He said the government plans to circulate Model Shops and Establishments Bill which the state governments can adopt on voluntary basis in order to boost the retail sector, which is the largest service sector employer in the country.
Because health is wealth, the government will charitable raffle enabling act texas set up 3,000 new generic medicine stores across the country to tackle the shortage of drugs in rural areas.
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Customs duty on imported imitation jewellery has gone up from 10 to 15 while customs duty on industrial solar water heater has increased from.5 to 10 which will make these items costlier.This will be applicable for individuals with an income less than Rs 500,000.Easier Tax Filing for Professionals - For professionals providing services, with gross receipts (revenue) up to Rs 50 lakhs can now avail this benefit, too.Budget 2016 will work on tax reforms to reduce burden of compliance:.Read, budget 2016 top takeaways: I-T slab unchanged; super-rich surcharge rises.Branded garments will cost more, prices of branded garments are set to go up by 2 to 5 with the government levying excise duty on ready-made products of Rs 1,000 or more.You can claim this deduction if the construction of the property finishes in 5 years.According to Jaitley, the move would benefit over two crore tax payers.They will be liable to pay taxes only on 50 of gross receipts and via ITR 4S, as well.This benefit will be available to an eligible start-up which is setup before April 1, 2019, he added.While the expectations were that Arun Jaitley would increase the income tax exemptions but the Finance Minister made no changes in the existing income tax slab.Only if you the owner or your family reside in the house property.But, only if your loan amount is less than 35 lacs and the cost of house is not above 50 lacs.Considering the current income tax slab and proposed tax rebate, some tax payers may find it difficult to know the exact amount, which they have to pay as income tax.Watch what you are driving, jaitley announced that an additional 1 tax will be imposed on cars valued at above Rs 10 lakh.
50,000 for your home loan this year.Budget 2016 to focus on GST and bankruptcy code:.Mobile phones and tablets will become dearer with the government proposing a hike in levies on components like printed circuit boards and peripherals like batteries and chargers.At present, social security schemes run by retirement fund body epfo are tax free Exempt-Exempt-Exempt (EEE) scheme under which deposits, accrual of interest and withdrawals are tax free.You can now claim an additional deduction of upto.Since the Finance Minister Arun Jaitley didnt change the existing income tax slab, Rs.5-5 lakh income will be taxed at 10 per cent, Rs 5-10 lakh at 20 per cent and the 30 per cent rate will be levied on income above Rs 10 lakh.Withdrawal Exemption on NPS - If you are planning to retire anytime soon, withdrawal of 40 of your National Pension Scheme (NPS) will be tax exempt, at the time of retirement.The government is committed to achieve 100 percent village electrification by 1st May, 2018.Locally made mobiles, aerated drinks and smart watches are among the other items that will be costlier while footwear, solar lamps and routers are slated to cost less.For Home Owners - Do you own a house?Air fares to take flight, fliers will have to shell out more with the government proposing a hike of 6 in excise duty on jet fuel but it would not be applicable to the proposed Scheduled Commuter Airlines under the regional connectivity scheme.
In order to bring greater parity in tax treatment of different types of pension plans, it is proposed that the contributions made on or after April 1, 2016 by an employee participating in a recognised provident fund and superannuation fund, up to 40 of the.