Highlights Of Budget 2016

No Change In Income Tax Slab Rates

No change in income tax rates, no increase in tax exemption Limit. It remains same as it was Rs.2,50,000 and Rs.3,00,000 for general and senior citizens.

Home Buyers Can Smile Now

First-time home buyers to get additional deduction of Rs 50,000 on interest for loan upto Rs 35 lakh. The cost of house should not be more than Rs. 50 lakh.

Concession In Tax Payable

Tax exemption (Relief u/s 87A) to Tax payers earning less than Rs.5,00,000 in the year raised to Rs. 5,000 from Rs. 2,000 currently. Deduction under Section 80GG for individuals paying rent but not receiving HRA proposed to be increased from Rs. ...

Investments Makes It's Value

Investment in Sukanya Samriddhi Scheme will be eligible for deduction u/s 80C and any payment from the scheme shall not be liable to tax. Increase in the limit of deduction u/s 80D of the Income-tax Act from Rs. 15,000 to Rs. 25,000 on health ins...

Increase In Weight To Lift

Surcharge on income tax for those with incomes exceeding 1 crore per annum raised from 12% to 15%. Dividend Income will be taxed @ 10% for persons/HUFs receiving dividend more than Rs 10 lakh.

No Capital Gains Tax On Redemption Of Gold Bonds - The Economic Times

In a bid to popularise the ambitious Sovereign Gold Bond scheme, Finance Minister Arun Jaitley today proposed exempting such bonds from capital gains tax on redemption. "It is proposed to provide that redemption by an individual of Sovereign Gold...

Highlights For Companies

No change in Corporate Tax rate. Surcharge in the case of domestic companies having income exceeding Rs. 1 crore and upto Rs. 10 crore is proposed to be levied @ 7% and surcharge @ 12% is proposed to be levied on domestic companies having income e...

No Compulsory Audit

No Compulsory audit if your annual turnover is less than 2 crores for business and 50 lakhs in case if your are a professional.

Cars Get Expensive, Roads Get Better

The dust hadn’t even settled after a magnified focus on the Indian automotive industry, thanks to the Supreme Court ruling that banned sale of diesel vehicles with engine capacity of 2-litres and above and Arvind Kejriwal’s odd-even rule, that the...

The End

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Highlights Of Budget 2016