could anyone please describe highlights of the budget 16-17 for individual tax payers and pensioners?
at least I could not see much except a little on health cover of Rs.1 lac +30000 could not get the details.
2 Replies
S. Shiroor
(Others)
(1207 Points)
Replied 29 February 2016
1) Direct tax - less than 5 lakhs - 87A raised to 5000
2) Under Section 80GG, an Individual can claim deduction for the rent paid even if he don’t get HRA. Not many people are aware of this deduction. THIS IS RAISED FROM 24000 TO 60000.
3) No Srvice tax on Construction for houses of 60 sq.m [ 600 sq.ft] and less.
4) 10% Dividend tax for dividends above 10 lakhs
5) shop keepers and small manufactureres upto 2 cr turn over can show 8% profits without acccount books
6) professionals upto 50 lakhs can have presumptive profits of 50% without books.
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