Budget - 2015 - For Individuals & HUF
Personal Income Tax (PIT)
There are no changes in the tax slabs including the Basic exemption limits. The previous year tax slabs to be continued for Individuals.
Basic Exemption limits are as mentioned below:
• For Senior Citizens, age between 60 – 79 years being a resident in India the basic exemption is Rs.3,00,000/‐
• For Senior Citizens, above the age of 80 years being a resident in India the basic exemption is Rs.5,00,000/‐
• For other assesses includingWomen Assessee, HUF, Non Resident, the basic exemption is Rs.2,50,000/‐
Maximum benefit for normal Individuals post this Budget is estimated to be Rs 4,44,200/-
- Surcharge increase from 10% to 12% on tax amount for Individuals and HUF whose Taxable Total Income is more than Rs. 1 Crore.
- Surcharge has been increased from 10% to 12% where income exceeds One Crore rupees.
Deductions u/s 80C to 80U
The deduction limit under Section80CCC have been increased to Rs.1,50,000/- from Rs.1,00,000 for any amount received under LIC Annuity Pension Plan.
• Deduction under section 80CCD has been reduced to 50,000/- from 1,00,000/- for contribution to the pension scheme of central government.
• Limit of deduction of health insurance premium increased from Rs.15,000/- to Rs.25,000/- for assessee below age of 60 years and for senior citizens limit increased from Rs.20,000/- to Rs.30,000/- u/s 80D in case of individual and HUF.
• Very Senior citizens above the age of 80 years, who are not covered by health insurance, to be allowed deduction of 30,000/- towards medical expenditures u/s 80D in case of individual and also expenditure incurred on parents who are very senior citizen.
• Where the assessee is a HUF, the amount paid towards health insurance premium of any member of HUF the deduction amount has been enhanced from 15,000/- to 25,000/-.
• Where the assessee is a HUF, the amount paid on account of medical expenditure of any member of HUF (Very Senior Citizen) the deduction is allowed to the extent of Rs.30,000/-.
• Deduction in respect of maintenance including medical treatment of a dependent – who is person with disability - Section 80DD - is enhanced to Rs.75,000/- from 50,000/- .In case of dependant is a person with a severe disability deduction is enhanced to Rs.1,25,000/- from Rs.1,00,000/-.
• Deduction limit of Rs.40,000 with respect to specified disease of serious nature under section 80DDB limit has enhanced to Rs.80,000/- in case of very senior citizen.
• Donation made to National Fund for Control of Drug Abuse (NFCDA), Swachh Bharat Ko shandthe Clean Ganga Fund to be eligible for 100% deduction u/s 80G of Income - tax Act.
• U/s 80U - Person with disability Deduction limit is enhanced from Rs.50,000/- to Rs.75000 and with respect to severe disability the limit is increased to Rs.1,25,000/- from Rs.1,00,000.
• Payments to the beneficiaries including interest payment on deposit in Sukanya Samriddhi scheme to be fully exempt.
