Changes to Taxation Laws
- Crucial changes made to taxation laws i.e. Income Tax and GST come into effect from April 1, 2019.
Key Changes to Income tax
- Tax rebate is available for those with a taxable income between Rs 2.5 lakh and Rs5 lakh.Currently, they pay a tax of up to Rs13,000 (including the 4 per cent cess).
- In the new mechanism, this liability will be down to zero. For this, the tax-payer has to be under the TDS (tax deducted at source) regime, and must file I-T returns and claim the rebate.
- New norms kick in from the assessment year 2020-21- that is, financial ....
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