What changes in income tax laws are applicable from today?
The income tax changes effective today onwards include a standard deduction of â¹40,000 for salaried people instead of existing transport allowance and medical reimbursement. A 10% Long-Term Capital Gains tax will be levied on equity investments with gains of over â¹1 lakh. Further, a 10% tax will be imposed on income generated from dividends distributed by equity mutual funds.