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5. EPF tax in Budget 2016: Explaining further Adhia said the government proposes to change the provision not to take tax from salaried class, but to help people plan for retirement better. "We are saying, 40 per cent of it (EPF amount) will be available at the time of retirement. For the remaining 60 per cent, we want to encourage you to invest in annuity product. (Reuters)
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Budget 2016: The salaried class is expecting a tax exemption limit in the region of Rs 3 lakh three lakh per year, besides other friendly amendments to the tax slab. A majority of people relate exemption in tax limit to inflation, which means more the inflation, more the exemption limit. According to Section 80C of the Income Tax Act 1960, there is a proposal to end tax exemption limits. As per the Act, the tax exemption limit is currently around Rs 1.5 lakh. (Reuters)
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Budget 2016: There is also hope that the House Rent Allowance (HRA) will be increased. Salaried persons who get a lump sum amount without an HRA component can claim a maximum (additional) deduction of Rs 2,000 per month under Section 80 GG. If the limit in investment is removed, then people will able to save more, as circulation of liquid cash will be more and would help the government in the long run. It is a given that the general public needs simple investment options. (Reuters)
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3. EPF tax in Budget 2016: "We are worried about people blowing off the entire 100 per cent amount on retirement and not investing in pension products. Otherwise, the responsibility comes on government to take care of healthcare," Adhia said. (Reuters)
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The Income Tax department has issued 2.10 crore refunds totalling over Rs 1.22 lakh crore in 2015-16, which saw 94 per cent the returns being filed online
Indian woman leaves US after layoff during F-1 OPT, calls goodbye ‘hardest step’
