CA.Manisha Fatarpekar

1)New tax regime to become the default tax regime

2) Govt increases the tax rebate from Rs 5 lakh to 7.00 lakh in new tax regime
New slabs under new tax regimes

3) Individuals with Income above 15.5 Lakh will get a Standard Deduction benefit of Rs. 52500 from salary / Pension under the new tax regime 4. LTA exemption at the time of retirement of Non-Government employee increase from 3 Lakh to 25 Lakh

4) Section 44AD ( business owners) limit under presumptive income scheme enhanced upto 3 Cror & for Section 44 ADA ( professional ) limit enhanced upto 75 Lakh

5) Expenses made to MSME will be allowed only on payment basis .

6) Senior Citizen Saving Deposit limit increase from 15 Lakh to 30 Lakhs

7) Post office Monthly Income Scheme limit increase from 4.5 Lakh to 9 Lakh for single account.

8) Introduction of Mahila Sanman Bachat Patra upto 2 Lakh limit at fixed interest rate 7.5%.