ii Tax exempt health insurance raised to Rs 50000 from 30k under Section 80D

Ii tax exempt health insurance raised to rs 50000

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(ii) Tax exempt health insurance raised to Rs 50,000 from 30k under Section 80D. Those below 60 will also get benefit if they pay premium for their parents. (iii) Medical expenditure for specific critical illness for senior and very senior citizens raised to Rs 1 Lakh for both from Rs 60k and 80k under Section 80DDB. (iv) Pradhan Mantri Vaya Vandana Yojana (Senior Citizen Pension Policy) extended to March 2020 from May 2018 & Investment limit doubled to Rs 15 lakh from Rs 7.5 Lakh per senior citizen. The minimum entry age is 60 years and there is no maximum age and policy is for 10 years. 7. Reduce tax on income from carbon credits to 10% from 30% as incentive to reduce industry emission. If the assessee’s total income includes any income from transfer of carbon credit, it will be taxable at the rate of 10% (plus surcharge/cess). No expenditure or allowance in respect of such income will be allowed. 8. Commodity Transaction Tax on conversion of commodity option to commodity futures has been reduced to 0.0001% from 0.125% effective from April1. 9. Transactions in derivatives, bonds, GDRs by a non-resident on stock exchange located in Gujarat International Finance Tech (GIFT) City’s International Financial Services Centre (IFSC) shall be exempt from capital gains in India. They are also not liable for 9% minimum alternate tax that applies to IFSC units. Earlier FPIs were paying 30% short term capital gain on derivatives trade at IFSC against zero tax in Singapore & Dubai. 10. Government halved minimum alternate tax to 9% from 18.5% to encourage private equity funds to set up in GIFT City.
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11. To roll out electronic assessment to improve transparency and curb underhead dealings in direct tax collection. It will create audit trails by documenting interactions between taxman and taxpayer and improve efficiency and productivity of tax administration. Extending e-assessment to all cities will lead to faster dispute resolution. 12. Companies undergoing insolvency and bankruptcy proceedings can deduct their entire loss and depreciation of past years while computing MAT. They will also be able to carry forward tax losses despite changes in majority ownership. A lower tax liability will make acquisition of such companies more attractive to bidders. 13. Corporate frauds are now covered under Prevention of Money Laundering Act with Registrar of Companies allowed to refer irregularities to Enforcement Directorate. Tax Department has now empowered to attach undisclosed Swiss bank accounts and offshore properties. Till now it could only attach local assets. 14. Government has given more leeway mainly procedural for MNCs that operate in India and are required to maintain and furnish transfer pricing documentation in the Country by Country report (CbCr). All cross-border transactions between group companies have to be valued at arm’s length or as if transaction is with unrelated company, to ensure that MNCs don’t use transfer prices to shift profit to low tax countries. MNCs will get 12 months instead of 8 months to furnish returns. These disclosures are in sync with international procedures. This will help providing
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