2015 Payroll Tax Rates INDIA

2137336 - Union Budget 2015-16 - Changes to Income Tax

1. Surcharge of 12% for people having income more than 1 Crore from financial
year 2015-16.
2. Transport allowance exemption hiked to Rs 1,600, from Rs 800 per
month.
3. Changes under Section 80CCD: The limit has increased from 1,00,000 to
Rs.1,50,000.
4. Changes under Section 80CCC: Section 01 sub section 01 from 1,00,000 to Rs
1,50,000 for certain Pension Funds.

2137336 - Union Budget 2015-16 - Changes to Income Tax

5. Changes under Section 80C: As per the Sukanya Samridhi Account, a minimum amount of Rs
1,000 has to be deposited each year for the girl child account. A maximum Rs 1,50,000 can be
invested in each financial year. The amount deposited in this account shall be eligible for deduction
under Sec 80C. The interest payments shall be fully exempt from tax. Sec 10(11 A). This change is
applicable from the financial year 2014-15.
6. Changes under Section 80G: 100 % deduction for contribution to Swachch Bharat and Clean
Ganga schemes and National Fund for Control of Drug abuse.
7. Changes to Section 80D: The limit for non senior citizens remains Rs.15,000 in this category. Limit
under the same categoty for senior citizens will be Rs. 30,000. Also, individuals who are more than 80
years old shall be allowed a deduction for medical expenses of up to Rs 30,000 from their total
income.

2137336 - Union Budget 2015-16 - Changes to Income Tax

8. Changes under Section 80DDB: Deduction towards medical treatment for senior citizens suffering
from specified diseases has been raised from Rs 60,000 to Rs 80,000. If actual expenses incurred for
treatment are lower, such lower amount shall be allowed as a deduction.
9. Changes to Section 80DD and 80U (Higher Income Tax Deductions for the differently abled): In
order to provide tax benefit to those who are differently abled or those caring for dependents who may
be differently abled, under Section 80DD and Under Section 80U, where disability is 40% or more but
less than 80% the deduction limit has been raised from Rs 50,000 to Rs 75,000. And in case of more
than 80% disability deduction allowed has been raised from Rs 1,00,000 to Rs 1,25,000.

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