Union Finance Minister Arun Jaitley is going to present Budget 2017-18 on February 1st this year. What to expect from it? Here it is...
1) Income Tax exemption would be raised from Rs 2.5 lakh to Rs 4 lakh.
2) Slabs of 10 percent, 20 percent and 30 percent will be applicable to annual income of over Rs 4 lakh, Rs 10 lakhs and Rs 20 lakh respectively.
3) Increase in slabs on Allowances. This would eventually ease burden on job holders in the middle class.
4) Amendment to Section 80C: Currently, Rs 1.5 lakh income could be exempted using Section 80C of IT Act.
5) Whereas, Senior Citizens (60-80 age bracket) get exemption up to Rs 3 lakh. Above 80 needn't pay income tax for Rs 5-6.5 lakh depending on their position.
6) Tax Benefits for investments on Infra Bonds
7) Allowances for investing on NPS
8) Subsidy on Home Loan interest: 3% subsidy for Rs 12 lakh home loan and 4% subsidy for Rs 9 lakh loan.
9) Subsidy on EMIs of Home Loans
10) More benefits for people who acquire Home Loans: Currently, People who buy houses obtaining loan could avail benefits of decreasing interest rate only after the property comes under their control. But, That's going to change soon.
1) Income Tax exemption would be raised from Rs 2.5 lakh to Rs 4 lakh.
2) Slabs of 10 percent, 20 percent and 30 percent will be applicable to annual income of over Rs 4 lakh, Rs 10 lakhs and Rs 20 lakh respectively.
3) Increase in slabs on Allowances. This would eventually ease burden on job holders in the middle class.
4) Amendment to Section 80C: Currently, Rs 1.5 lakh income could be exempted using Section 80C of IT Act.
5) Whereas, Senior Citizens (60-80 age bracket) get exemption up to Rs 3 lakh. Above 80 needn't pay income tax for Rs 5-6.5 lakh depending on their position.
6) Tax Benefits for investments on Infra Bonds
7) Allowances for investing on NPS
8) Subsidy on Home Loan interest: 3% subsidy for Rs 12 lakh home loan and 4% subsidy for Rs 9 lakh loan.
9) Subsidy on EMIs of Home Loans
10) More benefits for people who acquire Home Loans: Currently, People who buy houses obtaining loan could avail benefits of decreasing interest rate only after the property comes under their control. But, That's going to change soon.