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Raise tax exemption limit to Rs 4 lakh, demands Assocham
The industry body also demanded additional incentives for savings and higher tax allowance for expenditure on education and health.
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Why FM Arun Jaitley should lower TDS rates
Anomalous 10% TDS rate is much higher than the average tax rate on income. 10% TDS rule hurts seniors because their income is mostly from interest on deposits.
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Mr FM, please make our tax sops inflation-proof
An employee can only get the benefits of some tax exempt allowances. However, most of the exemption limits have not been revised for years, eroding the real tax benefit.
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What individual taxpayers can expect in Budget 2016
In terms of simplification of taxes, the Easwar committee recommends that certain procedural changes will go a long way in the improvement of entire tax ecosystem.
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What government should do to make homes affordable
Though we see these positive announcements being made, real estate still remains elusive for a common man in India and a lot needs to be done to meet the affordability of a home buyer in India.
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MFs expect basic income tax exemption going up to Rs 3 lakh
The mutual fund industry is expecting a Rs 50,000 increase in basic income tax exemption limit to Rs 3 lakh in the Budget to be presented tomorrow.
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Surcharge rate increased from 12% to 15% on income of Rs 1 crore or more
Finance minister has increased the surcharge on income tax levied on individuals earning income of Rs 1 crore or more from 12% at present to 15%.
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Tax rebate for persons with income less than or equal to Rs 5 lakh increased...
FM has increased the tax rebate given to individuals with net income equal to or less than Rs 5 lakh under section 87A from Rs 2000 to Rs 5000.
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Withdrawal from NPS on maturity made tax-free upto 40%
In Budget 2016, the finance minister has made withdrawals from NPS on maturity tax free upto 40% of the total corpus accumulated.
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Budget 2016: Here's the tax impact on individuals
As per the proposed changes, U/S 87A, approximately 2 crore tax payers to get additional relief of upto Rs 3,000 in case of income under Rs 5 lakh.
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Budget 2016: Eight takeaways for individual taxpayers
Here is a quick list of 8 major announcements he made in his 1 hour 42 minutes speech that will affect your pocket.
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60% of withdrawal from EPF built via employee contributions after 1st April...
Prima facie, the Budget 2016 has proposed making 60% of employee contribution EPF corpus taxable for contributions after 1.4.2016.
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FM Arun Jaitley raises surcharge on income of super-rich to 15%
The government increased the surcharge on the super-rich having an annual income of over Rs one crore by three per cent to 15 per cent.
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