Budget 2016- Highlights- 6

Highlights- 6

  • Accelerated Depreciation limited to maximum of 40
  • Start Ups: Exemption for 3 out of 5 years. MAT applies. Capital Gains not taxed where investment made in notified funds or in start ups where they hold majority
  • Proposed to extend presumptive income tax to all professional with income limit of Rs 50 lakhs
  • Lower corporate for next financial year for companies upto Rs 5 cr turnover to 29 per cent for 2015
  • Proposed tax rebate under section 87A from Rs 2,000 to Rs 5,000
  • HRA relief raised from Rs 24,000 to Rs 60,000
  • Salaried people upto Rs 5 lakh to get Rs 3,000 relief per year. 2 crore tax payers to benefit:
  • Thrust of tax policy are in 9 categories: Relief to taxpayers likely
  • Fiscal target to have a range than fixed target to give govt elbow to manage uncertainties

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