Budget 2016 – Salaried Employees get reasons to Cheer & Grudge – Latest Update

Budget 2016 – Salaried Employees get reasons to Cheer & Grudge – NPS retirement withdrawal which is allowed at 40% will be Income Tax free.

7th pay commission latest newsIncome Tax rebate under Section 87 A to be increased from Rs. 2000 to Rs.5000/-.  This rebate would be applicable only to income tax payers who have taxable income not more than Rs. 5 lakh.

NPS retirement withdrawal which is allowed at 40% will be Income Tax free.

For first time home buyers – additional Rs 50000 rebate for loans upto Rs 35 lakhs and houses that cost upto Rs 50 lakhs.

Income Tax exemption on rent paid 80GG increased to Rs. 60,000.  This income tax exemption would be applicable to Income Tax Payers who are not in receipt of House Rent Allowance.

No change in Income Tax Rate and Income Tax Slab – Income Tax rebate under Section 87A increased to Rs. 5000/- for tax payers with taxable income not more than Rs. 5 Lakh.

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