To bring about parity in New Pension Scheme and other retirement schemes, the government proposed in Budget to impose tax at the time of withdrawal on 60 per cent of the contributions made after April 1, 2016, to EPF and other schemes
Budget 2016 is a make budget not a break budget and it has come as a pleasant surprise.
In the last Budget, Jaitley had abolished the wealth tax and replaced it with an additional surcharge of 2 percent on the super-rich with a taxable income of over Rs 1 crore.
The finance minister also proposed that 40 percent of the pension wealth of an employee under NPS will be exempted from tax.
In a relief to individual tax payers, Finance Minister Arun Jaitley today increased the tax deduction limit to Rs 60,000 per annum from the current Rs 24,000 on the housing rent.
Here is what experts ranging from macroeconomic, infrastructure to banking sector have to say on Budget 2016
To create new jobs, the government has decided to pay 8.33 per cent of wages to EPS on behalf of employers for workers during first three years of employment, and has given Rs 1,000 crore for the same.
In order to soothe nerves of foreign investors, the government today offered one-time settlement of cases emanating from retrospective amendment of tax laws, by asking companies to pay the basic tax demand and get waiver for interest and penalty.
Here's how your money life changed after Union Budget 2016
In his Budget, Finance Minister Arun Jaitley today proposed to significantly relax the FDI policy in several sectors, including insurance and pension and asset reconstruction companies, to attract more overseas investments.
This year, the introduction of social security schemes by the government has been a great move in deepening the penetration levels of insurance in India.
Although there is a higher limit of deduction for senior citizens for medical insurance but for the day to day medical needs there is no deduction