INSUBCONTINENT EXCLUSIVE:
Union Budget 2019: The government has announced a slew of changes to income tax rules since 2014Finance Minister Arun Jaitley has announced
a slew of changes in income tax rules in Union Budgets from 2014 to 2018
health insurance premium/medical expenditure to Rs 50,000 from Rs 30,000 under section 80D of Income Tax ActBudget 2017Reduction in income
tax rate on income of Rs 2.5 lakh-5 lakh to 5% from 10%Rebate under Section 87A lowered to Rs 2,500 from Rs 5,000; no rebate on income above
Rs 3.5 lakhSurcharge of 10% on income of Rs 50 lakh-Rs 1 crorePenalty up to Rs 10,000 on failing to file returns on time (not more than Rs
1,000 on income up to Rs 5 lakh)Budget 2016Increase in surcharge to 15 per cent from 12 per cent on individuals with total income over Rs 1
croreTax rebate for individuals with income up to Rs 5 lakh raised by Rs 3,000Changes in conditions required for deduction for housing loan
borrowersBudget 2015No change in income tax slabs, ratesWealth tax abolishedIntroduction of 2 per cent surcharge on people earning over Rs 1
croreBudget 2014Income tax exemption limit raised by Rs 50,000 to Rs 2.5 lakh (Rs 3 lakh for senior citizens)Exemption limit for investment
in financial instruments under Section 80C of Income Tax ActDeduction limit on interest on loan for self-occupied house raised to Rs 2 lakh,
