Increase in deduction under section 80DD & 80U
Investment limit under section 80DD & 80U of the Income-tax Act raised from `50,000 to ` 75,000 for a person with disability and from ` 1,00,000 to ` 1,25,000 for a person with severe disability.
Addition of Sukanya Samriddhi Account Scheme for deduction under section 80C & Other benefits of this account
The following tax benefits have been envisaged in the Sukanya Samriddhi Account scheme:
i) The investments made in the Scheme will be eligible for deduction under section 80C.
ii) The interest accruing on deposits in such account will be exempt from income tax.
iii) The withdrawal from the said scheme in accordance with the rules of the said scheme will be exempt from tax. Investment limit under section 80C of the Income-tax Act is ` 1.5 lakh.
Increase in deduction under section 80D
Investment limit under section 80D of the Income-tax Act raised from ` 15,000 to `25,000 for individual other than senior citizen and the limit raised from ` 25,000 to `30,000 for senior citizen.
An additional benefit given to super Senior citizen (aged more than eighty years) :-
It is also proposed to provide that any payment made on account of medical expenditure in respect of a very senior citizen, if no payment has been made to keep in force an insurance on the health of such person, as does not exceed thirty thousand rupees shall be allowed as deduction under section 80D i.e. the deduction under 80D can be claimed on the basis of expenditure incurred irrespective of payment of insurance made or not. The aggregate deduction for health insurance premia and medical expenditure incurred in respect of parents would be limited to thirty thousand rupees.
Increase/Changes in deduction under section 80DDB
Deduction limit under section 80DDB of the Income-tax Act raised from ` 60,000 to `80,000 only for Super Senior Citizen whose age is more than 80 years and there is no change in existing limit of individual other than senior citizen including super senior citizen and senior citizen of ` 40,000 and ` 60,000 respectively.
It is proposed to amend section 80DDB so as to provide that the assessee will be required to obtain a prescription from a specialist doctor for the purpose of availing this deduction.
The clause “a certificate from a doctor working in a Government hospital” causes undue hardship to the persons intending to claim the aforesaid deduction.
So, the obtaining certificate from Government hospital will be replaced by obtain a prescription from a specialist doctor.
Increase in deduction under section 80CCC
Investment limit under section 80CCC of the Income-tax Act raised from ` 1 lakh to `1.5 lakh. This limit is covered under the overall limit mentioned in section 80CCE of the Act.
Additional deduction under section 80CCD
An additional deduction in respect of any amount paid, of upto fifty thousand rupees for contributions made by any individual assesses under the NPS. This limit is not covered under the overall limit mentioned in section 80CCE of the Act except of section 80CCD(1).
Amendment in 80G:- One hundred per cent deduction for National Fund for Control of Drug Abuse.
It is proposed amend section 80G so as to provide hundred percent. deduction in respect of donations made to the said National Fund for Control of Drug Abuse
U/S 87A :- No changes about Tax Rebate Rs.2000/- in this Budget 2015, so this benefits will be Continue in this Financial Year 2015-16.
U/s 80TTA :- No changes about Savings Bank Interest up to Rs. Ten Thousand, so this also will be Continue in this Financial Year 2015-16.