Seven major changes in income tax rules for taxpayers from April 1
Seven
major changes in
income tax rules
for taxpayers from
April 1
New income tax regime to be default regime
New
income tax regime
to be default regime
Tax rebate limit increased from 5 lakhs to 7 lakhs
Tax rebate limit
increased
from
5 lakhs to 7 lakhs
The number of income tax regime reduced to five from six
The number of income tax regime
reduced
to
five
from
six
Senior citizens will have a standard deduction of Rs.50,000 for pensioners
Senior citizens
will have a standard
deduction
of
Rs.50,000
for
pensioners
From April 1 investments in debt mutual funds will be taxed as short-term capital gains.
From
April 1 investments
in debt
mutual funds
will be taxed as
sh
ort-term capital gains.
30 percent tax will be deducted from winning games online.
30 percent
tax will be
deducted
from winning games online.
Insurance premium over the annual premium of Rs 5 lakh would be taxable from the new financial year.
Insurance premium
over the annual premium of
Rs 5 lakh
would be taxable from the
new financial year.