Budget 2016:The Chronicle of Leaking Wallets and Resurrected Savings
Redemption for rent payers and small tax payers
For the individuals with income less than INR 5 lakhs, Budget 2016 proposes tax rebate to be raised to INR 5,000 from INR 2,000. Also, the deduction limit of house rent paid has been raised to Rs 60,000 from the existing Rs 24,000 per annum.
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