Monday, February 29, 2016

Highlights of Union Budget 2016-17

Following are the highlights of Union Budget 2016-17 presented by Finance Minister Arun Jaitley in Parliament on Monday:

* No change in personal Income Tax slabs

* 4-month Compliance Window for domestic black money holders; tax, interest on them at 45%

* Relief for tax payers who earn below Rs 5 lakh; ceiling of rebate u/s 87A raised to Rs 5,000 from Rs 2,000

* House rent deduction raised from Rs 20,000 to Rs 60,000

* One-time dispute resolution scheme for retro taxcases, penalty, interest waived

* High level committee headed by Revenue Secretary to oversee creation of fresh liability using retro tax law

* Corporate Tax for new manufacturing units fixed at 25%

* Clean energy cess increased from Rs 200/ton to 400/ton on coal, lignite and peat

To read news published on The Times of India, please CLICK HERE. 

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