Acche Din Aa Gaye For Common Man
The election propaganda by team Narendra Modi was ‘Aache Din’ and today almost seven weeks after getting a clear mandate by the people of India – the Narendra Modi has brought lots of smiles to the common man. Hence, we can proudly say – Acche Din Aa Gaye for the common man.
The Finance minister, Arun Jaitley, in the first Union Budget under the Narendra Modi government has announced a slew of positive measures for the common-man, in terms of tax savings.
Firstly, the income tax exemption limit for the individual tax payer has been increased from Rs 200,000 to Rs 250,000. A clear savings of Rs 50,000.
Further, the finance minister has also raised 80C exemption limit to Rs 150,000. This is likely to benefit the salaried class, who claims exemptions under 80C – which covers popular saving schemes – like Public Provident Fund, National Savings Scheme and ULIPs.
Also income tax on interest paid on loans for self occupied property has been raised to Rs 200,000 from Rs 150,000 earlier.
The tax exemption limit for senior citizens has been increased to Rs 300,000.
There has been no changes in the tax brackets and surcharge rates. Education cess of 3 per cent will continue.
All the above measures will help the common man save taxes on at least additional Rs 100,000 for an individual, and in case of a home-loan individual the benefit will be up to Rs 150,000. One check the personal tax calculator here.