Union Budget 2016: Good news for small taxpayers!
New Delhi, Feb 29: There is good news for small taxpayers whose income is less than Rs five lakh. Finance Minister Arun jaitley on Monday announced two measures for them.
While presenting his third Union Budget in Lok Sabha, Jaitley raised the deduction limit under Section 87A of the Income Tax Act from Rs. 2,000 to Rs. 5,000 per annum.
Though, Finance Minister didn't announce any change in current tax slab, he said that the move will help more than 2 crore taxpayers.
Not only that, Minister also announce relief to those who don't have their own house and at the same time they don't get house allowances from employers. For them the tax limit has been increased from Rs 24, 000 to Rs 60, 000 per year.
Minister also announced 9 pillars for transforming India which includes agriculture, rural sector, social sector, education and job creation, infrastructure investment, financial sector reforms, governance and ease of doing business, fiscal discipline and tax reforms.