Highlights of Union Budget (2016-17)
1. No change in personal Income Tax slabs 2. Relief for tax payers who earn below Rs 5 lakh; ceiling of rebate u/s 87A raised to Rs 5,000 from Rs 2,000 3. Deductions u/s 80GG for rent paid increased from 24000 to 60000 4. First home buyers to get additional deduction of Rs 50,000 on interest for loan up to Rs 35 lakh; cost of house should not be more than Rs 50 lakh 5. Excise duty raised from 10 to 15 per cent on tobacco products other than beedis 6. 1 per cent service charge on purchase of luxury cars over Rs. 10 lakh and in-cash purchase of goods and services over Rs. 2 lakh. 7. Government to pay EPF contribution of 8.33% of new employees for first 3 years. 8. Long term capital gains for unlisted companies to be reduced from 3 to 2 years 9. Senior citizens to get additional healthcare cover of Rs 30,000 under the new scheme 10. Service Tax to be exempted on general insurance schemes under NIRMAYA Scheme. 11. 100% deduction for profits in housing proj...