Budget 2015: Seven changes that will make the tax payer happy with Tax Slab for Assessment Year 2015-17
As
per the new Finance Budget 2015, the Tax Slab have not changes and the
most of same as before the Financial Year 2014-15. The New Tax Slab is
given below for the Financial Year 2015-16:-
(i)For General Tax Payer below 60 years
Upto Rs.2,50,000 Nil.
Rs. 2,50,001 to Rs. 5,00,000 10 per cent. Rs.
5,00,001 to Rs. 10,00,000 20 per cent.
Above Rs. 10,00,000 30 per cent.
(ii) In the case of every individual, being a resident in India, who is of the age of sixty years or more but less than eighty years at any time during the previous year
Rs.3,00,000 Nil.
Rs. 3,00,001 to Rs. 5,00,000 10 per cent.
Rs. 5,00,001 to Rs.10,00,000 20 per cent.
Above Rs. 10,00,000 30 per cent.
(iii) in the case of every individual, being a resident in India, who is of the age of eighty years or more at anytime during the previous year,
Rs. 5,00,000 Nil.
Rs. 5,00,001 to Rs. 10,00,000 20 per cent.
Above Rs. 10,00,000 30 per cent.
In this Budget 2015 some Income Tax Section has changed and hike the amount of Max Limit. like as given below :-
The
honorable Finance Minister (FM) ended his budget speech with the
Upanishad-inspired mantra - Om Sarve Bhavantu Sukhinah (OM! May All Be
Happy) Let's try to understand the overall impact of the budget and
endeavor to decipher how the FM has really managed to keep the Mango
People (Aam Admi) happy.
The
FM has not tinkered with the personal tax rates and the income slabs
remains the same as compared to financial year 2014-15. However, there
are a slew of deductions / exemptions which have been announced which
would really interest all of us -
1) Sukanya Samriddhi account scheme - Contributions
made under this scheme will be eligible for deduction under Section 80C
of the Income Tax Act, 1961 ('the Act'). Interest on deposits and
withdrawal from such scheme are exempt from tax. This showcases the
Government's increased focus on the girl child and commitment towards
this worthy cause of upliftment / empowerment of women in our society.
2) Health Insurance/ Medical Insurance - For
HUF, contributions to health insurance have been increased from Rs
15,000 to 25,000. Amendment in respect of individuals seems to be
unclear to effect the increase.
For senior citizens, the limit has been increased from 20,000 to 30,000.
Therefore,
the total deduction available u/s 80D of the Act has been increased to
55,000 from the earlier deduction available of Rs 35,000. This would
really help the common man to offset the ever-increasing medical costs
which have been exponentially increasing over the years.
3) Medical expenditure for self and dependent (Section 80DDB of the Act) - In
the case of resident individuals, the deduction for medical treatment
with respect to certain diseases, has been increased from Rs 60,000 to
Rs 80,000 in the case of very senior Citizens (80 years or more). The
Tax payer is also required to obtain a prescription from a specialist
doctor in order to claim this deduction instead of certificate from
prescribed Government hospital.
4) Expenditure for the medical treatment / deduction for disabled persons u/s 80DD and 80 U - In
the case of an individual or HUF who is resident in India, currently
deduction for expenditure for medical treatment including nursing is
available upto Rs 50,000 if the person is suffering from disability and
Rs 100,000 in the case of severe disability. However, as per the
proposed budget, this limit has been increased to Rs 75,000 for the
person with disability and to Rs 125,000 in ..
5) Contribution to Pension Scheme u/S 80CCC - A
deduction upto Rs 100,000 was available from the total income of an
individual who was contributing to the pension scheme. The said limit
has been increased to Rs 150,000 in the proposed budget.
However, the overall limit U/S 80 CCE is unchanged i.e Rs 150,000.
5) Contribution to National Pension Scheme (NPS) u/s 80CCD - An
additional deduction is proposed for contributions to New Pension
Scheme upto an amount of Rs 50,000. This measure is aimed to provide for
old age retirement security and is in line with the Government's vision
manifesto to look at retirement benefits for all sections of society.
6) Contribution to National Pension Scheme (NPS) u/s 80CCD - An
additional deduction is proposed for contributions to New Pension
Scheme upto an amount of Rs 50,000. This measure is aimed to provide for
old age retirement security and is in line with the Government's vision
manifesto to look at retirement benefits for all sections of society.
7) Exemption for Transportation allowance has
been increased from Rs 800 per month to Rs 1,600 per month. This would
enable all individuals to meet the increasing expenditure incurred on
commuting from home to office and vice-versa.
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