Pdf on union budget 2015 income tax exemption limit

As you are aware, the union budget for fy 201516 was tabled in the parliament by the finance minister of india on 28feb2015. Hike in surcharge on income above rs 1 crore to 12% from 10%. Union budget 2008 income tax exemption limit hiked to. Section 80ccd new pension scheme tax benefits under. Employees contribution under section 80c of the income tax act, which puts a cap of investment under the section at rs.

Highlights direct tax proposals of union budget 201516. The service tax exemption given to mutual fund agents was withdrawn. The general budget 201415 presented by the union finance minister shri arun jaitley has raised the personal incometax exemption limit by rs. However, finance minister arun jaitley has proposed no changes in personal income tax rates for 2015 16 but brought some relief for the middle class tax payers by increasing the limit of deduction on health insurance premium from rs 15,000 to rs 20,000, while presenting the budget 2015 16.

Rs 800 per month is allowed as conveyance allowance ie rs 9,600 pa. Union budget 2015 raises tax deduction limit to rs 4. Income tax rates are not changed but surcharge in almost all categories of tax payers is increased from 10% of income tax to 12% of income tax. Finance minister has presented budget 201516 on 28022015. Corporate tax rates proposed to be reduced from 30% to 25% over the next four years, starting from next financial year.

Applicability date of budget proposals are in red fonts. Union budget 201516 extension of reduced tax rate of 5% on income foreign investors fiis and qfis from corporate bonds and government securities till 30th june, 2017. Personal income tax exemption limit and 80c limit also. Increase basic income tax exemption limit to rs 3 lakh rs 3. Having raised the basic exemption limit and 80c limit etc last year, there was hardly any scope. Union finance minister arun jaitley will table budget for the financial year 201819 on. There is no change in the basic exemption limit and tax rates for individualshuf. As per section 21a, agricultural income generally means. Section 80ccd of the income tax act, 1961 refers to income tax deductions allowed to individual tax assessee on the contribution made towards notified pension schemes from central government i. Income tax slabs, exemption limit and rates from year 2008 to 2017 new delhi, jan 30. The income tax law consists of income tax act 1961, income tax rules 1962, notifications and circulars issued by central board of direct. The new income tax rates or income tax slabs are effective from april 01, 20.

The constitution of india schedule vii union list entry 82 has given the power to the central government to levy a tax on any income other than agricultural income, which is defined in section 101 of the income tax act, 1961. Here is a tax calculator to check out your tax liability. Under sections 80d and 80ddb, senior citizens can avail of deductions up to rs. The new income tax rates or income tax slabs are applicable for the incomes earned or generated from april 01, 2014 to march 31, 2015. Union budget 201516 india, indian union budget 201516, pdf. Increase in limit of deduction in health insurance premium from rs 15,000 to rs 25,000. The taxation on various components of an approved superannuation fund are as follows. Budget 2015tds 194c transporter owning more than 10 goods.

The ministry of law will provide more details by mar 2015. Agricultural income is defined under section 21a of the incometax act. Under the existing provisions of section 194c of the income tax act, 1961 payment to contractors is subject to tax deduction at source tds at the rate of 1% in case the payee is an individual or hindu undivided family and at the rate of 2% in case of other payees if such payment exceeds rs. Gold monetization scheme to allow the depositors of gold to earn interest in their metal accounts and the. There has been no change in the tax rates, basic income tax exemption limit or tax slabs for individuals, huf, aop and boi, the income tax slabs and rates for fy 201516 or ay 201617 are as under. However, there is no increase in basic exemption limit in the case. Taxfree incomes agricultural income section 101 as per section 101, agricultural income earned by the taxpayer in india is exempt from tax. Incometax basic exemption limit for the persons below the age of 60 years was raised by rs. Finance minister arun jaitley is expected to increase the minimum income tax exemption limit. Employers contribution on the behalf of employee towards national pension scheme is also included in the same section as per the rules of. This new tax system is optional and will coexist with the old one with three slabs and various exemptions and deductions available to the taxpayer. Finance minister arun jaitley on thursday raised tax exemption limit to rs 2. With fresh incentives for individuals announced in the union budget today, the overall deduction limit under personal income tax has gone up to rs 4,44,200 a year.

There was no change in income tax slabs of individuals. Personal income tax rates for the financial year 20082009 and assessment year 20092010 new delhi delhi, india, november 17, 2015 indian government ups basic personal income tax exemption limit from rs. The union budget for 201516 has been announced by mr arun. Income tax exemption limit for senior citizens has been raised to. Indian union budget 2015 an overview for layman as well professionals. Thirdly, i also intend to permit tax free infrastructure bonds for the projects in the.

Transport allowance exemption on income tax increased from rs. All employees who are not coming through company provided transport, can avail of this benefit. Surcharge has been increased from 10% to 12% on incometax for income exceeding rs. The budget 2016 did not witness any change in the tax slabs, but the modi sarkar lessened the burden on low income group by increasing the rebate us 87a from rs 2,000 to rs 5,000 and the super. The income of nontax resident mediators who carry out mediation work in singapore from 1 apr 2015 to 31 mar 2020 will be exempt from tax. Arun jaitley, the finance minister of india, announced the new personal income tax slab rates while presenting the union budget of india, also called the indian general budget, on thursday, july 10, 2014 in new delhi. From 20 february until the presentation of budget about 100 government employees remained locked up in the north block of the secretariat building, new delhi, which houses the budget printing press. Government of india income tax slab rates for ay 20152016. As per the current income tax slabs, taxation of income of resident individuals below 60 years is as follows. No change in tax slabs or minimum taxable limit the transport allowance exemption hiked to rs 1,600 per month from rs 800 per month.

Increase tax exemption limit to rs 3 lakh, says sbi report if the exemption limit of interest payments under housing loan is increased to rs 2. Tax rates no change in the basic exemption limit and the tax rates of individuals corporate tax rates proposed to be reduced from 30% to 25% over the next fou highlights direct tax proposals of union budget 201516. Understanding taxation on approved superannuation fund. Union budget 2017 has reduced the personal income tax rate for the entry level income tax slab to 5%. Madam speaker, investors spend a large amount of time and. Tax hike for super rich combining these incentives with others including an enhanced deduction of rs 1. With fresh incentives for individuals announced in the union budget on saturday, the overall deduction limit under personal income tax has gone up to rs 4,44,200 a year. Government of india income tax slab rates for ay 20142015. The union budget 2020 has brought new income tax slabs regime with reduced rates for those foregoing 70 tax exemptions and deductions under a simplified tax regime.

Investment limit under section 80c of the incometax act was raised from rs 1 lakh. With fresh incentives for individuals announced in the union budget on saturday, the overall deduction limit under personal income tax has gone up to. In 2014, then union finance minister arun jaitley, presenting his first budget, increased the tax exemption limit from rs 2 lakh to rs 2. Rs 50000 deduction in taxable income for contribution to nps. The amount appropriated forproperty tax relief programs in the fiscal year 2016 state budget affected reimbursement payments for 2014. As proposed in the new tax regime, 70 tax exemptions will be removed but the income between rs 5 lakh and rs 7. In union budget 2015, limit of rs 800 pm is increased to rs 1600 pm. The union budget of 201516 was the first full budget to. Taxation annex to the summary of 2015 budget measures. Income tax basic exemption increased by rs 50,000 to. Exemption exemption limit increase from 12,012 to,000 7% to 5. Basic exemption it is an amount up to which an individual is not required to pay any income tax on his total income. Rent from property tax exemption for nontax resident mediators. Tax free infrastructure bonds for projects in the rail, road and irrigation sectors.

Budget fy 201516 tax on salary posted by gautham on april 1, 2015. Arun jaitley in his budget speech in july 2014 proposed to increase personal income tax exemption limit by rs 50,000 i. Revised incometax exemption limit fy201516 individual budget. The beginning of the budget printing began on 19 february 2015 with the traditional halwa ceremony. In the budget for 201516, finance minister arun jaitley has proposed raising the tax deduction limit by rs 10,000 for payment towards health insurance premium. Deferring esop income taxability in the hands of employees of eligible startups.