Archive for March, 2016

8 Changes in Personal Taxes by Union Budget 2016-17

Posted by Admin on March - 4 - 2016

8 Changes in Personal Taxes by Union Budget 2016-17 CA (Dr.) Suresh Surana No change in Basic Exemption Limit for Individuals There has been no change in personal tax rates. The basic exemption limit continues at Rs.2.50 lacs. Tax Rebate of Rs. 2000 available to small tax payers under Section 87A has been increased from Rs. 2,000 to Rs. 5,000. This will benefit about around 2 crore marginal tax payers. HNIs in Higher Tax Net With a view to tax high income tax payers, the surcharge on income-tax is proposed to be increased from 12% to 15% wherein income exceeds Rs. 1 Crore. This will  [ Read More ]

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