Salaried class gets exemption from paying tax till annual income of Rs 7 lakh.
Tax exemption has been increased to Rs 5 Lakh, and standard deduction has been increased to Rs 50,000.
If you invest Rs 1,50,000 under section 80C, you don’t need to pay tax till RS 7 lakh
Other than salaried class gets exemption till annual income of Rs 6,50,000.
Standard deduction of Rs 50,000 is available only to salaried class
Income Tax returns will be processed in just 24 hours and refunds will be approved instantly. So, you don’t need to wait for long to await your refund
TDS won’t be deducted on your interest on FDs or post office saving schemes if your annual interest is less than Rs 40,000. So, you won’t have to wait till TDS refund is issued for interest amount less than Rs 40,000. You get relief of Rs 3000 per annum.
Your TDS on rent won’t be deducted if it is less than Rs 2,40,000 per month. So, if your income is less than exemption limit, and you relied only on rental income, you have a relief of Rs 6000 per annum.
If you have a capital gain and you invested in two residential properties, you will still get exemption in capital gain till the extent of amount invested. This allows you to invest in additional residential property as against just one property earlier.
Tax free gratuity limit has been increased from Rs 10 lakh to Rs 30 lakh. You get a benefit of Rs 20 lakh on gratuity amount.