Today we bring you a quick recap of all the tax changes which were announced in the Budget of 2015 and are applicable effective financial year 2015-16. These changes are new tax savings means which you can start to take advantage of this year. Hope you stand to gain from a couple of these!

Download Automated Income Tax Form 16 Part A&B and Part B for Financial Year 2015-16 [ This Excel Based Software can prepare at a time Form 16 Part A&B and Part B for A.Y.2016-17]

 

Income Tax Changes compared to last financial year
Details
Section
Deductions for General FY 2015-16
Deductions for Sr.Citizen in the FY2015-16
Health Insurance (for self, spouse and children)
80D
Rs 25,000
Rs 30,000
disabled dependant of tax payer (with 40% disability)
80DD
Rs 50,000
Rs 60,000
with 80% or more disability
80DD
Rs 1,00,000
Rs 1,25,000
with 40% disability
80U
Rs 75,000

with 80% or more disability
80U

Rs 1,25,000
Medical treatment for parents above 80 years for specified diseases
80DDB
Rs 60,000
Rs 80,000
Transport allowance
.

Rs 1600/- P.M.
Rs 3200/- for Phy.Disable
Sukanya Samriddhi Yojana
80C
–
Rs 1,50,000

Tax Rebate Rs. 2,000
87A
Max Rs.2000/- who’s Taxable Income Less than 5 Lakh