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BUDGET 2017-2018 Special

Latest Updates -
-The latest income tax slabs for 2017-2018 can be found here - Income tax slabs 2017-18.

-The latest free income tax calculator to calculate your latest tax and to compare your tax savings from previous year can be found here
Free Income Tax calculator for calculating tax for 2017-18.

BUDGET 2015-2016 Highlights

Minister of Finance Mr. Arun Jaitley presented the Union budget for the year 2015-16 on February 2015 in Parliament. The highlights of the union budget that is targeted to reduce fiscal deficit and to improve growth are the following:
  • No change in income tax slabs. But provides an relief in other areas including an increase in deductions on health cover premiums from Rs 15000 to Rs 25000. Deduction for pension contribution increased to Rs 1.5 lakh from earlier Rs 1 lakh. Transport allowance increased to Rs 1600.
  • Service tax increased to 14% from the current 12.3%
  • 5% reduction in corporate tax over the next 5 years. This will reduce the tax from existing 30% to 25%.
  • Wealth tax is removed. Extra 2% additional surcharge on income of 1 crore and above.
  • Introduction of Insurance scheme - A insurance cover of 2 Lakh for a premium of Rs 12.
  • PAN card made mandatory for all transactions above 1 lakh.
  • Additional Rs 1000 crore for the Nirbhaya fund for women safety.
  • Defence allocation to be 2,46,747 crore
  • Allotted Rs 20,000 crore for the set up of Mudra bank to support SMEs promoted by SCs / STs.
  • Gold monetisation scheme to monetise gold deposits.

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