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 | |||
Details | Section | Deductions Last FY | Deductions in the current FY |
NPS | 80CCD(1B) | – | Additional deduction of Rs 50,000 |
Health Insurance under section 80D | |||
Health Insurance (for self, spouse and children) | 80D | Rs 15,000 | Rs 25,000 |
Health insurance (for senior citizen parent) | 80D | Rs 20,000 | Rs 30,000 |
Health care expenses for parent above 80 years who don’t have insurance | 80D | – | Rs 30,000 or actual expenses whichever is lower |
Note : maximum deduction for parents not to exceed Rs 30,000 | |||
Deduction for medical treatment of disabled dependant of tax payer | 80DD | ||
disabled dependent of tax payer (with 40% disability) | 80DD | Rs 50,000 | Rs 75,000 |
with 80% or more disability | 80DD | Rs 1,00,000 | Rs 1,25,000 |
Deduction for disabled tax payer | 80U | ||
with 40% disability | 80U | Rs 50,000 | Rs 75,000 |
with 80% or more disability | 80U | Rs 1,00,000 | Rs 1,25,000 |
Medical treatment for parents above 80 years for specified diseases | 80DDB | Rs 60,000 | Rs 80,000 |
Transport allowance | Rs 9,600 | Rs 19,200 | |
Sukanya Samriddhi Yojana | 80C | – | Rs 1,50,000 |
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