The
year 2015 has just ended and some of the changes brought in by the government
from personal tax perspective created a lot of buzz and anxiety amongst the tax
payers. Some of the key changes were introduction of Black Money Act, abolition
of Wealth Tax Act and increased reporting requirements in the tax return for
ordinarily resident taxpayers.
Let
us look at an overview of the significant changes introduced by the government
which had an impact on personal tax in 2015 and also what can be expected in
2016.
Tax rates and benefits There was no change to the tax slabs and rates in
2015-16. However, the rate of surcharge has been increased from 10 per cent to
12 per cent for taxpayers with an income over Rs 1 crore. One can expect an
increase in the tax exemption threshold limit (current limit is Rs 250,000) in
the next year which could improve the spending power of a common man.
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