-
Budget 2016 impact: Small income taxpayers stand to get annual benefit of Rs 6,600 on account of rebate and increase in tax deduction limit on the rent for accommodation proposed in the Budget 2016-17. "Income tax rebate has been increased from Rs 2,000 to Rs 5,000, straightaway benefit Rs 3,000 for person having income of Rs 5 lakh per annum," Revenue Secretary Hasmukh Adhia said.
-
"Second benefit for income taxpayers in Budget 2016 is deduction for rental which comes to 3,600 extra. In all they get relief of Rs 6,600," Adhia said. Adhia was speaking on benefits to be derived by the public from proposals made by FM Arun Jaitley in budget.
-
This benefit in Budget 2016 is available for individuals with income up to Rs 5 lakh. The PM Narendra Modi led NDA government has proposed to increase the limit of deduction of rent paid under 80 GG from Rs 24,000 per annum to Rs 60,000 to provide relief to those who live in rented houses.
‘No client investments or funds involved,’ says Marcellus CEO after CFO Pankaj Gupta booked for Rs 1.18 cr fraud
