10 POINTS TO REMEMBER IN BUDGET 2015-16
- New Tax slabs/Income Tax rates;
|
Effective Income Tax slab for individuals |
Rates of Income Tax |
|
Income up to Rs. 2.5 Lacs |
0% |
|
Income from Rs. 2.5 Lacs to 5 Lacs |
10% |
|
Income from Rs. 5 Lacs to 10 Lacs |
20% |
|
Income from Rs. 10 Lacs and above |
30% |
2. Service tax rate will be increased to 14% from 12.36% at present
3. Transport allowance exemption will be increased from Rs. 800 per month to Rs. 1, 600 per month
4. Wealth tax will be abolished and a super surcharge @ 2% will be introduced for persons having Rs. 1 crore plus income
5. Corporate tax will be cut down to 25% from 30% at current over next four years
6.Medical reimbursement/Mediclaim deductions under section 80D will be raised from Rs 15,000 to Rs 25,000; and Rs 30,000 for senior citizens for treatment. Disabled and very senior citizens will also get higher deductions
7. Additional deductions of Rs 50,000 per annum will be available for contributions to pension schemes under section 80CCD
8. Mudra Bank with corpus of Rs. 20,000 crore will be set up to provide loans specially to proprietors running small business/profession
9. Imprisonment upto 10 years for non filing/wrong data in income tax returns and also cross data will be available among Income Tax Department, Service Tax Department and Sales Tax Department.
10. Restrictions on cash loan of more than Rs. 20,000 for purchase of property
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