Will your income tax calculations be affected by the Budget 2016? Here is a list of the provisions proposed by Union finance minister Arun Jaitley: Tax relief raised to Rs 5,000, from existing Rs 2,000, on Rs 2.5 - Rs 5 lakh income slab. Surcharge raised to 15 per cent from the existing 12 per cent for individuals who earn more than Rs 1 crore. Union Budget 2016: Full text of Arun Jaitley's Budget speech
Budget 2016: 60% of EPF deposits to be taxed on withdrawal after April 1 Individual tax payers (Tax rate/Relief) Up to Rs 2,50,000 — NIL / NIL Rs 2,50,001 to Rs 5,00,000 — 10% / Rs 5,000 (Savings increased from Rs 2,000) Rs 5,00,001 to Rs 10,00,000 — 20% / NIL Rs 10,00,001 to Rs 1 crore — 30% / NIL Above Rs 1 crore — 30% / 15% surcharge (Increased from 12%)
Senior citizens (60 years and above, but less than 80 years) (Tax rate/Relief) Up to Rs 3,00,000 — NIL / NIL Rs 3,00,001 to Rs 5,00,000 — 10% / Rs 5,000 (Savings increased from Rs 2,000) Rs 5,00,001 to Rs 10,00,000 — 20% / NIL Rs 10,00,001 to Rs 1 crore — 30% / NIL Above Rs 1 crore — 30% / 15% surcharge (Increased from 12%)
Budget 2016: First-home buyers get Rs 50,000 more deduction on interest
Budget 2016: Pro-poor, pro-rural, relief for small tax payers Senior citizens (80 years and above) (Tax rate/Relief) Up to Rs 5,00,000 — NIL / Rs 5,000 (Savings increased from Rs 2,000) Rs 5,00,001 to Rs 10,00,000 — 20% / NIL Rs 10,00,001 to Rs 1 crore — 30% / NIL
Play online poker in India with Adda52.com
Home loan rates, as low as 9.5% p.a. Creditnation Recommended By Colombia Above Rs 1 crore — 30% / 15% surcharge (Increased from 12%) An additional tax of 10 per cent proposed on dividend income over Rs 10 lakh from domestic company.
|