Adjustments In Earnings Tax Guidelines

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– For most people, the utmost deduction for medical insurance premiums was elevated from Rs 15,000 to Rs 25,000.

-The senior citizen medical insurance premium deduction cap was raised from Rs 20,000 to Rs 30,000.

-The month-to-month transit allowance exemption was doubled from Rs 800 to Rs 1,600.

-An additional deduction of Rs 50,000 for contributions made underneath Part 80 CCD to the Nationwide Pension Scheme (NPS).

– The surcharge for earnings over one crore rupees was raised from 10 % to 12 %.

-The wealth tax was eradicated

-An extra 2 % surcharge for many who have been extraordinarily rich and had taxable incomes of a couple of crore rupees.

Adjustments In Earnings Tax Guidelines In 2016
– Below Part 87A, the tax credit score was elevated from Rs 2,000 to Rs 5,000 for individuals with annual incomes as much as 5 lakh rupees.

– Moreover, the annual cap for the Part 80GG deduction telegram database for hire funds was elevated from Rs 24,000 to Rs 60,000.

-The surcharge for earnings over one crore rupees was raised from 12 % to fifteen %.

-A ten % earnings tax was additionally levied by the funds on dividends that exceeded Rs 10 lakh yearly.

Adjustments In Earnings Tax Guidelines In 2017
– Within the class between Rs 2.5 lakh and Rs 5 lakh, the tax charge was lowered from 10 % to five %.

– The tax rebate underneath Part 87A for taxpayers with annual incomes as much as Rs 3.5 lakh was additionally decreased by the finance minister from Rs 5,000 to Rs 2,500.

-These with annual taxable incomes between Rs 50 lakh and Rs 1 crore now pay a ten % surcharge.

– Within the class between 2.5 lakh and 5 lakh, the tax charge was lowered from 10 % to five %.

– The tax rebate underneath Part 87A for taxpayers with annual incomes as much as 3.5 lakh was additionally decreased by the finance minister from Rs 5,000 to Rs 2,500.