Tax Benefits and Exemption On Income Tax in Union Budget 2015-16,with Automated Form 16 Part A&B and Part B for FY 2015-16

Click here to Download Automated Form 16 Part A&B and Part B for the Financial Year 2015-16 and And Assessment Year 2016-17 [ This Excel Utility can prepare One by One Form 16 for FY 2015-16]

There
was nothing much in the Union Budget 2015-16, which will significantly benefit
individual tax payers. Here are a few ways in which you may end-up paying
marginally lower income tax than last year.

Benefits on Health Insurance
While
benefits on health insurance premium paid gave you tax benefits to the tune of
Rs 15,000 until the last year, from financial year 2015-16 you can claim tax
benefits up to a sum of Rs 25,000 for health insurance premium paid.
Type of Benefit
Section
Amount
Complete 80C benefits
including insurance premium, PPF contribution, principal amount paid on home
loans etc.
Sec80C
Rs 1.5 lakhs
Interest on housing
loan paid
Sec 80CCD
Rs 2.0 lakhs
Health insurance
Sec 80D
Rs 25,000
Transport Allowance
Rs 19,200
Total
Rs 4.42 lakhs
Transport Allowance
The
Transport Allowance which is at the moment Rs 800 commuting from home to your
place of work, will get enhanced to Rs 1600. This means your employer must
increase the transport allowance in your salary to give you the benefits.
Thank God that the new government realised that
it very difficult to commute in Rs 800 and the tax allowance had not been
touched for years.
Health Insurance Premium For Senior Citizens
The
Health Insurance Premium tax exemption for senior citizens has been raised to
Rs 30,000. For very senior citizens an amount of Rs 50,000 spent on medical
bills is now tax exempt.
Contribution To New Pension Scheme
Additional
deduction of Rs 50,000 will be allowed for contribution to the new pension
scheme u/s 80 CCD increasing from Rs 1 lakh to Rs 1.5 lakh.
Sukanya Samriddhi Account Max Rs. 1.5 Lakh in Tax Section 80C
For Minor Girl Child below 10 Years.

 

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