Key changes in the budget for an individual tax payer

The FM in his speech acknowledged the expectations of the common man and keeping this in view, he has made several proposals to mobilise additional revenue and undertake rationalisation measures. 

By Anand Dhelia  
Friday, February 3, 2017

The Union budget was presented on Wednesday by the Finance Minister finally laid to rest all the speculations around it.  One of the ten themes of the budget was Tax Administration - honouring the honest.  The FM in his speech acknowledged the expectations of the common man and keeping this in view, he has made several proposals to mobilise additional revenue and undertake rationalisation measures.  However, one is not sure if the same has met all expectations as there willbe an increase in the tax liability for few sections of taxpayers.Some of the key proposals affecting individual tax payers are analysed below:

Tax rates

 

The impact of the above on the tax liability is captured in the table below:

 

 

House Property

 

Capital Gains

 

National Pension System (NPS)

 

 

Other proposals

 

 

The FM's efforts to bring in tax efficiencies and rationalisation in tax administration is evident from the above

 

The author is Director of EY India. AmmuSadanandhan, Senior Tax Professional at EY contributed to the article.

The views expressed in this article are personal to the author

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