- Income Tax module enabled for AY 2019-20.
Finance Bill 2018 changes affecting AY 2019-20 are incorporated. Some of the major changes are mentioned below:
- Education Cess and SHEC is discontinued. Health & Education Cess to be levied @4% instead of current 3% (w.e.f AY 2019-20).
- Deduction under 80D, the limit of Rs. 30000 is increased to Rs. 50000 for Senior Citizen.
- Deduction under 80DDB, the differentiation between senior citizen and super senior citizen is removed and the deduction limit in both the case is increased to Rs. 1,00,000.
- For senier citizen and super senior citizen new deduction section 80TTB is introduced with maximum of 50000 limit.
- Standard deduction of Rs. 40000 u/s 16(ia) proposed for salaried employees.
- Section 44AE, being a heavy goods vehicle, an amount equal to Rs. 1000 per ton of gross vehicle weight for every month is introduced.
- Capital Gains: Insertion of new section 112A under capital gain. As per this section, the long term capital gain arising on transfer of equity shares of a company, units of equity oriented fund, and units of business trust shall be calculated @10% if such capital gain exceeds 100000.Note that the benefit of indexation will not be allowed in this case.
- For Producer companies new deduction section 80PA is introduced with 100% deduction limit.