Income Tax Education Cess increased from 3% to 4%

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Income Tax Rate for Companies upto 250 Crore is 25%

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Standard Deduction for Salaried Employees now Available

Transport, Medical Reimbursement Removed

 

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Section 194A TDS limit increased for Senior Citizens

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Section 80D Limit Increased for Senior Citizens

Section 80D Deduction available of
25000 for Family
+
25000 for Parents

If senior citizen ,then 30000 50000 Deduction

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Cash Payment more than 10000 disallowed for Charitable and Religious Trusts also

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Section 44AE Limit Changed for Large Motor Vehicles

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Section 80D Deduction if Medical Insurance done for More than One Year

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Section 80TTB Deduction for Senior Citizens

NORMAL CITIZENS (BELOW 60) SENIOR CITIZENS (60 OR MORE)
They will get Deduction Under Section 80TTA They will get Deduction Under Section 80TTB
Maximum 10000 Deduction Available Maximum 50000 Deduction Available
Deduction is for Savings Interest Only,no deduction for FD) Deduction is for All types of Interest (whether Savings or FD)

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Long Term Capital Gain on Sale of Shares now Taxable

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No Income Tax Deduction if Return filed late

Government has disallowed  Deductions under Part C of Income Tax if Return not filed on time

EARLIER NOW

Return filed on Time

All Deductions Available

Return filed on Time

All Deductions Available

Return filed late

All Deductions Available

except Section 80IA,80IB,80IC,80ID

Return filed late


All Deductions Available except Part C Deductions in respect of Certain Incomes

Government has disallowed  Deductions under Part C of Income Tax if Return not filed on time

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  1. Tax Practical
  2. Budget Amendments - Changes in 2017-18
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About the Author

CA Maninder Singh's photo - Expert in Practical Accounts, Taxation and Efiling
CA Maninder Singh
CA Maninder Singh is a Chartered Accountant for the past 8 years. He provides courses for Practical Accounts, Taxation and Efiling at teachoo.com .