A domestic company whose total turnover or the gross receipt in the previous year 2017-2018 does not exceed Rs. 400 crore shall be taxable at the rate of 25%.
The new rate of surcharge for Individual, HUF, AOP,
BOI and AJP shall be – 10% (for income of Rs. 50 lakhs to Rs. 1 crore), 15%
(for income of Rs. 1 crore to Rs. 2 crores), 25% (for income of Rs. 2 crores to
Rs. 5 crores) and 37% (for income exceeding 5 crores).
If a person
has linked his Aadhaar number with PAN, he may also furnish his Aadhaar number
in place of PAN in the Income-tax return.
to a person shall be deemed to be invalid, if he failed to intimate the Aadhaar
to the Dept.
Section 80EEA is introduced to provide deduction of
up to Rs. 1.50 lakhs for interest on loan taken from any financial institution
for acquisition of a residential house property whose stamp duty value does not
exceed Rs. 45 lakhs.
Section 80EEB is introduced to provide deduction of
up to Rs. 1.5 lakhs in respect of interest on loan taken for purchase of an
Section 194N is introduced to provide for deduction
of tax at source at the rate of 2% if aggregate of cash withdrawn during the
financial year from any account maintained with a banking company or
cooperative bank or post office exceeds Rs. 1 crore.
Application under Section 195(2) and 195(7) for
lower or nil deduction of tax from sum paid or payable to non-residents person
can be filed electronically.
Introduction of Section 194M that requires any individual or HUF (who is not required to deduct tax under Section 194C or 194J ) to deduct tax at source from sum paid to a contractor or professional if aggregate payment during the year exceeds Rs. 50 lakh. The tax can be deposited under this provision without any requirement to obtain TAN.
A taxpayer has been allowed to withdraw 60% of total amount from NPS as tax free. Currently, the exemption is allowed only up to 40% of the total corpus amount.