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Hr NewsStatutory Compliance

Budget: Seven tax changes that may affect you

Source | www.msn.com

Arun Jaitley did not change income tax slabs in the Union Budget but introduced a number of changes that may affect the taxpayers.

Here are some announcements that may affect you.

Complete coverage: UNION BUDGET

Cess on tax

The government has proposed to increase cess on personal income tax and corporation tax to 4 percent from 3 percent. This will increase the tax liability of taxpayers.

Standard Deduction

a close up of a piece of paper: tax collection data, indirect taxes, direct taxes, income tax, corporate tax, modi govt, budget 2017, arun jaitley© Reuters file tax collection data, indirect taxes, direct taxes, income tax, corporate tax, modi govt, budget 2017, arun jaitley

The finance minister also introduced a Rs 40,000 standard deduction for salaried employees and pensioners on income in transport and medical expenses.

Read On…..

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