Proposed Changes in Budget for Financial Year 2015-16

Particulars Existing Provisions for FY 2014-15

OR

AY 2015-16

Proposed Changes in Budget for FY 2015-16

 OR

AY 2016-17

Surcharge on taxable income exceeding Rs. 1 Crore for Individuals, Senior Citizens, Very Senior Citizens, HUFs, AOPs, BOIs, artificial juridical persons, firms, cooperative societies and local authorities 10% of Income Tax 12% of Income Tax
Comparison of Benefits under various IT Sections
Exempted amount of transport allowance Rs. 800/- per month Rs. 1,600/- per month
Section 80D – Deduction for Health  Insurance premium Rs. 15,000/- Rs. 25,000/-
Section 80D – Deduction for Health  Insurance premium for Senior Citizens Rs. 20,000/- Rs. 30,000/-
Investment in Sukanya Samriddhi Scheme Eligible for deduction u/s 80C and any payment from the scheme shall not be liable to tax.
Section 80DDB – Deduction in case of very senior citizens on expenditure on account of specified diseases Rs. 60,000/- Rs. 80,000/-
Section 80DD – Maintenance, including medical treatment of a dependent who is a person with disability Rs. 50,000/- Rs. 75,000/-
Section 80DD – Maintenance, including medical treatment of a dependent who is a person with severe disability Rs. 1,00,000/- Rs. 1,25,000/-
Section 80U – Person with disability Rs. 50,000/- Rs. 75,000/-
Section 80U – Person with severe disability Rs. 1,00,000/- Rs. 1,25,000/-
Section 80CCC – Contribution to provident fund of LIC or IRDA approved insurer Rs. 1,00,000/- Rs. 1,50,000/-
Section 80CCD – Contribution by the employee to National Pension Scheme (NPS) Rs. 1,00,000/- Rs. 1,50,000/-

The budget also proposes to provide a deduction of upto Rs. 50,000 over and above the limit of Rs. 1.50 lakh in respect of contributions made to NPS.

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