BUDGET 2018: HIGHLIGHTS
1. No change in the Tax rate for Individuals, but for the salaried taxpayer: standard deduction: Rs. 40000/- in lieu of conveyance & medical. 2. Tax exemption for farmer producer companies. 3. Real Estate: 50C/43CA: Hardship minimized 5% difference allowed. 4. Domestic Companies having a total turnover or gross receipts not exceeding 250 Cr during the FY 2016-17 shall be liable to pay tax @ 25% 5. Education cess is being increased from 3 to 4% and now known as Education and Health Cess 6. LTCG exemption u/s 10(38) in respect of listed STT paid shares being withdrawn. However, capital gain up to 31.01.2018 shall not be taxed. Further, the said LTCG shall be exempt up to 1 Lakh, beyond 1 lakh there shall be tax @ 10%. 7. Std deduction of Rs. 40,000 for salaried persons. However, Transport allowance and Medical reimbursement have been withdrawn.