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You are here: Home / INCOME TAX / Benefits to Middle Class Tax Payers in the Budget 2015-16
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Benefits to Middle Class Tax Payers in the Budget 2015-16

February 28, 2015 admin 1 Comment

Benefits to Middle Class Tax Payers in the Budget 2015-16

Payments to the Beneficiaries Including Interest Payment on Deposit in Sukanya Samriddhi Scheme to be Fully Exempt

The Union Minister of Finance Shri Arun Jaitley in his Budget Speech in Lok Sabha today proposed rationalization of various tax exemptions and incentives to reduce tax disputes and improve tax administration. He said, with a view to encourage savings and to promote health care among individual tax payers, it is proposed to increase the limit of reduction of health insurance premium from Rs 15,000 to Rs 25,000 and for senior citizen this limit is increase from Rs 20,000 to Rs 30,000.

For senior citizen above the age of 80 years, not eligible to take health insurance, deduction is allowed for Rs 30,000 toward medical expenditure. Deduction limit of Rs 60,000 on expenditure on account of specified diseases is enhanced to Rs 80,000 in the case of senior citizens.

Additional deduction of Rs 25,000 is allowed for differently-abled persons, increasing the limit from Rs 50,000 to Rs 75,000. It is also proposed to increase the limit of deduction from Rs 1 lakh to Rs 1.25 lakh in case of severe disability.

The Finance Minister Shri Jaitley also proposed to provide that investment in Sukanya Samriddhi Scheme will be eligible for deduction under section 80C of the income-tax and any payment from the scheme shall not be liable to tax.

Limit on deduction on account of contribution to a pension fund and the new pension scheme is proposed to be increased from Rs 1 lakh to Rs 1.5 lakh.

Additional deduction of Rs 50,000 will be allowed for contribution to the new pension scheme u/s 80 CCD increasing from Rs 1 lakh to Rs 1.5 lakh.
Details of tax deductions proposed are as follows:

Deduction u/s 80C – Rs 1,50,000

Deduction u/s 80CCD – Rs 50,000

Deduction on account of interest on house property loan (Self occupied property) – Rs 2,00,000

Deduction u/s 80D on health insurance premium – Rs 25,000

Exemption of transport allowance – Rs 19,200

Total – Rs 4,44,200


Also Check: Central Government Pay Matrix Table 2022 PDF
Related updates:

    Budget 2014 – CII suggests raising 80C deductions to Rs. 2.5 Lakhs
    Interim Budget 2019: No Need to Pay Income Tax up to 5 Lakh
    House Rent Paid : 80GG has also been raised to 60,000 from 24,000
    Salient Features of Direct Tax Proposals in Union Budget 2017
    Union Budget Highlights 2018-19
    Special Counters for Salaried Tax Payers Between 24th August to 31st August, 2015
    CBDT issues Certificates of Appreciation to Tax Payers
    CGEGIS Table 2015 – Tables of Benefits for the savings fund for the period from 1.1.2015 to 31.12.2015
    CBSE RESULTS 2015 – 12 Class May 25th and 10 Class May 27th – results.gov.in

Filed Under: INCOME TAX

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Comments

  1. abraham says

    March 1, 2015 at 10:22 am

    union budget not beneficial to middle class.

    Reply

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