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Budget 2016 Highlights

Budget 2016 highlights

Income Tax Income tax slab is not changed Maximum deduction under section 87A increased to Rs. 5,000. Maximum limit of deduction of rent  under section 80GG is increased from Rs. 24,000 to Rs. 60,000 p.a. Lowering of Corporate IT rate for companies not …

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Atal Pension Yojna is now eligible for tax deduction

Contribution to atal pension yojna is now eligible for tax deduction same as that of National Pension Scheme (NPS) under section 80CCD. The tax benefit of extra rs. 50,000 deduction under section 80CCD(1B) is also available for contribution to atal pension yojna. …

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Provident Fund (PF) Interest rate increased to 8.8%

The Employees’ Provident Fund Organisation (EPFO) has increased the interest rate for provident funds for 2015-16 to 8.8% from 8.75%. EPFO Finance Audit and Investment committee (FAIC) had early recommended 8.95 percent interest on PF deposits for the current fiscal. But it …

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