April 03, 2025 01:29 pm (IST)

Make this your homepage

All Finance

Crushing defeat for Mamata Banerjee: BJP reacts to Supreme Court's SSC recruitment order | DMK to challenge Waqf (Amendment) Bill in Supreme Court, announces Stalin | Supreme Court upholds Calcutta HC order quashing 25,000 appointments by SSC in Bengal | In a major boost for tourism, Shimla to get Asia's longest ropeway spanning 13.79 kilometers | Karnataka govt hikes sales tax on diesel, price goes up by Rs. 2 | 'Heard India will be dropping its tariffs substantially': Donald Trump ahead of announcing reciprocal tariff | Opposition MPs decide to vote against Waqf Amendment Bill in Parliament tomorrow | Chilean President Boric visits India, discusses ways to expand bilateral ties with Modi | Himanta Biswa Sarma slams Muhammad Yunus' Northeast remarks, Tripura leader suggests Bangladesh's split | Modi govt determined to uproot Naxalism by March 31, 2026: Amit Shah

Union Budget 2016: Announcement of relief for small tax payers and others

India Blooms News Service | | Feb 29, 2016, at 08:22 pm

#Arun Jaitley # Union Budget 2016 # Pro poor budget # rural budget # India economy

New Delhi, Feb 29 (IBNS) Union Finance Minister Arun Jaitley on Monday presented the Union Budget 2016 where he said he would like to give relief to small tax payers and proposed to raise the ceiling of tax rebate under Section 87A of IT Act to Rs 5,000 from Rs 2,000 for individuals with income less than Rs 5 lakhs.

The minister said that taxation is a major tool available to the government for removing poverty and inequality and it has to be cautiously exercised.

He said that more than two crore tax payers would get a relief of Rs. 3,000.

The limit of deduction of house rent paid under section 80GG has also been raised to Rs 60,000 from the existing Rs 24,000 per annum to give relief to employees who live in rented houses.

Under the presumptive taxation scheme under Section 44AD of the Income tax Act, the limit of turnover or gross receipts has been raised to two crore rupees from the existing one crore rupees to benefit about 33 lakh small business people.

It frees a large number of such assesses in the MSME category from maintaining detailed books of account and getting audit done.

The presumptive taxation scheme is to be extended to professionals with gross receipts up to Rs 50 lakh with the presumption of profit being 50% of the gross receipts.

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.

India
International

Related Images

Nirmala Sitharaman presents Budget 2025 Feb 01, 2025, at 03:41 pm

Veedol signs former Indian skipper Sourav Ganguly as brand ambassador Jun 29, 2024, at 06:38 am

In Images: Glimpses from Bengali film Fatafati's premiere May 13, 2023, at 08:39 pm