As the winter is setting in, 2015 seems to be getting over too soon! Another couple of months will beget the close of this financial year. Which also means its time to get ready with tax saving documents and investment proof declarations which have to be submitted to your employer. Your employer can then adjust your TDS deductions accordingly.
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 Master of Form 16 Part B which can prepare at a time 50 employees Form 16 Part B for the Financial Year 2015-16 with all below amended Section

Download Master of Form 16 Part A&B which can prepare at a time 50 employees Form 16 Part A&B for the Financial Year 2015-16


Income Tax Changes compared to last financial year
Details
Section
Deductions Last FY
Deductions in the current FY
NPS
80CCD(1B)
–
Additional deduction of Rs 50,000




Health Insurance under section 80D



Health Insurance (for self, spouse and children)
80D
Rs 15,000
Rs 25,000
Health insurance (for senior citizen parent)
80D
Rs 20,000
Rs 30,000
Health care expenses for parent above 80 years who don’t have insurance
80D
–
Rs 30,000 or actual expenses whichever is lower
Note : maximum deduction for parents not to exceed Rs 30,000




Deduction for medical treatment of disabled dependant of tax payer 
80DD


disabled dependent of tax payer (with 40% disability)
80DD
Rs 50,000
Rs 75,000
with 80% or more disability
80DD
Rs 1,00,000
Rs 1,25,000




Deduction for disabled tax payer 
80U


with 40% disability
80U
Rs 50,000
Rs 75,000
with 80% or more disability
80U
Rs 1,00,000
Rs 1,25,000




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


Rs 9,600
Rs 19,200
Sukanya Samriddhi Yojana
80C
–
Rs 1,50,000