Union Budget 2016: What's in store for the common man

Internet Desk Updated - January 20, 2018 at 01:39 AM.

Finance Minister, Arun Jaitley with MoS, Jayant Sinha and Finance Secretary, Ratan Watal leaving Finance Ministry to present the Union Budget 2016-17 in Parliament House. Photo: Ramesh Sharma

* No changes have been made to existing income tax slabs.

* People with income less than Rs. 5 lakh to get deduction of Rs. 5,000, up from Rs. 2,000 last year

* Deduction for rent paid under Sec.80GG to be increased to Rs.60,000 from Rs. 24,000

* Presumptive income tax scheme for all professionals with gross income of Rs. 50 lakhs

* National Pension Scheme gets partial tax exemption for withdrawal - 40% of withdrawal to be exempt

* First home buyers to get additional deduction of Rs.50,000 for interest on loans upto Rs.35 lakhs and value of house to not exceed Rs.50 lacs

* Higher taxes on all cars

*Taxes on tobacco products, barring beedi, to go up by 10-15 per cent

* No Service Tax for houses built under 60 sq metres.

* 4% high capacity tax for SUVs

Published on February 29, 2016 07:26