INCOME TAX - NEW FROM BUDGET 2016

Budget :

No change in Income Tax slabs.

Increase in limit of deduction of rent paid under 80 GG from Rs. 24,000 per annum to Rs. 60,000 to those who live in rented houses.

Individuals with income up to Rs.5 lakh will get a relief of Rs. 5,000 in their tax liability, instead of the present Rs.2,000.

PROVIDENT FUND WITHDRAWALS TO BE TAXED,
BIG SETBACK FOR SALARIED CLASS

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