Income Tax new rules will apply from 1st April
The General Budget 2017-18 in the Lok Sabha with all the works connected with the passage of the finance bill The government has done. The tax provisions relating to the proposed budget, will be implemented from April 1. I know that many of the provisions will be applicable from April onwards.
(1) instead of the 2.5 million people with an annual income up to Rs 5 lakh will have to pay a tax of 5 per cent to 10 per cent now. Which taxpayers 12,Will be saving up to 500 rupees. On the other hand, including a total of Rs 1 crore-plus surcharge and cess-income people 14,806 will be saving up to.
(2) lowering the tax rebate for people with an annual income up to Rs 3.5 lakh 5,000 2,Have already Rs 500. These exemptions were for people with an annual income up to Rs 5 lakh. Rates and income tax rebate of up to 3.5 million people who now tekasebala with Mod 5,150 instead of 2,Will have to pay Rs 575 tax.
(3) paid by the taxpayer with annual income of Rs 50 lakh to 1 crore will apply a 10 per cent surcharge on the tax. In addition, they receive an annual income of Rs 1 crore will have to pay a surcharge of 15 per cent.
(4) real estate holding period of 3 years instead of 2 years will be considered as long-term. That will have to pay the tax with a 20 percent discount on to the real estate for more than 2 years. Also to be found at the Reinvestment other discounts.
(5) tekasebala individual taxpayers with income above Rs 5 lakh annually will need to complete a tax return form Page 1 now.
(6) If you file late tax returns in 2017-18 by 31 December 2018 5,000 will have to pay a penalty of Rs. After 10 to file,000 will have to pay a penalty of up to Rs. People with an annual income of up to Rs 5 lakh will be limited to the fee of Rs 1,000.
(7) deadline for tax returns Revision now only 1 year instead of 2 years. After the completion of the financial year, the time limit will be applied.
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