As per the new Finance Budget 2015, the Tax Slab have not changes and the most of same as before the Financial Year 2014-15. The New Tax Slab is given below for the Financial Year 2015-16:-
(i)For General Tax Payer below 60 years
Upto Rs.2,50,000 Nil.
Rs. 2,50,001 to Rs. 5,00,000 10 per cent. Rs.
5,00,001 to Rs. 10,00,000 20 per cent.
Above Rs. 10,00,000 30 per cent.
(ii) In the case of every individual, being a resident in India, who is of the age of sixty years or more but less than eighty years at any time during the previous year
Rs.3,00,000 Nil.
Rs. 3,00,001 to Rs. 5,00,000 10 per cent.
Rs. 5,00,001 to Rs.10,00,000 20 per cent.
Above Rs. 10,00,000 30 per cent.
(iii) in the case of every individual, being a resident in India, who is of the age of eighty years or more at anytime during the previous year,
Rs. 5,00,000 Nil.
Rs. 5,00,001 to Rs. 10,00,000 20 per cent.
Above Rs. 10,00,000 30 per cent.
In this Budget 2015 some Income Tax Section has changed and hike the amount of Max Limit. like as given below :-
The honorable Finance Minister (FM) ended his budget speech with the Upanishad-inspired mantra - Om Sarve Bhavantu Sukhinah (OM! May All Be Happy) Let's try to understand the overall impact of the budget and endeavor to decipher how the FM has really managed to keep the Mango People (Aam Admi) happy.
The FM has not tinkered with the personal tax rates and the income slabs remains the same as compared to financial year 2014-15. However, there are a slew of deductions / exemptions which have been announced which would really interest all of us -
1) Sukanya Samriddhi account scheme - Contributions made under this scheme will be eligible for deduction under Section 80C of the Income Tax Act, 1961 ('the Act'). Interest on deposits and withdrawal from such scheme are exempt from tax. This showcases the Government's increased focus on the girl child and commitment towards this worthy cause of upliftment / empowerment of women in our society.
2) Health Insurance/ Medical Insurance - For HUF, contributions to health insurance have been increased from Rs 15,000 to 25,000. Amendment in respect of individuals seems to be unclear to effect the increase.
For senior citizens, the limit has been increased from 20,000 to 30,000.
Therefore, the total deduction available u/s 80D of the Act has been increased to 55,000 from the earlier deduction available of Rs 35,000. This would really help the common man to offset the ever-increasing medical costs which have been exponentially increasing over the years.
3) Medical expenditure for self and dependent (Section 80DDB of the Act) - In the case of resident individuals, the deduction for medical treatment with respect to certain diseases, has been increased from Rs 60,000 to Rs 80,000 in the case of very senior Citizens (80 years or more). The Tax payer is also required to obtain a prescription from a specialist doctor in order to claim this deduction instead of certificate from prescribed Government hospital.
4) Expenditure for the medical treatment / deduction for disabled persons u/s 80DD and 80 U - In the case of an individual or HUF who is resident in India, currently deduction for expenditure for medical treatment including nursing is available upto Rs 50,000 if the person is suffering from disability and Rs 100,000 in the case of severe disability. However, as per the proposed budget, this limit has been increased to Rs 75,000 for the person with disability and to Rs 125,000 in ..
5) Contribution to Pension Scheme u/S 80CCC - A deduction upto Rs 100,000 was available from the total income of an individual who was contributing to the pension scheme. The said limit has been increased to Rs 150,000 in the proposed budget.
However, the overall limit U/S 80 CCE is unchanged i.e Rs 150,000.
5) Contribution to National Pension Scheme (NPS) u/s 80CCD - An additional deduction is proposed for contributions to New Pension Scheme upto an amount of Rs 50,000. This measure is aimed to provide for old age retirement security and is in line with the Government's vision manifesto to look at retirement benefits for all sections of society.
6) Contribution to National Pension Scheme (NPS) u/s 80CCD - An additional deduction is proposed for contributions to New Pension Scheme upto an amount of Rs 50,000. This measure is aimed to provide for old age retirement security and is in line with the Government's vision manifesto to look at retirement benefits for all sections of society.
7) Exemption for Transportation allowance has been increased from Rs 800 per month to Rs 1,600 per month. This would enable all individuals to meet the increasing expenditure incurred on commuting from home to office and vice-versa.
