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Union Budget 2015 -A Bold & beautiful Budget 2015 for Financial Year 2015-16 presented on 28th Feruary 2015

Honorable Finance Minister Mr. Arun Jaitely presented Union Budget on 28th February 2015. He has presented a budget which do not have points which looks dramatic and woo the public at large. No changes have been made in favourite areas of individual tax payers i.e. Tax limits, deduction limit under section 80C or deduction for self occupied House Property. 

This Budget is a reformist budget with focus on simplification, emphasis on infrastructure spending and curbing of Black Money. This Budget also provides clarity with respect to future by reducing Corporate Tax Rate from 30% to 25% over next four years. However, tax incentives/exemptions will also be withdrawn in phased manner. This will help corporates to plan their long term strategies.

The major highlights of tax reliefs provided to individual taxpayers are: 

  • Transport allowance exemption, increased from Rs. 800 per month to Rs. 1600 per month.
  • No change in 80C deduction limit however additional deduction of Rs. 50000 u/s 80CCD for contribution under New Pension Scheme with an intent to increase investments providing pensions.
  • Deduction U/s 80D for health insurance increased from Rs. 15000 to Rs. 25000 & for senior citizens from Rs. 20000 to Rs. 30000. Click here to Read provisions of Section 80D 
  • The deduction limit of Rs. 60000 towards expenditure on specified diseases of serious nature is proposed to increase to Rs. 80000.
  • Additional Deduction U/s 80DD & 80U for differently abled persons of Rs. 25000. 
  • Wealth Tax abolished and to mitigate the loss of wealth tax an additional surcharge of 2% on Super Rich persons (having income more than Rs. 1 Crore).
  • Contribution by employer to Pension Scheme - exmeption limit increased from Rs. 100000 to 150000.
FM has also hinted on providing many tax sops to individual tax payers in future once financial position of the Governement improves.

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