- 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.
- For Salaried employee: Standard deduction raised form Rs. 40,000/- to Rs. 50,000/-
- 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.
- 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.
- 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
- Limit of TDS on interest on deposit has been increased from 10000 rupees to 40000 rupees.
- Limit of TDS on rest has been increased from 180000 rupees to 240000 rupees.
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