Income Tax Changes of Section 80 For the financial year 2015-16, with Automated Master of Form 16 Part A&B and Part B for F.Y.2015-16

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 Automated Income Tax Form 16 Part A&B and Part B for Financial Year 2015-16 [ This Excel Based Software can prepare at a time Form 16 Part A&B and Part B for A.Y.2016-17]

 

Income Tax Changes compared to last financial year
Details	Section	Deductions for General FY 2015-16	Deductions for Sr.Citizen in the FY2015-16
Health Insurance (for self, spouse and children)	80D	Rs 25,000	Rs 30,000
disabled dependant of tax payer (with 40% disability)	80DD	Rs 50,000	Rs 60,000
with 80% or more disability	80DD	Rs 1,00,000	Rs 1,25,000
with 40% disability	80U	Rs 75,000
with 80% or more disability	80U		Rs 1,25,000
Medical treatment for parents above 80 years for specified diseases	80DDB	Rs 60,000	Rs 80,000
Transport allowance .		Rs 1600/- P.M.	Rs 3200/- for Phy.Disable
Sukanya Samriddhi Yojana	80C	–	Rs 1,50,000
Tax Rebate Rs. 2,000	87A	Max Rs.2000/- who’s Taxable Income Less than 5 Lakh