Highlights of the Union Budget 2015-2016

Here are some of the highlights of the Union Budget announced in March 2012 by India’s Finance Minister Pranab Mukherjee that may be interest to NRIs. Govt proposes Accident Insurance under which a sum of Rupees 2 Lakh can be insured for a premium of just Rs. 12 per year. Scheme is   called Pradhan Mantri Suraksha Bima Yojana Atal Pension Yojana to be launched by the Government of India to cover both natural and accidental death. Sum insured Rs. 2 lakh. Personal income tax rates left unchanged. Gold monetization scheme - Loans against gold deposits Quoting of PAN to be compulsory for any property related sale exceeding Rupees 1 Lakh Wealth tax abolished and replaced with 2% additional surcharge on taxable income of those having income of Rupees 1 Crore or above. New national policies for school development and entrepreneurship Proposal to create senior citizen welfare fund Proposal to reduce corporate tax rate from 30% to 25% over the next four years starting from the next financial year.

PERSONAL INCOME TAX INDIA

The New Income Tax slab would be as follows for FY2015-2016

There are no extra exemptions now for women.
General   Senior Citizen  Very Senior Citizen       Tax Applicable  Upto 2,50,000                        Upto 3,00,000                        Upto 5,00,000                                          Nil    2,50,000 to 5,00,000              3,00,001 to 5,00,000                                  -                                          10%  5,00,001 to 10,00,000            5,00,001 to 10,00,000            5,00,001 to 10,00,000                            20%  Above 10,00,000                    Above 10,00,000                    Above 10,00,000                                    30%
Disclaimer: Information provided is for general knowledge only and should not be deemed to be professional advice. For professional advice kindly consult a professional accountant, immigration advisor or the Indian consulate. Rules and regulations do change from time to time. Please note that in case of any variation between what has been stated on this website and the relevant Act, Rules, Regulations, Policy Statements etc. the latter shall prevail. © Copyright 2006 Nriinformation.com
next previous
Custom Search
Search Nri Information
Custom Search
Search Nri Information
N RI Information

NRI - OCI - PIO Guide & Information

N
RI Information
 Informing  educating and connecting Indians across the globe
twitter  Follow us on

Highlights of the Union

Budget 2015-2016

Here are some of the highlights of the Union Budget announced in March 2012 by India’s Finance Minister Pranab Mukherjee that may be interest to NRIs. Govt proposes Accident Insurance under which a sum of Rupees 2 Lakh can be insured for a premium of just Rs. 12 per year. Scheme is   called Pradhan Mantri Suraksha Bima Yojana Atal Pension Yojana to be launched by the Government of India to cover both natural and accidental death. Sum insured Rs. 2 lakh. Personal income tax rates left unchanged. Gold monetization scheme - Loans against gold deposits Quoting of PAN to be compulsory for any property related sale exceeding Rupees 1 Lakh Wealth tax abolished and replaced with 2% additional surcharge on taxable income of those having income of Rupees 1 Crore or above. New national policies for school development and entrepreneurship Proposal to create senior citizen welfare fund Proposal to reduce corporate tax rate from 30% to 25% over the next four years starting from the next financial year.
next previous