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Also, to promote a less cash economy, the presumptive profit rate has been reduced from 8% to 6%.
Such service providers would now need to pay a GST of 6% instead of 18%.
Thus, with the grant of such GST exemptions and benefits, 35 Lakh small traders, manufacturers and service providers would be benefited.
In the interim budget, government has proposed to exempt levy of income tax on notional rent on a second self occupied house.
TDS limit on such interest earned has been raised from Rs 10,000 to Rs 40,000.
Not only this, if we consider the following additional deductions in calculation of income tax, people with even higher income will not have to pay any tax.
Deductions include: Small businesses and start-ups were also given special benefits and incentives.
Also, cinema goers who were subject to multiple taxes upto 50% are now paying much lower tax at 12%.
The GST exemption limit for small businesses has been doubled from Rs 20 Lakh to Rs 40 Lakh in case of goods.
Such a rebate is given to an assessee under section 87A of the Income Tax Act, 1961.
The last amendment made to the section was undertaken in the Finance Bill 2017.