Best of Union Budget 2016-17 For Tax Payers – Union Budget 2016-17 announced by Finance minister Sri Arun Jaitley in the loksabha on 29th December. This year Union budget is said to be simplest of all time where a lot have been changed without impacting much on the common man. This union budget have been prepared and announced keeping the various strategies and schemes announced by the Narendra modi government earlier.
Let’s check out the Highlights of Best of Union Budget 2016-17
This is the precise topic filter out from the budget 2016-17. Just check out the glimpse of various announcement made by the Finance minister in the parliament sector wise.
Union Budget Impact on the Personal Finance and Saving of Salaried and Common Taxpayers
As beyond the expectation there have not been any change in the Income Tax existing slab rate
- Wonderful opportunities for youngester, who had got a new job and going to join after 01st April.Govt. will pay EPF contribution of 8.33% for all new employees for first three years
Rs 1,000 crore allocated for new EPF (Employees’ Provident Fund) scheme , Know How To Utilize the EPF Rate Hike ?
House Rent Allowance (HRA) limit has been enhanced from existing Rs 24,000 to Rs 60,000 for all those who are staying in the rented accommodation. Expected big relief for salaried individual especially.
There is another new relief provided in the Budget of 2016-17. Next financial year onward there would be Additional exemption of Rs. 50,000 for housing loans up to Rs. 35 lakh. This is to remember that the benefit would be given on the maximum loan amount of Rs 35 lac if the valuation of the house is lesser than Rs. 50 lakh. Learn How To Calculate Income Tax Benefit on Joint Home Loan ?
A big relief to all those who are/proposed to construct the house soon. Service tax exempted for housing construction of houses less than 60 sq. m
Big fish are in net now. There is 15 per cent surcharge on income above Rs. 1 crore
- Government has shown mercy on NPS holder. Next financial year onward the 40% of NPS withdrawal are Income Tax Free. Earlier the 60% of the Retirement corpus were under Tax bracket. How To Transfer Funds To NPS Account ?
- Benefit of Rs 5,000 under Section 87 (A), from Rs 2,000. This is the relief for all the tax payers below rs 5 lakh income.
- In order to Promote Gold Bond Schemes, Government has announced in the Budget that the Interest accured on Gold Monetization schemes are now Income Tax Free.
- Boost for the Insurance sector, Single premium insurance policy would have lesser service tax to 1.4% from existing 3.5%
- Now Government has announced the Free Health Insurance Policy to every Indian as like the PMJJY and PMSSY. Rs One lac healh insurance coverage to all the individual below 60 years of age. Senior citizen will be having the Insurance coverage of One lacs thirty five thousand.Read : How To Claim For Multiple Health Policies ?
