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Arun Jaitley speech: Budget 2016 income tax relief – Arun Jaitley speech during Budget 2016 presentation in the Lok Sabha on Monday gave a little relief to income tax payers, but failed to live up to widely held expectations that he would hike tax exemption from Rs 2.5 lakh to Rs 3 lakh, a move that would have put some extra money in the common man's pockets. But one of his income tax moves will positively affect as many as 2 crore tax payers. <a href="https://www.financialexpress.com/article/budget-2016/union-budget-2016-live-highlights-income-tax-arun-jaitley-service-tax-gst-bill-7th-pay-commission-news/217358/"><strong>Union Budget 2016 highlights: Cigarettes, cars to become expensive; HRA exemption raised to Rs 60,000</strong></a>
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9. Income tax exemption limit: Infrastructure Bonds – The investment in infrastructure bonds issued by the infrastructure companies is eligible for deduction under Section 80C.
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2. Arun Jaitley speech: Budget 2016 income tax relief – The limit of deduction of house rent paid under section 80GG has also been raised to Rs 60,000 from the existing Rs 24,000 per annum to give relief to employees who live in rented houses. "To encourage the youth to be self employed, house rent deduction under section 80GG was expected to be revised considering the rentals in metros. Giving marginal relief to the self-employed, deduction under section 80GG has been raised from Rs 24,000 to Rs 60,000 to bring them on a level playing field with salaried taxpayers receiving house rent allowance (HRA)," Suraj Nangia, partner, Nangia & Co told IANS. "The new limit is still not in line with the sky-high rentals in metro cities and also considering the deduction on account of HRA available to salaried persons, which can be substantial in cases where the salary and its HRA component are high," Nangia added.
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3. Arun Jaitley speech: Budget 2016 income tax relief – In order to increase the penetration of the National Pension Scheme (NPS) and to make it attractive, Jaitley announced exemption of 40 percent of the corpus at the time of withdrawal. Jaitley said the annuity fund which goes to legal heir will not be taxable.
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4. Arun Jaitley speech: Budget 2016 income tax relief – In case of superannuation funds and recognised provident funds, including EPF, the same norm of 40 percent of corpus to be tax-free will apply in respect of corpus created out of contributions made on or from 1.4.2016. He also said that the government is proposing the monetary limit for contribution of employer in recognised Provident and Superannuation Fund of Rs.150,000 per annum for taking tax benefit. <a href="https://www.financialexpress.com/article/budget-2016/union-budget-2016-live-highlights-income-tax-arun-jaitley-service-tax-gst-bill-7th-pay-commission-news/217358/"><strong>Union Budget 2016 highlights: Cigarettes, cars to become expensive; HRA exemption raised to Rs 60,000</strong></a>
EPFO MAY NOT BE MANDATORY FOR YOU<br> Many may not know they can opt out of the Employee's Provident Fund (EPF) scheme and invest that money on any other avenue of their choice. However, this is limited to people who earn a basic salary above Rs 15,000. For those with basic below Rs 15,000 it is mandatory. Also, you should have never been a subscriber of EPF in the past.</br>
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