Income Tax Deductions for Individual Taxpayers for the Financial Year 2015-16 As per Finance Budget 2015
The Figure
Rs.4.44 lakhs, quoted in the Budget 2015 speech by Finance Minister, drew the
huge attention of the Individual Taxpayers. While calculating the available tax
deductions, Arun Jaitely has said that an Individual Taxpayers enjoys tax
deductions of up to Rs.4.44 lakh a year. But this figure does not include many
other tax deductions which are available and commonly utilized by the taxpayers.
If we summat all the tax deductions available under section 80C to 80U plus other
allowances and tax free reimbursements, the tax deductions pile-up to Rs.10
lakhs.
Budget 2015: Tax Deductions of Rs.4.44 Lakhs
Deduction
|
Amount
|
Remarks
|
Tax-Savings
investments u/s 80C
|
Rs.1,50,000
|
EPF, PPF, SSA,
Insurance Premium, NSC, ELSS, Home Loan Principal Repayment etc.
|
Employee
Contribution towards NPS u/s 80CCD(1B)
|
Rs.50,000
|
Separate deduction
for contribution towards National Pension Scheme announced in Budget 2015
|
Home Loan Interest
u/s 24(b)
|
Rs.2,00,000
|
Home Loan Interest
Paid on Self Occupied House Property
|
Health Insurance
Premium Paid u/s 80D
|
Rs.25,000/- & Sr.Citizen Rs. 30,000/-
|
Limit increased by
Rs.10,000 in budget 2015
|
Transportation
Allowance
|
Rs.19,200
|
Allowance Doubled
in budget 2015.
|
Total Deduction
|
Rs.4,44,200
|
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