With less than month left for Budget, here's what 2016 has in store for taxpayers

With less than month left for Budget, here's what 2016 has in store for taxpayers

The year 2015 has just ended and some of the changes brought in by the government from personal tax perspective created a lot of buzz and anxiety amongst the tax payers. Some of the key changes were introduction of Black Money Act, abolition of Wealth Tax Act and increased reporting requirements in the tax return for ordinarily resident taxpayers.

Let us look at an overview of the significant changes introduced by the government which had an impact on personal tax in 2015 and also what can be expected in 2016.

Tax rates and benefits There was no change to the tax slabs and rates in 2015-16. However, the rate of surcharge has been increased from 10 per cent to 12 per cent for taxpayers with an income over Rs 1 crore. One can expect an increase in the tax exemption threshold limit (current limit is Rs 250,000) in the next year which could improve the spending power of a common man.

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