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 | |
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