your financial planning for the new financial year ie 201920 should take into account all the changes in the personal finance landscape that come into effect from april 1 this year so here are the 9 tax and other key changes that you must keep in mind for this financial year1 zero tax on taxable income up to rs 5 lakh2 standard deduction limit hiked to rs 500003 no income tax on notional income from second house4 tds threshold limit hiked to rs 400005 external benchmark to decide interest rates on loans6 no transfer of physical shares from april 1 20197 new gst rules and rules for housing sector8 investing capital gains in two houses9 reporting of ltcg gains from equity in itrzero tax on taxable income up to rs 5 lakhas per interim budget 2019 you will not be required to pay any tax if your taxable income does not exceed rs 5 lakh for financial year 201920 except in a few specific cases as announced in the interim budget 2019 individuals having taxable income up to rs 5 lakh in a financial year will be able to avail full tax rebate and thereby will not be required to pay any tax on this income the taxrebate available under section 87a has been increased to rs 12 500 from fy 201920 onwards however you will still have to file your income tax return itr as per income tax laws it is mandatory to file itr if your total income exceeds the minimum exemption limit individuals with taxable income exceeding rs 5 lakh can make use of various deductions such as sections 80c 80d of the income tax act and other allowances such as house rent allowance hra leave travel allowance lta taxexempt up to a certain extent to lower hisher taxable income and thereby availing the benefit of tax rebatealso read all the deductions that can reduce your taxable income to rs 5 lakhremember after claiming all the taxsaving deductions if your taxable income still exceeds rs 5 lakh then you will be liable to pay income tax as per the existing ratesalso read latest income tax slabsstandard deduction hiked to rs 50000to help you save more tax in the new financial year interim budget 2019 has also hiked the standard deduction from salary from rs 40000 to rs 50000 an increase of rs 10000standard deduction was first introduced in budget 2018 in lieu of transport allowance and medical reimbursement this deduction is available to all the salaried class and pensioners the deduction is claimed at the time of filing your income tax returnno income tax on notional rent from second selfoccupied propertyfrom fy 201920 people with a second house lying vacant will not be required to pay any income tax on the notional rent from this house till fy 201819 an individual having a second house which was not let out was required to calculate notional rent and pay tax on it accordingly the notional rent is the