Nine things you need to know about personal tax

Standard deduction for salaried taxpayers raised from Rs 40,000 to Rs 50,000. This will result in a maximum tax saving of Rs 3,588, if you apply the maximum marginal tax rate of 35.88%. Nuances of other changes that the budget brought on notional rental income, tax exemption on long-term capital gain, threshold for TDS on interest income etc. need to be well understood.

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