Budget-2015-2016

Budget-2015-2016

1.      New Pension scheme under 80CCD: Introducing the additional limit of Rs. 50000/-Rs
2.   The limit under section 80D had been increased from the existing Rs. 15000/- to Rs. 25000/- on account of health insurance premium.
3.   Investment in Sukanya Samriddhi Scheme : income tax and any payment from the scheme shall not be liable to tax. under section 80C
4.   EPF will be optional without reducing employer's contribution
5.   Non-filing or filing with inadequate info will attract rigorous imprisonment
6.   Transport allowance is increased from Rs. 800 to Rs. 1600 per month.
7.   Wealth tax of 10% will be increased to 12% for all the Super rich tax payers means people earning more than Rs. 1 crores.

TIPS to save and leverage the budget:

1.   Gold & Metal can invest  in Bond and earn interest.
2. New Pension Scheme allows to invest Rs. 150,000/- and save tax under section 80CCD as well as insure old age social safety
3. Medical insurance to cover family as benefit under Section 80D is increased to Rs. 25,000/- to save tax by investing more Rs. 10,000/Rs.
4. Tax-free infrastructure bonds.
5. One should also plan to invest in REIT (Real Estate Infrastructure Bonds) which are going to become popular soon, a good investment option for investing in property market indirectly.
6. Hike in price of cigarettes, cigars due to increase in 10-15%
7. Relief to the person expending for specified diseases like Cancer will receive higher benefit of Rs. 20,000/- as limit u/s 80DDB, is increases to Rs. 80,000/-.
8. Relief to the person expending for disabled person will receive higher benefit of Rs. 25,000/- as limit u/s 80DD & u/s 80U, is increases to Rs. 75,000/-.

Budget for Senior Citizens  (above 60 years)

Following are the major offerings in the union budget 2015 for the Sr. Citizens: -

1.   Deduction limit of Rs. 60,000/- increased to 80,000/- for specified diseases like cancer u/s 80DD . 
2.   Increasing the limit of deduction on account of health insurance premium from 20000/- to 30000/- u/s 80D.
3.   Deduction will be allowed for medical expenses up to Rs.30,000/- for super senior citizens who are not eligible to avail health insurance.
4.   Additional deduction of Rs. 25000 for differently abled persons.
5. Tax Saver Infrastructure Bond, which have been announced in the budget.

Budget for salaried citizens/Individual tax payers

1.Introducing the additional limit of Rs. 50000/- contribution towards a New Pension scheme under 80CCD.

2.Health insurance premium. increased from the existing Rs. 15000/- to Rs. 25000/-  under section 80D
 

3.  Investment in Sukanya Samriddhi Scheme will be eligible for deduction under section 80C of the income tax and any payment from the scheme shall not be liable to tax.
 

4. Employer's contribution to EPF below an income threshold will be optional without reducing employer's contribution
 

5. Non-filing or filing with inadequate info will attract rigorous imprisonment
 

6. Transport allowance is increased from Rs. 800 to Rs. 1600 per month.
 

7. Wealth tax has been abolished to compensate the loss existing surcharge of 10% will be increased to 12% for all the Super rich tax payers means people earning more than Rs. 1 crores.

Budget for Homemaker:

1.      Mr Jaitley had been allotted another Rs 1,000 crore to Nirbhaya fund 

2.      Service tax rates increased

3.      Dining out will put immense pressure on them. 

4.      Even going to a Beauty parlor and even a simple haircut will cost more.
Leather goods & Purses which will set to become cheaper.

 Experts said positive