Budget 2020

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

Internet Desk | Updated on January 20, 2018 Published on February 29, 2016
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

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   -  Business Line

* 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
null
This article is closed for comments.
Please Email the Editor