Union Budget (2016) Highlights
Key Features of Budget 2016-2017 Direct Taxes 1.No changes have been made to existing income tax slabs. 2. Tax rebate/ Relief of Rs 3,000 per year to taxpayers with income below Rs.5 Lakh per year; 1 Crore tax payers to get benefit.- Section 87A 3. Deduction in respect of Rent Paid (80GG) up from Rs. 24,000 to Rs. 60,000 p.a., - This is applicable for individuals who are not in receipt of HRA. 4. Additional exemption of Rs. 50,000 for housing loans up to Rs. 35 lakh, provided cost of house is not above Rs. 50 lakh. 5. 40% of withdrawal at the time of retirement under National Pension Scheme (NPS) to be tax exempt. 6. Surcharge on Income tax for those with incomes exceeding 1 crore per annum increased from 12% to 15%. 7. Limited period compliance window for domestic taxpayers to declare undisclosed income @ Tax rate of 45% including surcharge from 1st June, 2016 to 31st Dec, 2016. Declarations to have immunity from prosecutions. 8 P...