Tax Changes effective from 1 April 2018 (FY 2018-19)
Penalty on late filing of ITR upto Rs.10,000
Reduction in time limit to revise ITR, to be done in same assessment year
No ITR can be filed after the assessment year
Transport allowance and medical reimbursement to employees are taxable
Standard deduction of Rs. 40,000 to salaried assesses
Hike in cess from 3% to 4%
Levy of Long Term Capital Gain Tax (LTCG) on shares and equity mutual funds
Senior citizens (above 60 years) interest income exempted to Rs.50,000. TDS on interest for senior citizen will be deducted only if interest income is more than Rs.50,000
Tax benefit on premium on medical insurance for senior citizen upto Rs.50,000