- If your income is less than Rs. 3 lakhs per annum, then you don't have to pay tax.
- People who have income between Rs 3 lakhs to Rs 5 lakhs, have to pay tax of 5 % over 3 lakhs.This means a person earning 5 lakhs has to pay Rs. 10,000/-Calculation : No tax of income upto 3 lakhs. Income over 3 lakhs for person making 5 lakhs is 2 lakhs. So 5 % of 2 lakhs is Rs. 10,000/-
- People who fall under the 5 lakhs tax bracket can simply file their income tax with a one page income tax return.
- Long Term Capital Gain for property has been reduced from 3 years to 2 years. This means you don't have to pay any income tax on capital gains from Land & Building if you have been holding it for a duration which is more than 2 years.
- You won't be able to make cash transactions over Rs. 3 lakhs. You can still transfer larger amounts through the banking route.
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