Budget 2017-18: What to expect?

Update: 2017-01-18 11:15 GMT
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.
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