Budget 2021

Budget 2015: Key highlights for middle class tax-payers

New Delhi, 28/02/2015: Union Finance minister Arun Jaitley the day he present Union Budget-2015,in New Delhi on Saturday February 28, 2015. Photo: Sandeep Saxena   | Photo Credit: Sandeep Saxena

* No change in tax slabs or minimum taxable limit

* The transport allowance exemption hiked to Rs 1,600 per month from Rs 800 per month.

* Limit of deduction of health insurance premium increased from Rs. 15000 to Rs. 25000. For senior citizens limit increased from Rs 20000 to Rs 30000.

* Senior citizens above the age of 80 years, who are not covered by health insurance, to be allowed deduction of Rs 30000 towards medical expenditures.

* Deduction limit of Rs 60000 with respect to specified decease of serious nature enhanced to Rs 80000 in case of senior citizen.

*Additional deduction of Rs 25000 allowed for differently abled persons.

*Limit on deduction on account of contribution to a pension fund and the new pension scheme increased from Rs 1 lakh to Rs 1.5 lakh.

*Additional deduction of Rs 50000 for contribution to the new pension scheme u/s 80CCD.

*Payments to the beneficiaries including interest payment on deposit in Sukanya Samriddhi scheme to be fully exempt.

*Service-tax exemption on Varishtha Bima Yojana.

*FM says concession to individual tax-payers despite inadequate fiscal space.

*Lot to look forward to as fiscal capacity improves

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Printable version | May 2, 2021 3:04:38 AM | https://www.thehindu.com/business/budget/budget-2015-key-highlights-for-middle-class-taxpayers/article6944941.ece

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