Tuesday, March 1, 2016

Budget 2016 Highlights ( Changes in Individual Taxes)




Budget 2016 has been presented by honorable Finance Minister on 29th Feb 2016. Budget Highlights of Present budgets are given Below:- 


1. In the Finance Budget 2016, No income tax rebate is given to the individual earning total income above Rs. 5,00,000. However, tax benefit of Rs. 3,000 (Excluding Cess) is given by way of increasing Limit of 87A from Rs. 2000 to 5000.

2. In view to more tax the HNI Taxpayers, Surcharge has been increased from 12% to 15%. Presently surcharge is applicable to taxpayer who are having total income of Rs. 1 Crore or more.

3. In view of the home of each Individual, it is proposed to give a tax benefit of Rs. 50,000 to each individual who have bought the house upto Rs. 50 Lacs and having loan of Rs. 35 Lacs.

4. It is proposed to extend the time of 3 year to 5 year in case of Allowance of Pre construction Interest.

5. It is also proposed to extend the limit of 80GG of Rent expenditure from Rs, 24000 to 60,000


CA Neeraj Bansal

+91-9718046555

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