Thread by @RenukaJain6

Five years of @narendramodi government for tax payers

1. Budget 2014

• Personal Income-tax exemption limit raised by Rs 50,000, i.e. from Rs 2 lakh to Rs 2.5 lakh in the case of individual taxpayers, below the age of 60 years. While for senior citizens the limit was raised from Rs 2.5 lakh to Rs 3 lakh.

2. • Investment limit under Section 80C of the Income-tax Act raised from Rs 1 lakh to Rs 1.5 lakh.
• Deduction limit on account of interest on loan in respect of self-occupied house property raised from Rs 1.5 lakh to Rs 2 lakh.

3. • Kisan Vikas Patra was reintroduced and National Savings Certificate with insurance cover was launched.

4. • 2015

Limit of deduction of health insurance premium increased from Rs 15,000 to Rs 25,000, for senior citizens limit increased from Rs 20,000 to Rs 30,000.

5. Senior citizens above the age of 80 years, who are not covered by health insurance, to be allowed deduction of Rs 30,000 towards medical expenditures.
Deduction limit of60,000 with respect to specified disease of serious nature enhanced to Rs 80,000 in case of senior citizen

6. • Additional deduction of Rs 25,000 allowed for differently abled persons.
• To make the NPS more attractive, additional deduction of Rs 50,000 under section 80CCD was announced.

7. The transport allowance exemption hiked to Rs 1,600 per month from Rs 800 per month.
• Sukanya Samriddhi Yojana was made tax exempt.
• Surcharge on taxable income exceeding Rs 1 crore was also hiked from 10 per cent to 12 per cent.

8. The ceiling of tax rebate under section 87A was raised from Rs 2,000 to Rs 5,000 to lessen tax burden on individuals with income up to Rs 5 lakhs.

9. The limit of deduction of rent paid under section 80GG was also increased from Rs 24,000 per annum to Rs 60,000, to provide relief to those who live in rented houses.

10. In another boost to the National Pension Scheme (NPS), withdrawal of up to 40% of the corpus at the time of retirement was made tax exempt.
Further, service tax on Single premium Annuity (Insurance) Policies was also reduced from 3.5% to 1.4% of the premium paid

11.To boost affordable housing, first time home buyers availing home loans of up to Rs 35 lakh in 2016-17, were allowed additional tax benefit of up to Rs 50k under Section 80EE where house cost does not exceed 50 lakh. This over and above existing of Rs 2 lac

12. • Surcharge on taxpayers with income exceeding Rs 1 crore was further increased from 12 per cent to 15 per cent.

13. • Tax rate for individual assessees with between income of Rs 2.5 lakhs to Rs 5 lakhs, was reduced to 5% from 10%.
• The government had also introduced a maximum penalty of Rs. 10,000 for delayed filing of ITR by individuals.

14. • Further, simplified one-page Income Tax Return (ITR) forms for the category of individuals having taxable income up to Rs 5 lakhs other than business income was announced.

15. Budget 2018 reintroduced a standard deduction of Rs 40,000 from salary income to employees. The standard deduction was a part of the Income-tax Act until former finance minister, P. Chidambaram, withdrew it in the Union budget of 2005-06.

16. • The cess on income tax was hiked from 3% to 4% thereby increasing the tax payable by all categories of tax payers.

re-introduce long-term capital gains (LTCG) tax on gains arising from the transfer of listed equity shares exceeding Rs 1 lakh at 10%without indexation

17. • The limit of deduction under section 80 D for senior citizens was hiked from Rs 30,000 to Rs 50,000.
• Dividend distribution tax on equity-oriented mutual funds at the rate of 10% percent was also introduced.