No changes
in the basic Tax Slab limit of Rs.2.50 lakhs and no rise in
threshold/ceiling limit of section 80C, budget did not give many reasons
to grin to the salaried class tax payers or common man.
Although there are couple of social scheme which includes low-cost pension scheme and low-premium insurance scheme such as PM Suraksha Bima Yojana, Atal Pension Yojana and PM Jeevan Jyothi Bima Yojana.
All these schemes reflect that Government has tried to support the
lower class by making easy access to insurance and pension plans. All
are deduction other than U/s 80C.
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Let’s see What’s in Budget 2015 for Salaried Class
1. No Hike in basic exemption limit
The
tax slab will remain same as the previous Financial Year 2014-15, for
the financial year 2015-16 i.e. assessment year 2106-17 but the
surcharge rate of 10% is increased to 12% for the tax payers having
income above Rs.1 crore. This increment in the surcharge rate is made to
compensate the income from the abolished wealth tax.
2. Section 80C ceiling limit remains Rs.1.50 lakhs per annum
With the inclusion of Sukanya Samriddhi Yojana, Section 80C ceiling limit remains Rs.1.50 lakhs per annum
With the inclusion of sukanya samriddhi yojana and equity oriented pension funds,
there was an inevitable need of expanding the threshold limit of
section 80C but that did not happen. Section 80C remains intact in
budget 2015.
3. Rise in the Health Insurance Premium paid u/s 80D
To
spread the health care awareness among individual tax payers, section
80D has been amended by increasing the deduction limit for the premium
paid for health insurance to Rs.25,000 for non-senior individuals, and
Rs.30,000 for senior citizens.
4. Additional Tax-Savings under Section Section 80U:-
In
view of the steep rise in the cost of the medical care, Government has
increased deduction limit under section 80U Max Rs. 75,000/- for
general, and Rs. 1,25,000/- for Sr.Citizen.
Section 80DDB :- Max
Rs.80,000/- i.e. medical expense of disabled individual and dependent
on Individual. for very senior citizens (aged 80 years or more) under
section 80DDB.
5. Transport Allowance Doubled U/s 10
The
transport allowance cost has witnessed some sharp increase and to cope
up with that Government has doubled the transport allowance from
existing Rs.800 per month to Rs.1,600 per month which totaled to
Rs.19,200 per year for below 80% and Rs. 3200/- P.M. for above 80%
Phy.disable persons.
7. National Pension Scheme u/s 80CCD increased by Rs.50,000
Investments towards National Pension Scheme has got some additional tax Deduction limit of investment towards pension plans, annuity plans and new pension scheme is hiked to Rs.1.50 lakhs