CCH Direct Tax, CCH India, Direct Tax, Income Tax , Case Laws , Act , Commentary
   National Health Protection Scheme will cover 10 crore poor families in the country and Rs 5 lakh allocated per family per year.           Government will establish a dedicated affordable housing fund under National Housing Bank. 51 lakh houses to be built in rural areas by end of FY18-19.           The contribution of Women to EPF reduced to 8% from 12 % of salary without any change in employer's contribution           Income Tax Act to be amended to introduce E-assessment.           Income Tax slabs not changed.           Standard deduction of Rs. 40,000 for salaried employees in lieu of transport and medical expenses.           For senior citizens, exemption on interest income on bank deposits raised to Rs 50,000/- from Rs. 10,000/-. No TDS to be deducted u/s 194A on such income.           For senior citizens, deduction u/s 80D for health insurance and medical expenses increased from Rs. 30,000/- to Rs. 50,000/-.           For senior citizens and senior citizens, deduction for critical illness expenses to Rs. 1,00,000/- u/s 80DDB.           Corporate tax reduced to 25% for Companies with turnover of up to Rs 250 crore.           For real estate, no adjustment where circle rate value does not exceed 5%.           100% deduction for cooperative societies engaged in agricultural activities having turnover of 100 crores.           Liberalized Presumptive income calculation for companies having annual turnover of less than 2 crore and for professional having less than 50 lakhs.           In case of charitable trusts, payments exceeding Rs. 10,000/- in cash to be disallowed. In case of non-deduction of TDS, 30% to be disallowed.           LTCG exceeding Rs. 1 lakh on investments in equities to be taxed at 10% without indexation.           Gains from equity held upto 1 year will be STCG and taxed at 15%.           Tax on distributive income by equity oriented mutual funds at 10%.           Education cess increased to 4% from 3%.           For Ease of doing business, Govt identified 372 basic business reforms.           Rs 3 lakh crore allocated for MUDRA.           Prime Minister's Research Fellow Scheme to be launched.           Government to contribute 12% of the wages of new employees in EPF in all sectors for the next 3 years.           Government to evolve a scheme to assign a Unique ID for companies.           Government to take steps to eliminate use of cryptocurrencies.           Emoluments for President set at Rs 5 lakh, for Vice President at Rs 4 lakh, and for governors at Rs 3.5 lakh.           Revision of emoluments of Parliamentarians to be done every five years, indexed to inflation.       
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