No change in tax slabs for individual payers-budget 2015

There was no change in tax slabs or minimum taxable limit for individual tax payers in the Modi government's first full year union budget for 2015. However, it increased exemption limits on health insurance premium and transport allowance.

Finance Minister Arun Jaitley said the health insurance premium deduction would be raised to Rs 25,000 from Rs 15,000. For senior citizens the deduction would be Rs 30,000.

Meanwhile, the transport allowance exemption hike to Rs 1,600 per month from Rs. 800 per month.

The Finance Minister said individual tax payer would be benefited by over Rs 4 lakh, however the finer print needs to be seen for the details.

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Income Tax Slabs
India Income tax slabs 2015-2016 for General tax payers and Women
Income tax slab (in Rs.)                                                                                               Tax                           
0 to 2,50,000No tax
2,50,001 to 5,00,00010%
5,00,001 to 10,00,00020%
Above 10,00,00030%
India Income tax slabs 2015-2016 for Senior citizens (Aged 60 years but less than 80 years)
Income tax slab (in Rs.)                                                                                              Tax                             
0 to 3,00,000No tax
3,00,001 to 5,00,00010%
5,00,001 to 10,00,00020%
Above 10,00,00030%
India Income tax slabs 2015-2016 for very senior citizens (Aged 80 and above)
Income tax slab (in Rs.)                                                                                              Tax                              
0 to 5,00,000No tax
5,00,001 to 10,00,00020%
Above 10,00,00030%
How to claim tax benefits for up to Rs. 4,44,200

During his Budget speech, Finance Minister Arun Jaitley said an individual tax payer can claim exemption for up to Rs. 4,44,200 from his income.
Here is how you get there:
Deductions under 80C Rs. 1,50,000
Deductions under 80CCD for contribution to NPS Rs. 50,000
Interest on house property loan Rs. 2,00,000
Exemption with new transportation allowance of Rs. 1,600 per month Rs. 19,200
New deductible health insurance premium Rs. 25,000
Total Rs. 4,44,200

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No change in tax slabs for individual payers-budget 2015 No change in tax slabs for individual payers-budget 2015 Reviewed by Tteachers on Saturday, February 28, 2015 Rating: 5

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