for taxpayers with taxable income below Rs. 5 lakh, especially for those who have been using deductions like 80C, 80D, and home loan interest. It’ll definitely help ease the tax burden for many. Hopefully, more such steps will be introduced in the future to benefit middle-income earners.
https://www.markazeahan.com/product-category/%D8%AA%DB%8C%D8%B1%D8%A2%D9%87%D9%86/
I got what you mean , regards for putting up.Woh I am pleased to find this website through google. “Spare no expense to make everything as economical as possible.” by Samuel Goldwyn.
I have read so many articles regarding the blogger lovers except this piece of writing is really a fastidious article,
keep it up.
I was curious if you ever considered changing the structure
of your site? Its very well written; I love what youve got to say.
But maybe you could a little more in the way of content so people
could connect with it better. Youve got an awful lot of text for only having 1
or 2 images. Maybe you could space it out better?
This page definitely has all the info I wanted about this subject and didn’t know who to ask.
Very good website you have here but I was wondering if you knew
of any user discussion forums that cover the
same topics talked about in this article? I’d really love to
be a part of online community where I can get
advice from other experienced individuals that share the same interest.
If you have any recommendations, please let me know.
Thanks a lot!