Attention Tax Payers!
Today will define the rest of the year for all of us. As FM Arun Jaitley released the much anticipated Union Budget 2016, most of us were caught quickly calculating how much will we lose to tax in 2016-17!
So how does the Union Budget affect you? What changed for you? Did it get worse or did it get better for the common Indian. Did the Budget 2016 match with the expectations?
Highlights of Budget 2016
- The government proposesed to pay EPF contribution of 8.33% for all new employees
- for first three years
- with salary less than Rs.15,000
- Those subject to tax audit will now be eligible for deductions under section 80JJAA, which was earlier restricted to only manufacturing companies.
- 40% NPS withdrawal at time of retirement will be tax exempt.
- Presumptive income to be extended to all professionals with gross receipts of Rs.50 lakhs, profit 50% of receipts
- An additional tax of 10% to be charged for taxpayers with dividend income exceeding Rs.10 lakhs.
How does Budget 2016 Affect You?
Read Crisp #Budget2016 Highlights and Calculate your Tax Implications for FY 2016-17.