For individual tax payers, the Finance Minister Arun Jaitley's Union Budget 2015 has increased deduction
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):
Tax Calculator: Check your status