Tuesday, 1 March 2016

A Comment on Budget 2016 implications on salaried people

My Comment on an article "Budget 2016: Eight takeaways for individual taxpayers" published in the economictimes.com Dated 01/03/2016 at 5:45 pm.

"New sops given to salaried class tax payers in this budget include an additional tax rebate of Rs.3,000. So, the total rebate now allowed is 5,000. This means that a person drawing salary of Rs.5,00,000 in a year is not incurring any tax liability at all. Those drawing above 5 lacs also get this tax rebate of Rs.5,000 from their dues. 

Another concession offered for salaried person is the deduction of 50,000 extra towards new house purchase in addition to the existing allowance of 1,50,000. But, this Rs.50,000 is allowed only if the house value is below Rs.50 lacs and on a loan upto Rs.35,00,000 only. 

I think, this allowance getting limited to only Rs.35 lac loan is not sufficient and it should be raised to a loan of upto 40 lacs as most people require to take loans upto 80% of house value."

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