Income Tax reliefs: No tax for those whose taxable income is less than Rs 5 lakh Standard deduction increased to Rs 50,000 from Rs 40,000 for salaried class Tax exemptions on investments: Individuals with gross income up to 6.5 lakh rupees will not need to pay any tax if they make investments in provident funds and prescribed equities . TDS threshold for home rent increased from Rs 1.8 lakh to 2.4 lakh Interest income up to Rs 40,000 in post offices and banks made tax free Capital gains tax exemptions under Section 54 to be available up to Rs 2 crore. Capital gains exemption to be available on 2 house properties Other tax related reliefs: Income Tax returns to be processed within 24 hours and refunds will be paid immediately . Within nearly two years, almost all assessment and verification of IT returns will be done electronically by an anonymity tax system without any intervention by officials Add caption
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