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