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Budget 2016 and income tax: Finance Minister Arun Jaitley has increased the income tax surcharge on the super-rich in his budget in an attempt to pad up the government coffers as it looks to raise the amount of funds at its disposal to boost economic growth with investments on infrastructure and other sectors of the Indian economy – an increasingly cash-strapped private sector is unwilling to expose itself further by raising spend on investments. (Reuters)
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16. Income tax exemption limit: Employer contribution in National Pension Scheme (NPS) – Eligible for tax deduction of upto 10% of salary under section 80CCD(2) without any upper cap. It is the best time when investments can still be made and avail tax benefit for the financial year 2015-16 if not done so far. (The author is managing director – Protiviti India, Tax and Regulatory Affairs) (Reuters)
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A surcharge of 10 per cent on taxable income of Rs 1 crore and above was imposed in 2013-14 by the then Finance Minister P Chidambaram. In the last Budget, Jaitley had abolished the wealth tax and replaced it with an additional surcharge of 2 per cent on the super-rich with a taxable income of over Rs 1 crore. (Reuters)
US announces new visa immigration fee for foreign nationals
