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How changes in income tax rate could affect you
March, 01st 2016

Will your income tax calculations be affected by the Budget 2016? Here is a list of the provisions proposed by Union finance minister Arun Jaitley:
Tax relief raised to Rs 5,000, from existing Rs 2,000, on Rs 2.5 - Rs 5 lakh income slab.
Surcharge raised to 15 per cent from the existing 12 per cent for individuals who earn more than Rs 1 crore.
Union Budget 2016: Full text of Arun Jaitley's Budget speech

Budget 2016: 60% of EPF deposits to be taxed on withdrawal after April 1
Individual tax payers (Tax rate/Relief)
Up to Rs 2,50,000 — NIL / NIL
Rs 2,50,001 to Rs 5,00,000 — 10% / Rs 5,000 (Savings increased from Rs 2,000)
Rs 5,00,001 to Rs 10,00,000 — 20% / NIL
Rs 10,00,001 to Rs 1 crore — 30% / NIL
Above Rs 1 crore — 30% / 15% surcharge (Increased from 12%)

Senior citizens (60 years and above, but less than 80 years) (Tax rate/Relief)
Up to Rs 3,00,000 — NIL / NIL
Rs 3,00,001 to Rs 5,00,000 — 10% / Rs 5,000 (Savings increased from Rs 2,000)
Rs 5,00,001 to Rs 10,00,000 — 20% / NIL
Rs 10,00,001 to Rs 1 crore — 30% / NIL
Above Rs 1 crore — 30% / 15% surcharge (Increased from 12%)

Budget 2016: First-home buyers get Rs 50,000 more deduction on interest

Budget 2016: Pro-poor, pro-rural, relief for small tax payers
Senior citizens (80 years and above) (Tax rate/Relief)
Up to Rs 5,00,000 — NIL / Rs 5,000 (Savings increased from Rs 2,000)
Rs 5,00,001 to Rs 10,00,000 — 20% / NIL
Rs 10,00,001 to Rs 1 crore — 30% / NIL

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Above Rs 1 crore — 30% / 15% surcharge (Increased from 12%)
An additional tax of 10 per cent proposed on dividend income over Rs 10 lakh from domestic company.

 
 
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