WebFeb 29, 2016 · The provisions of Finance Bill, 2016 relating to direct taxes seeks to amend the Income-tax Act, 1961 ('the Act') , the Finance (No.2) Act, 2004, Finance Act, 2013 … WebFeb 29, 2016 · Tax relief raised to Rs 5,000, from existing Rs 2,000, on Rs 2.5 - Rs 5 lakh income slab. Surcharge raised to 15 per cent from the existing 12 per cent for …
Live Budget 2016-17: Live India Budget News, Union Budget 2016 …
Web11 hours ago · The new tax regime is now the default option, and an individual opting for the old tax regime will continue to calculate income tax as per previous years. The surcharge rate for high-income earners has been reduced to 25% from 37%. It is important to note that even if an individual pays zero tax, they are still required to file an income tax ... WebFeb 29, 2016 · Proposal to modify scheme for penalties * To reduce multiplicity of taxes and cascading - 13 taxes with collection less than Rs 50 crore a year abolished * Income tax department will expand e ... muir woods hiking trail map
Live Budget 2016-17: Live India Budget News, Union Budget 2016-17 ...
WebMar 1, 2016 · The Finance Minister Arun Jaitley has presented Union Budget 2016 in Lok Sabha on 29 th February, 2016. Following are the key highlights of the Finance Bill: ... Webyear 2016-17. DIRECT TAXES A. RATES OF INCOME-TAX I. Rates of income-tax in respect of income liable to tax for the assessment year 2016-2024. In respect of income of all categories of assessees liable to tax for the assessment year 2016-2024, the rates of income-tax have been specified in Part I of the First Schedule to the Bill. WebApr 7, 2024 · Fiscal deficit in RE 2015-16 and BE 2016-17 retained at 3.9% and 3.5%. Revenue Deficit target from 2.8% to 2.5% in RE 2015-16 Total expenditure projected at ₹ 19.78 lakh crore Plan expenditure pegged at ₹ 5.50 lakh crore under Plan, increase of 15.3% Non-Plan expenditure kept at ₹ 14.28 lakh crores muir woods and wine tour