InvestorQ : How has the tax structure been tweaked in past few years’ Union Budgets?
Samita Patil made post

How has the tax structure been tweaked in past few years’ Union Budgets?

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Suresh Patil answered.
2 years ago
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Union Budgets are usually the time the government bring about changes in the existing tax structures and/or levies new taxes altogether.

Here are the changes made to the tax structure in the recent few years and these changes impact all Indian residents:

Union Budget 2018: Finance Minister Arun Jaitley proposed increasing the cess on personal income tax and corporation tax to 4% from the existing 3% to cater to healthcare and education needs of BPL and rural families.

Union Budget 2017: Finance Minister Arun Jaitley offered a marginal relief to taxpayers by reducing the tax rate for certain income brackets. At the same time, a surcharge of 10% was also levied on individuals who earned an income between Rs.50 lakh and Rs.1 crore.

Union Budget 2016: Finance Minister Arun Jaitley increased the income tax ceiling to Rs. 2.5 lakh. Furthermore, surcharge on individuals earning over Rs.1 crore (annually) was increased to 15%, against the 12% surcharge that was levied the previous year.

Union Budget 2015: Finance Minister Arun Jaitley did not make any changes in the tax slab. Although, several exemptions in the healthcare sector were introduced.

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