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New IT rules from April 1/2018 Business Top Stories 

New IT rules from April 1/2018

1. The Rs 40000 standard deduction will be implemented. Straight deduction and no bills required for the salaried class.

2. Cess on Income tax is raised from 3 to 4 percent.

3. New 10 percent tax on capital gains exceeding one lakh.

4. A tax of 10percent of equity from mutual funds.

5. More IT benefits from insurance with Single Premium.

6. Non-employee subscribers of National Pension scheme will also get tax benefits.

New IT rules from April 1/2018

7.Senior citizens will get a deduction of Rs 50000 on the income from bank interests.

8. TDS only deducted if the Interest income is more than Rs 50000 for senior citizens.

9. The deduction of 80 D for senior citizens will go up by another Rs 50000. The existing is Rs 25000.

10. It deduction of Rs one lakh for diseases to senior citizens.

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