Impact Of Tax Reforms On Your Finance : Budget 2015-16


BENGALURU: The Finance Minister, Arun Jaitely had finally revealed the plan for the financial year 2015- 16. The announcements made had mixed outcomes. The FM’s decision about certain new schemes and deductions had recoiled many tax objectives to provide some relief to the tax payers.

The budget was fair for some of the expectations made by the tax payers, but some of the reforms and changes that were made were like ruining away the hopes of some tax payers. According to the data analyzed and compiled by The Economic Times, these changes will have certain impact on your finances in the upcoming year.

Here are several such major changes that have been proposed by the Finance Minister:

Issues Related To Income Tax Changes: The medium tax payer reforms that has been changed under section 80CCD, seems to benefit the medium and small income earners. It will help them to cope up with an exponentially increasing cost of today’s daily essentials. But, the same amendment will prove to be unfair for the high income earners.

Under section 80CCD, the budget has raised the surcharge payable for the persons who earn more than 1 crore per year. The person with a monthly income of around 10 lakh is liable to be imposed with a surcharge payable of an additional 5,800 per month.

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