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
