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 Master of Form 16 Part B which can prepare at a time 50 employees Form 16 Part B for the Financial Year 2015-16 with all below amended Section
Download Master of Form 16 Part A&B which can prepare at a time 50 employees Form 16 Part A&B for the Financial Year 2015-16
Income Tax Changes compared
to last financial year
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Details
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Section
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Deductions Last FY
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Deductions in the current FY
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NPS
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80CCD(1B)
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–
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Additional deduction of Rs 50,000
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Health Insurance under
section 80D
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|||
Health Insurance (for self, spouse and
children)
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80D
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Rs 15,000
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Rs 25,000
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Health insurance (for senior citizen
parent)
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80D
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Rs 20,000
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Rs 30,000
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Health care expenses for parent above 80
years who don’t have insurance
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80D
|
–
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Rs 30,000 or actual expenses whichever
is lower
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Note : maximum deduction for
parents not to exceed Rs 30,000
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Deduction for medical
treatment of disabled dependant of tax payer
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80DD
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||
disabled dependent of tax payer (with
40% disability)
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80DD
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Rs 50,000
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Rs 75,000
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with 80% or more disability
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80DD
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Rs 1,00,000
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Rs 1,25,000
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Deduction for disabled tax
payer
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80U
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||
with 40% disability
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80U
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Rs 50,000
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Rs 75,000
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with 80% or more disability
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80U
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Rs 1,00,000
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Rs 1,25,000
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Medical treatment for parents
above 80 years for specified diseases
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80DDB
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Rs 60,000
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Rs 80,000
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Transport allowance
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Rs 9,600
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Rs 19,200
|
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Sukanya Samriddhi Yojana
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80C
|
–
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Rs 1,50,000
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