Budget highlights on Income Tax (1/15)

– No change in personal income tax slabs and rates.

Surcharge of 10% on income above Rs 50 lakh but less than Rs 1 cr, 15% on income above Rs 1 cr to continue.

– Standard Deduction returns after a decade; Rs 40,000 to be allowed in lieu of transport allowance and medical expenses.

– Interest income exemption on deposits with banks and post offices for senior citizens increased from Rs 10,000 to Rs 50,000.

– Senior citizens will be able to claim the benefit of the deduction up to Rs 50,000 annually on health insurance premium and/or general medical expenditure incurred.

– Govt introduces long-term capital gains on equity market; long-term capital gains over Rs 1 lakh to be taxed at 10%.

Education cess increased to 4% from 3%.

– E-assessment of Income Tax Act to eliminate person-to-person contact.

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