If you are thinking, what could be the implications of DTC on your personal taxation, here’s something that would give you an idea of the the deductions that you can consider and the ones that are amended under the Bill placed in parliament.
Eligible for deductions: Limit (1,00,000)
1. National Pension Scheme
2. Recognized Provident Fund
3. Superannuation Fund
4. Public Provident Fund
Eligible for deductions: Limit (50,000)
1. Mediclaim Insurance Premium
2. Life insurance Premium
3. Tution Fees(for up to 2 kids)
Deductions from Gross Total income is not available
1. House Loan repayment principle
2. ELSS (Tax saving equity mutual fund)
3. ULIP(Unit linked insurance plans)
Deduction of upto (1,50,000)
1. Interest on housing loan for self occupied property.
Tax Audit Limit
1. Profession- Rs 25 Lakhs; Business: Rs 1 Cr
Medical Reimbursement Benefit
1. Increase- (15,000- 50,000)
Wealth Tax
1. Exemption Limit ( 30Lakhs – 1 Cr)
House Rent allowance
1. Exemption is Available
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