Union Budget 2016-17 Live Updates: No change in Income Tax slabs, rent relief increased to Rs 60,000

New Delhi: While making no change in personal Income Tax slabs in the Union Budget 2016-17, Finance Minister Arun Jaitley on Monday announced additional tax relief of Rs 50,000 for first time home buyers for up to Rs 35 lakh loan provided house cost does not exceed Rs 50 lakh.

jaitley on budget

Jaitley also announced to hike HRA deduction limit from Rs 24,000 to Rs 60,000 per annum for rent payers.

Stay tuned as we bring you live updates from the Budget.

-No change in Income Tax slabs

-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

-National Pension scheme – withdrawal of 40% of corpus at time of retirement tax exempt

-National Pension scheme – withdrawal of 40% of corpus at time of retirement tax exempt

-FM announces 9 objectives for tax reforms

-Tax rebate for those earning less than 5 lahk per annum

-Under 5 lakh income – rebate increased from 2000 to 5000

-Corporate Tax – New manufacturing companies registered on/post March 01, 2016 – option of tax 25% surcharge + cess

-Lower Corporate tax for small companies at 29% surcharge + cess

-National Pension scheme – withdrawal of 40% of corpus at time of retirement tax exempt

-Presumptive tax extended for professional earning up to Rs 50 lakh

Source:- Zee News