The is same as earlier. However, the middle class will get the . Almost 1 crore people will enjoy this tax benefit. The budget 2016 did not change the . The tax relief is given through the rebate.
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There are few more opportunity to save tax. The would get . Those who lives in the rented house, also have a reason to cheer.
The has also fulfilled the long time demand of on NPS . This demand has been partially met. The companies which employ the fresher would get some due to the new EPF rules. The TDS rules of EPF is also relaxed.
The income tax slab for individuals, females, senior citizen remains same in the FY 2016-17. There is no change. The There is no extra concession for females.
The income tax rebate is increased by Rs 3000. In the FY 2015-16, it was Rs 2000, now the . This rebate is available to those whose taxable income is below 5 lacs. It means, that the tax liability of such people would come down by Rs 5000. Because of this provision, those who earns up to Rs 3 lacs are not required to pay any tax. Rather, if a person uses the all available deductions, the income up to Rs 5 lacs can become tax-free.
The tax deduction for the rent payment (section 80GG) is . This deduction is available to those who lives in rented house and do not get from the employer.
The home buyer would have the opportunity to claim more tax deduction. The budget 2016 has increased the tax deduction for home loan interest by 50 thousand. This extra deduction of 50,000 would be available over and above the 80C limit of Rs 1.5 lac. It means, your total can go up to Rs 2 lacs provided you are paying at least 50,000 as home loan interest. This extra tax deduction is available to those homebuyers who buy a home in the financial year 2016 – 2017. The and .