Finance Minister Arun Jaitley in his first full-year Budget did not hike income tax exemption limits, as he did last year. However, he hiked the tax exemption limits of some allowances.
Here are the tax proposals in the Union Budget:
1) Limit in deduction on health insurance has been hiked from Rs. 15,000 to Rs. 25,000 to encourage people to take health insurance.
2) Health insurance premium deduction for senior citizens has been hiked to Rs. 30,000.
3) Contribution to new pension fund has been hiked from Rs. 1 lakh to Rs. 1.50 lakh.
4) Transport allowance exemption has been hiked from Rs.8,00 to Rs. 1,600.
5) To provide for social safety net and pension to individuals, an additional deduction of Rs. 50,000 for contribution to new pension scheme under Section 80CCD has been proposed.
6) Wealth tax has been abolished.
Compiled by NDTV
Here are the tax proposals in the Union Budget:
1) Limit in deduction on health insurance has been hiked from Rs. 15,000 to Rs. 25,000 to encourage people to take health insurance.
2) Health insurance premium deduction for senior citizens has been hiked to Rs. 30,000.
3) Contribution to new pension fund has been hiked from Rs. 1 lakh to Rs. 1.50 lakh.
4) Transport allowance exemption has been hiked from Rs.8,00 to Rs. 1,600.
5) To provide for social safety net and pension to individuals, an additional deduction of Rs. 50,000 for contribution to new pension scheme under Section 80CCD has been proposed.
6) Wealth tax has been abolished.
Compiled by NDTV
10 comments:
It is very hard to digest that after7th pay commission the salary of central govt eemployees will be three fold. The media must calculate actual potion before telecasting this new. It is not true. Media can evaluate on basis of previous pay commission report. Flash news is that upto 4, 40, 200/- tax can be saved. What a pity. The employees whose salary in upto 5 or 6 lacs , how can they save or invest hige amount. Higher value of tax deductions were taken.
This is pro corporate budget.No expectation of people has been fulfilled from a stable Govt.
Anti people & pro corporate budget of a Beniya Government.
How can a Government achieve the Revenue Target and fulfill all the monetary demands from all sections if it keeps on going tax exemption every year---Requesting all the Amm Admis
to think over this---
We do not wants new tax exemptions , it is only requested that as the income of middle class up tax deductions must revised or lower the "mehngai"
To fir corporate tax kyon kam kiya Ja raha Hai
Happy HOLI to everyone :)
What about advanvce increments to STA
Bhai log baniya sarkar after 5 years uski jagah hum jarror batayenge .....
It is said that the file is pending with expenditure
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