7 Income tax changes applicable from today could affect your financial health in the financial year 2018-2019, you will get a standard deduction of Rs 40,000 on your taxable income. 10% tax will be levied on long term capital gain exceeding Rs1 lakh. The gains from equity share held up to one year will remain short-term capital gain and will continue to be taxed at the rate of 15 per cent. Not only salary and interest income, it could also impact your return from equities.
limit on fixed and recurring deposit has been increased to Rs 50,000 from Rs10,000, For interest income above Rs 50,000 tax will be deducted at source for senior citizens.