10 Key Points of Budget 2016-17 for Layman:
[1] For first home buyers, deduction for additional interest of Rs 50000 per annum for loans up to Rs 35 lakh.
[2] Relief for people living in rented houses, tax deduction of Rs 24,000 per annum from income for people who do not own any house and do not get any house rent allowance. Proposals to increase limit of deduction from Rs 24,000 to Rs 60,000 per annum.
[3] No change in Tax slab
[4] Service tax exemption for construction of affordable housing upto 60 sq. m. under state and central housing schemes.
[5] Limited period compliance window for domestic taxpayers to declare undisclosed income
[6] An agri cess of 0.5% on all services. This will increase the service tax to 15% from 14.5%.
[7] Govt to levy 1% on petrol and CNG cars, 2.5% on diesel cars and 4% on SUVs
[8] 15% Surcharge on income above 1 Crore
[9] Excise duty on tobacco products other than Bidi to above 10%.
[10] Presumptive income extended to professionals with turnover less than 50lacs at 50% income
