A fresh deduction of Rs 30,000 has been provided for the amount paid on account of medical expenditure incurred on health of a very senior citizen where no amount is paid towards mediclaim premium.
The attractive pre-election campaign on minimum government does not get reflected in the budget.
Finance Minister Arun Jaitley did not really bring in acche din for the salaried class as the income tax slabs remain unchanged but it did offer some respite by doubling monthly transport allowance ( which is tax free) to Rs 1600 as well as offering deductions under section 80 (D)
Around 3% of Indians pay income tax. If more corporates are likely to pay more tax at lower rates, can't the same assumption be made for individual tax payers as well? Further, like the corporates income tax laws, can't the personal income tax laws simplified as well?
The finance minister wants you to save more for your twilight years; pension funds and health insurance firms are the biggest beneficiaries.
The Finance Minister has explained why he has gone back on his promise of raising income tax exemptions for the salaried class.
The surcharge would now be 12 percent for individuals earning Rs 1 crore and above and companies with income of Rs 10 crore and above. "The rich and wealthy must pay higher taxes," Jaitley said.
Finance Minister Arun Jaitley today presented the Union budget for FY16 in the backdrop of easing inflation and interest rates but continued growth challenges which the government needs to address. Jaitley is under pressure to unveil reforms that will put the country’s economy on a path of 7-8 percent growth over the next two years.
The finance minister in his maiden budget speech had announced the concept of universal KYC and a single demat account across asset classes.
The cost of medication is not just high for serious illnesses but also for general ones.
Eager to win over the middle class after the Delhi poll debacle, Finance Minister Arun Jaitley on February 28 is expected to present an aam aadmi friendly Budget by either raising tax slabs or hiking investment limit in savings instruments.
His views come amidst some voices seeking an inheritance tax in the forthcoming Budget
In the last Budget, the government had increased the slab by Rs 50,000 from the existing Rs 1 lakh bringing cheers to many but still it isn't sufficient.
For advertising professionals Srijoyee Ghosh and Sanhita Ghosh in Bengaluru routine expenses eat into much of their salaries.
College student Suweksha Gupta wants the next Budget to do away with this imbalance and favours adequate budgetary allocation for educational institutions dealing with arts and humanities.
The survey was able to target employees from 18 broad sectors, with maximum share contributed by employees from IT/ITes sector (17 percent).
The LTC/LTA is available to the individual and his family including spouse, two children, parents, brothers and sisters, who are wholly dependent on the assessee.
Finance Minister Arun Jaitley is likely to provide tax incentives in Budget to encourage companies to participate in Swachh Bharat Abhiyan and Clean Ganga campaign as part of mandatory two per cent CSR spending.
As this Budget will be the first full-fledged budget by the new government, the expectations all around are high