Most important points related to common people – In the span of 2 years Tax assessment shall be done completely online IT returns processing and refund issue shall be concluded in just 24 hoursComplete Tax rebate upto Rs. 5 lakh annual income after all deductions, which will give tax benefit upto Rs 12,500Standard deduction limit has been increased from 40000 to 50000Tax on the second self-occupied house has been exempted from levy of Income TaxTax-free Gratuity limit increase from Rs 10 Lakhs to Rs 20 Lakhs Important to note thatSEE DETAILS
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