Here is how to claim tax benefits at new figure of Rs 4,44,200 in Union Budget 2015

By: |
Updated: March 5, 2015 2:14:33 PM

For individual tax payers, the Finance Minister Arun Jaitley's Union Budget 2015 has increased deduction

union budget 2015, budget, budget highlights, budget 2015-16, budget live, budget 2015 highlights, union budget 2015-16, budget 2015 india, budget 2015 newsFinance Minister Arun Jaitley in a jovial mood during a press conference at Media Center on Union Budget 2015 day. (Express photo by Renuka Puri)

For individual tax payers, the Finance Minister Arun Jaitley‘s Union Budget 2015 has increased deduction on health insurance premium from Rs 15,000 to Rs 25,000 (Section 80D), given an additional tax benefit of Rs 50,000 for contribution to National Pension Scheme (NPS) and even increased the monthly transport allowance from Rs 800 to Rs 1,600. Apart from these deductions, the overall limit of Rs 1.5 lakh under Section 80C will remain unchanged. (Check graphic)

Moreover, the tax benefit of Rs 2 lakh under Section 24 for interest payment on loan for self occupied house will continue.

Union Budget 2015: Full coverage

So, here’s how an individual tax payer can claim tax benefits for up to Rs 4,44,200 a year under Budget 2015 (see table):

union budget 2015, budget, budget highlights, budget 2015-16, budget live, budget 2015 highlights, union budget 2015-16, budget 2015 india, budget 2015 news

Take the poll, tell us what you think:

 

Tax Calculator: Check your status

tax calculator, budget 2015, union budget 2015

Do you know What is Cash Reserve Ratio (CRR), Finance Bill, Fiscal Policy in India, Expenditure Budget, Customs Duty? FE Knowledge Desk explains each of these and more in detail at Financial Express Explained. Also get Live BSE/NSE Stock Prices, latest NAV of Mutual Funds, Best equity funds, Top Gainers, Top Losers on Financial Express. Don’t forget to try our free Income Tax Calculator tool.

Next Stories
1Union Budget 2015: 3 pct fiscal deficit in 3 years will help growth
2Union Budget 2015: Arun Jaitley announces hike of Rs 70,000 cr in developing road, rail infra
3Union Budget 2015 service tax hike: What got dearer? Your restaurant and mobile bills