Budget 2015-16: Key Changes for Individual Tax Payers..!

· Abolishes wealth tax, additional 2% surcharge on super rich

· Health Insurance premium increased from

Rs. 15.000 to Rs. 25.000 for age below 60.

· Increasing service tax rate and education cess to 14% from current 12.36%

· Tax exemption limit for contribution to NPS raised from Rs. 1 lakh to Rs. 1.5 lakh

· Additional deduction of Rs. 50.000 under section 80CCD. Exemption of Rs. 50,000 for pension under Sec 80C.

· Transport allowance exemption increased to Rs. 1600 from Rs. 800 per month.

MALE – No change in Tax slabs...!

TAX RATE    NOW             POST BUDGET

Nil               0-2.5 lakh              0-2.5 lakh

10%            2.5-5 lakh              2.5-5 lakh

20%           5-10 lakh              5-10 lakh

30%           Above 10 lakh     Above 10 lakh

FEMALE - No change in Tax slabs...!

TAX RATE   NOW                  POST BUDGET

Nil                 0-2.5 lakh               0-2.5 lakh

10%               2.5-5 lakh             2.5-5 lakh

20%               5-10 lakh              5-10 lakh

30%               Above  10 lakh     Above 10 lakh

SENIOR CITIZEN - No change in Tax slabs..!

TAX RATE   NOW  POST BUDGET

Nil                0-3 lakh              0-3 lakh

10%            3-5 lakh               3-5 lakh

20%            5-10 lakh             5-10 lakh

30%          Above 10 lakh     Above 10 lakh

VERY SENIOR CITIZEN - No change in Tax slabs

TAX RATE    NOW    POST BUDGET

Nil                 0-5 lakh           0-5 lakh

20%            5-10 lakh          5-10 lakh

30%          Above 10 lakh    Above 10 lakh

Share: