Individual Tax Planning according to Budget 2015-16

 

Budget 2015-16, though majorly focused on corporate growth, foreign investments, infrastructural development and overall GDP growth, has some silver lining for individual tax payers also. 

It has not sidelined the active contributor (individual) in the income tax and has proposed tax saving through indirect methods. Budget 2015-16 has not touched the tax slabs, however, it has increased the deduction limits, thus more saving in future. Overall benefit of Rs 6.94 lacs may be availed, if tax is planned effectively which is Rs 74,600 higher than that was in Budget 2014-15.

Here, Munim Team has prepared a glimpse of tax saving structure:

Basic Exeption	Rs 2,50,000
Deductions under 80C	Rs. 1,50,000
Deductions under 80CCD (for contribution to New Pension Scheme)	Rs. 50,000
*Interest on house property loan	Rs. 2,00,000
Exemption with Transportation allowance of Rs. 1,600 per month	Rs. 19,200
Health insurance premium under Section 80D	Rs. 25,000
Total	Rs. 6,94,200

   







 * The tax has been structured keeping home loan in consideration, for people having no home loan the “interest on house property loan” may be dropped.

Following are the increase in deduction limits:

1. Limit of deduction of health insurance premium increased from Rs. 15,000 to Rs. 25,000. For senior citizens limit increased from Rs 20,000 to Rs 30,000.
2.  Additional deduction of Rs 50,000 for contribution to the new pension scheme u/s 80CCD.
3.  Monthly transport allowance exemption doubled to Rs 1,600, thus marking an annual rebate to Rs 19,200.

 
For more details on tax planning, please feel free to contact Munim Team

Please like us on Munim Facebook

Munim Team

Your Personal Munim

www.munim.in

Reach us @ +91 8800681678 | contact.munim@gmail.com | contact@munim.in

Like us on Facebook @ Munim

Follow our blog @ Munim Blog 

Rest Assured, We feel Your Concern !!