New Delhi: Small taxpayers stand to get annual benefit of Rs 6,600 on account of rebate and increase in tax deduction limit on the rent for accommodation proposed in the Budget 2016-17.
"Tax rebate has been increased from Rs 2,000 to Rs 5,000, straight away benefit Rs 3,000 for person having income of Rs 5 lakh per annum," Revenue Secretary Hasmukh Adhia said in the post Budget interaction with media.
"Second benefit is deduction for rental which comes to 3,600 extra. In all they get relief of Rs 6,600," he said.
This benefit is available for individuals with income up to Rs 5 lakh.
The government has proposed to increase the limit of deduction of rent paid under 80 GG from Rs 24,000 per annum to Rs 60,000 to provide relief to those who live in rented houses.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
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