New Delhi, Feb 29: While experts praised Union Finance Minister Arun Jaitley's Budget 2016, the middle and the upper-classes were disappointed with its tax-relief proposals.
The middle-class, one of the main support base of the BJP, had expected that the Budget will see their limits of tax relief to expand, but like the last two years, they were left disappointed this year as well.
Here are some of the tax-related features of this year's Budget:
- No change in Income Tax slabs
- Reduction of Rs 60,000 per annum for those who pay rent
- Tax rebate for thosewhp earn less than 5 lakh a year
- First time homebuyers will get Rs 50,000 deduction for upto Rs 35 lakh loan, given the house cost is not more than Rs 50 lakh
- For those with income below Rs 5 lakh income, rebate increased from Rs 2,000 to Rs 5,000