April 1, the beginning of the new fiscal 2018-19, brings in some major changes in the tax structure which were announced by Finance Minister Arun Jaitley while presenting the Union Budget 2018.The tax reforms will impact individual taxpayers in a number of ways, such as the standard deduction of Rs 40,000 instead of the transport allowance and medical expenses.
Here's a list of tax changes that will impact all taxpayers in country:
LTCG reinducted
After a gap of 14 years, the long-term capital gains tax was reintroduced in the 2018-19 Budget. A 10 per cent tax will be levied on equity investments exceeding Rs 1 lakh from sale of shares. At present, shareholders pay a 15 per cent tax on capital gains made on share sale within a year of purchase. If the shares are sold after a year, the tax is nil.
