Finance Minister offered few tax benefits in Union Budget to the tax payers as compared to what was expected by them
Indian Budget is always high on expectation with the audiences from different groups like industrialist, entrepreneurs, tax payers and citizens. With the improving credibility of Indian economy along with strong expected growth and tripping inflationary pressure, on the personal finance front it was expected that the government will roll out bundles of measures which will ultimately benefit the taxpayer and the citizens of India.
Amidst the list of expectation which people had from the budget, only few of them were fulfilled. One of the most important segment of tax - tax slabs, which was expected to be revised upwards. However government did not make any changes to the tax slabs which were revised during previous budget. Considering the strength in the current economy, a reduction in tax liability by changing the tax slabs would have left additional amount in the hands of tax payers which could have been channelized as investments or consumption.
Also considering the importance of infrastructure growth, it was assumed that there would be additional benefits for the home buyers as well as existing borrowers of home loan, however tax provision on housing loan remains unchanged.
Following were few of the measures which were announced by the government today as a part of the Budget 2015 – 16.
1. Transport allowance which was earlier Rs. 800 per month has been revised to Rs. 1600 per month this would be beneficial considering the rising cost of transportation especially in cities.
2. Sec 80 D comprises of premium paid towards Health Policy/Medical Premium. Earlier the limit of deduction u/s 80 D was Rs. 15000 which has now been enhanced to Rs. 25000 and in case of senior citizen the same has been revised to Rs. 30000. This measure will not only boost healthcare programs but will also provide additional tax benefit to the tax payer.
3. An additional deduction of Rs. 50000 has been allowed for investment in New Pension Scheme u/s 80 CCD.
4. The budget has proposed to reintroduce Tax Free bonds. Tax free infrastructure bonds are proposed for projects in rail, road and irrigation sectors.
5. The wealth tax has been replaced by additional surcharge of 2% for people who have income higher than Rs. 1 Cr. Thus this will lead to higher tax outgo.
From personal finance perspective, budget 2015 – 16 had very limited measures as compared to what was expected.
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