Click here to Download Automated Form 16 Part A&B and Part B for the Financial Year 2015-16 and And Assessment Year 2016-17 [ This Excel Utility can prepare One by One Form 16 for FY 2015-16]
There was nothing much in the Union Budget 2015-16, which will significantly benefit individual tax payers. Here are a few ways in which you may end-up paying marginally lower income tax than last year.
Benefits on Health Insurance
While
benefits on health insurance premium paid gave you tax benefits to the
tune of Rs 15,000 until the last year, from financial year 2015-16 you
can claim tax benefits up to a sum of Rs 25,000 for health insurance
premium paid.
Type of Benefit
|
Section
|
Amount
|
Complete 80C benefits including insurance premium, PPF contribution, principal amount paid on home loans etc.
|
Sec80C
|
Rs 1.5 lakhs
|
Interest on housing loan paid
|
Sec 80CCD
|
Rs 2.0 lakhs
|
Health insurance
|
Sec 80D
|
Rs 25,000
|
Transport Allowance
|
Rs 19,200
| |
Total
|
Rs 4.42 lakhs
|
Transport Allowance
The
Transport Allowance which is at the moment Rs 800 commuting from home
to your place of work, will get enhanced to Rs 1600. This means your
employer must increase the transport allowance in your salary to give
you the benefits.
Health Insurance Premium For Senior Citizens
The
Health Insurance Premium tax exemption for senior citizens has been
raised to Rs 30,000. For very senior citizens an amount of Rs 50,000
spent on medical bills is now tax exempt.
Contribution To New Pension Scheme
Additional
deduction of Rs 50,000 will be allowed for contribution to the new
pension scheme u/s 80 CCD increasing from Rs 1 lakh to Rs 1.5 lakh.
Sukanya Samriddhi Account Max Rs. 1.5 Lakh in Tax Section 80C :
For Minor Girl Child below 10 Years.
