{"id":5969,"date":"2015-03-02T13:19:25","date_gmt":"2015-03-02T07:49:25","guid":{"rendered":"http:\/\/www.apnaplan.com\/?p=5969"},"modified":"2015-03-22T18:33:20","modified_gmt":"2015-03-22T13:03:20","slug":"income-tax-exemptions-rules-budget-2015","status":"publish","type":"post","link":"https:\/\/www.apnaplan.com\/income-tax-exemptions-rules-budget-2015\/","title":{"rendered":"9 Changes in Income Tax Exemptions and Rules in Budget 2015"},"content":{"rendered":"
\"Budget
Budget 2015: Changes in Income Tax Exemptions & Rules<\/strong><\/figcaption><\/figure>\n

The Budget 2015 presented on February 28, 2015 which brought the following 8\u00a0changes in Income Tax rules for Individual tax payers.<\/p>\n

1. Income Tax Slabs:<\/h3>\n

There is no change in tax slabs for FY 2015-16 people with income of less than 1 crore<\/strong>. However for the super rich (with annual income of more than 1 crore) the surcharge has been increased from 10% to 12%\u00a0resulting in\u00a0increased marginal tax rate to\u00a034.6% from 33.99%.<\/p>\n

\"Income
Income Tax Slab for FY 2015-16 (AY 2016-17)<\/strong><\/figcaption><\/figure>\n

2. Transport Allowance doubled to Rs 1,600 per Month<\/h3>\n

The transport allowance which is tax free in the hands of employees has been increased from Rs 800 to Rs 1,600 per month. This was last changed in 1997.<\/p>\n

3. Deduction for Medical Insurance increased by Rs 10,000<\/h3>\n

The deduction for payment of medical insurance has been increased from Rs 15,000 to Rs 25,000 for all and Rs 20,000 to Rs 30,000 in case of Senior Citizens.<\/p>\n

4. Additional deduction of Rs 50,000 for investing in NPS u\/s 80CCD(1B)<\/h3>\n

Budget 2015 has made additional exemption of Rs 50,000 for investment in National Pension Scheme (NPS). This is in addition to 80C benefit on NPS.<\/p>\n

5, Deduction on investment to Pension plans increase to Rs 1.5 lakhs u\/s 80CCC<\/h3>\n

The deduction on investment in approved pension plans has been increased from Rs 1 Lakh to Rs 1.5 Lakhs. This along with 80C investments is limited to Rs 1.5 lakhs exemption.<\/p>\n

6. Sukanya Samriddhi Account Scheme<\/a> eligible for Tax deduction u\/s 80C<\/h3>\n

The Sukanya Samriddhi Account Scheme has been approved as one of the investment choice u\/s 80C. Also the scheme has been made tax free at maturity just like PPF.<\/p>\n

7. Rs 20,000 increase in deduction for treatment of chronic illness u\/s 80DDB<\/h3>\n

The deduction limit has been increased to Rs 80,000 from Rs 60,000 for treatment of chronic illness such as Cancer, full blown AIDS etc. in case senior citizens.<\/p>\n

8. Rs 25,000 increase in deduction for persons with disability<\/h3>\n

The deduction for person with disability has been increased from Rs 50,000 to Rs 75,000. Similarly this limit has been increased to Rs 1.25 lakhs from Rs 1 lakh for severe disability u\/s 80U. This exemption also extends to handicapped dependents u\/s 80DD.<\/p>\n

9. New Approved organizations added to 80G exemption on account of Donation to Approved Charitable Organizations<\/h3>\n

100% tax exemption for donation to the following organizations u\/s 80G. These 3 funds are addition to the existing list<\/p>\n

    \n
  1. National Fund for Control of Drug Abuse (NFCDA)<\/li>\n
  2. Swachh Bharat Kosh and<\/li>\n
  3. Clean Ganga Fund<\/li>\n<\/ol>\n

    Income Tax Calculator:<\/h2>\n

    We have come up with Excel based income Tax Calculator\u00a0for FY 2015-16<\/a> incorporating the above changes\u00a0which you can download free.\u00a0<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

    The Budget 2015 presented on February 28, 2015 which brought the following 8\u00a0changes in Income Tax rules for Individual tax payers. 1. Income Tax Slabs: There is no change in tax slabs for FY 2015-16 people with income of less than 1 crore. However for the super rich (with annual income of more than 1 […]<\/p>\n","protected":false},"author":1,"featured_media":5970,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[480,2704,37,6],"tags":[2092,2712,2094,2096,2098,2106,2717,479,2711,2710,2714,2713,2715,1585,947,2634,2716,75],"uagb_featured_image_src":{"full":["https:\/\/www.apnaplan.com\/wp-content\/uploads\/2015\/03\/Budget-2015-Changes-in-Income-Tax-Exemptions-Rules.png",569,336,false],"thumbnail":["https:\/\/www.apnaplan.com\/wp-content\/uploads\/2015\/03\/Budget-2015-Changes-in-Income-Tax-Exemptions-Rules-150x150.png",150,150,true],"medium":["https:\/\/www.apnaplan.com\/wp-content\/uploads\/2015\/03\/Budget-2015-Changes-in-Income-Tax-Exemptions-Rules-300x177.png",300,177,true],"medium_large":["https:\/\/www.apnaplan.com\/wp-content\/uploads\/2015\/03\/Budget-2015-Changes-in-Income-Tax-Exemptions-Rules.png",569,336,false],"large":["https:\/\/www.apnaplan.com\/wp-content\/uploads\/2015\/03\/Budget-2015-Changes-in-Income-Tax-Exemptions-Rules.png",569,336,false],"1536x1536":["https:\/\/www.apnaplan.com\/wp-content\/uploads\/2015\/03\/Budget-2015-Changes-in-Income-Tax-Exemptions-Rules.png",569,336,false],"2048x2048":["https:\/\/www.apnaplan.com\/wp-content\/uploads\/2015\/03\/Budget-2015-Changes-in-Income-Tax-Exemptions-Rules.png",569,336,false],"yarpp-thumbnail":["https:\/\/www.apnaplan.com\/wp-content\/uploads\/2015\/03\/Budget-2015-Changes-in-Income-Tax-Exemptions-Rules.png",120,71,false]},"uagb_author_info":{"display_name":"Amit","author_link":"https:\/\/www.apnaplan.com\/author\/admin\/"},"uagb_comment_info":5,"uagb_excerpt":"The Budget 2015 presented on February 28, 2015 which brought the following 8\u00a0changes in Income Tax rules for Individual tax payers. 1. Income Tax Slabs: There is no change in tax slabs for FY 2015-16 people with income of less than 1 crore. However for the super rich (with annual income of more than 1…","_links":{"self":[{"href":"https:\/\/www.apnaplan.com\/wp-json\/wp\/v2\/posts\/5969"}],"collection":[{"href":"https:\/\/www.apnaplan.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.apnaplan.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.apnaplan.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.apnaplan.com\/wp-json\/wp\/v2\/comments?post=5969"}],"version-history":[{"count":0,"href":"https:\/\/www.apnaplan.com\/wp-json\/wp\/v2\/posts\/5969\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.apnaplan.com\/wp-json\/wp\/v2\/media\/5970"}],"wp:attachment":[{"href":"https:\/\/www.apnaplan.com\/wp-json\/wp\/v2\/media?parent=5969"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.apnaplan.com\/wp-json\/wp\/v2\/categories?post=5969"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.apnaplan.com\/wp-json\/wp\/v2\/tags?post=5969"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}