Budget 2015: Key highlights for middle class tax-payers, with Tax Calculator for Financial Year 2015-16 for Salaried Persons

Download Income Tax Calculator for Govt & Non Govt employees for Assessment Year 2016-17 with all amended Tax Limit as per New Finance Budget 2015-16

* No change in tax slabs or minimum taxable limit for the Financial Year 2015-16 and Assessment Year 2016-17

* The transport allowance exemption hiked to Rs 1,600 per month from Rs 800 per month U/s 10

* Limit of deduction of health insurance premium increased from Rs. 15000 to Rs. 25000. For senior citizens limit increased from Rs 20000 to Rs 30000. U/s 80D

* Senior citizens above the age of 80 years, who are not covered by health insurance, to be allowed deduction of Rs 30000 towards medical expenditures.

* Deduction limit of Rs 60000 with respect to specified decease of serious nature enhanced to Rs 80000 in case of senior citizen. U/s 80DDB

*Additional deduction of Rs 25000 allowed for differently abled persons.U/s 80U

*Limit on deduction on account of contribution to a pension fund and the new pension scheme increased from Rs 1 lakh to Rs 1.5 lakh.U/s 80CCC

*Payments to the beneficiaries including interest payment on deposit in Sukanya Samriddhi scheme to be fully exempt. Max Rs.1.5 Lakh U/s 80C

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