10 Upcoming Key Changes in New Income Tax Rules

Income tax is an amount that we have to pay according to our earning on a monthly or yearly basis. We have to pay the amount of the tax on the basis of the income slab in which we occur. We have to follow the entire guidelines of tax to get the best result. The best part is that in this sector student easily collect the various kinds of assignment to complete. We are also ready to provide the best support to our students with the help of our team. We have the best team of writers to complete the work before the deadline. They write the best information in the Taxation Law assignment writing help.

Also, Read More Here: The UK Tax System – Check out What You Need to Know

Let’s Have a Look on the Key Changes that Proposed in Budget

  • Standard deduction introduced: This is the main changes that are effective from 1 April 2018. This is the additional amount is proposed in the place of current deduction of Rs19,200 in the form of transport allowance as well as 15000 for the medical allowance. This is applicable for the person those are earning 2 crores in the form of salary.
  • Higher Cess: This also corrected by the finance ministers for the persons those are paying the individual tax according to their salary. Now they have to pay the income tax to 4 % from 3% according to their salary as well as tax slab.
  • Introduction of long-term capital gains tax on equity investments: According to the new law or change you have to pay the 10% extra amount on capital gains. You have to pay the additional amount on the basis of your earning.
  • Tax on Dividend income from equity mutual fund: As we know that the tax at the rate of 10% will be levied on dividend distributed by equity-oriented mutual funds. You have to pay the amount on the basis of these calculations.
  • Buy single premium health insurance and get additional benefits: As we know that we can easily get the rebate on the basis of the health insurance and now we can get the additional benefits if we pay the amount of insurance in single go. You can easily collect the best information from our taxation law assignment help online.
  • Income tax benefits of NPS withdraw: This is another benefit we can easily get from changes. If any employee contributes in the NPS and they can easily get the rebate at the time of amount withdraw.
  • Deduction in respect of interest income to senior citizen: According to the law senior citizens will get the additional exemption limit of the amount which they are deposited in the banks, post office as well as recurring accounts.
  • Higher TDS: Other benefits for the senior citizens, the threshold for deduction of tax amount at source of interest income proposed to be increased up 50,000.
  • Higher deduction limit under section 80D of the income tax act for senior citizens: According to the law the senior citizen easily gets the complete benefits according to the payment of the health insurance payment. They can easily get the complete rebate according to the section 80D.
  • Higher Income tax deduction for senior citizen for medical treatment of specified disease: Senior citizen easily gets the complete benefits according to the payment towards medical treatment. To complete the work with perfection, you can easily take the best assignment writing help service support from our writers at the lowest cost.

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