Income Tax slab rates for FY19; Key highlights
Benefit under Section 54EC (to save long term capital gains by investing in NHAI and REC bonds) has been now to limited to only capital gains arising from sale of land and building. Earlier, any kind of capital asset was defined. Moreover, the tenure of such bonds has been revised from 3 years to 5 years.
The three government General Insurance companies (National Insurance, United India and Oriental Insurance) will be merged into a single entity and listed.
National Health Protection Scheme shall be launched that will provide medical coverage of Rs 5 lakh to poor families.
EPF contribution for new employees will be 8.33% for the first 3 years. For certain sectors such as textile, leather and footwear, government contribution to EPF account will be 12%.
EPF deduction for women at 8% for first three years of employment.