Budget 2016 – Highlights of Income Tax Provisions
INDIVIDUALS / HUF / AOP / BOI
No change in income tax rates, no increase in tax exemption Limit.
First-time home buyers to get additional deduction of Rs 50,000 on interest for loan upto Rs 35 lakh. The cost of house should not be more than Rs. 50 lakh.
Surcharge on income tax for those with incomes exceeding 1 crore per annum raised from 12% to 15%.