1. Rebate on income tax: Upper limit of Income for eligibility of Rebate under section 87A has been increased up to 5 lacs rupees and maximum allowable rebate increased up to 12500 rupees. Therefore, no tax liable for income up to 5 lacs rupees.
  2. For Salaried employee: Standard deduction raised form Rs. 40,000/- to Rs. 50,000/-
  3. Income from House Property: Assesee can declare two houses as self-occupied and no tax would be charged on both the houses earlier it was one.
  4. Capital Gain: Deduction is allowed in respect of investment in two house property in stand of one house property if capital gain does not exceed 2 crore rupees in respect of capital gain arising on sale of residential house property.
  5. 100% deduction in respect of business of developing and building affordable housing projects has been extended till one more year i.e. project approved till March, 2020
  6. Limit of TDS on interest on deposit has been increased from 10000 rupees to 40000 rupees.
  7. Limit of TDS on rest has been increased from 180000 rupees to 240000 rupees.
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