Day: 29 February 2016

Highlights of Indian Union Budget 2016-2017 – Announced on 29th February 2016   Income tax slabs for the financial year 2016-17 has remained unchanged   Tax exemption for house rent will be raised to Rs 60,000 from the current Rs 24,000-level. This deduction is for those, who don’t get the house rent allowance from their employer. Such person can avail this deduction according the specified rules. Under the National Pension Scheme, the government announced an exemption for withdrawal of up to 40% of the corpus at the time of retirement. WITHDRAWN -  Meanwhile, in case of recognized provident funds, including the EPF, the same norm as NPS will be applied. It implies introduction of taxes on withdrawals from such instruments, which had a total tax-free withdrawal, will now come un...