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. […]
Tag Archives: Budget
Budget 2016 First time home buyer – Rs 50,000 deduction for upto Rs 35 lakh loan provided house cost not more than Rs 50 lakh Reduction of Rs 60,000 per annum for those who don’t own house and pay rent Penalty to be 50% of tax in income under-reporting cases, 200% in misreporting of facts
Budget Expectations 2016– Corporate Taxes The second budget to be presented by the new government is keenly awaited by business entities as it is generally seen to bring ”Achhe Din” from the tax perspective. It is notable that the Prime Minister, himself, as part of his ‘ease of doing business’ framework’ emphasized on bringing in […]
Startups (Glimpse of Startup India Action Plan 2016 – Govt Initiative) This write up is to drive away some of the hot topic regarding one month old Government Initiative drive/ Policy “START UP INDIA ACTION PLAN 2016”, initiative led by Honble Prime Minister Shri Narendra Modi. This write up deals with What is start up? […]
Budget 2016: Expectations from the Finance Minister Come the budget season and the Finance Minister becomes Santa Clause. Everyone expects him to bring in some goodies. I also expect this Santa Clause to correct some anomaly in the income tax law and hand some goodies to the “Aam Admi” Let us discuss my wish list. […]