Budget 2016 Income Tax Slab Cheat Sheet: For income tax payers, the most important part of the year is here. And topmost on their minds is whether FM Arun Jaitley will give them substantial tax breaks thereby putting some extra money in their pockets. Although inflation is down per se, still price rise is a constant threat and savings plans payments are tough to keep up with and the family even tougher to maintain. So, with the FM all set to present the Union Budget 2016-17 on February 29th, expectations are that he will hike exemptions on income tax slabs – Narendra Modi govt has promised ‘achhe din’ and nothing will usher in better days than income tax slab rate hike.
At present (FY16), the government allows individuals below 60 years or Hindu Undivided Family (HUF) earning up to Rs 2.5 lakh a year not to pay any tax, those earning between Rs 2.5 to 5 lakh a year pay tax at the rate of 10%; between Rs 5 to 10 lakh at the rate 20% and those above Rs 10 lakh a year at 30%. Here is 1 assumption we are making based on our readers’ wish list. Find out how much you can save based on these assumptions!
If the government increases the slab by Rs 1,00,000 across all income brackets if finance minister Arun Jaitley is more generous this year , then there will be more disposable income in the hands of individuals. Individuals below 60 years with an annual income from Rs 5 lakh to 1 crore will benefit by Rs 10,300 a year and those with annual income above 1 crore can save up to Rs 11,330 a year.
Check out in the income tax slab tabulation below, the Union Budget 2016 Income Tax cheat sheet and find out everything you need to know even before FM Arun Jaitley has spoken a word: