Decoding how taxpayer benefit adds up to Rs 4.44 lakh
New Delhi: Finance Minister Arun Jaitley in his Budget Speech in Lok Sabha today proposed rationalization of various tax exemptions and measures to improve tax administration. To promote health care among individual tax payers, the NDA government proposed to increase the limit of reduction of health insurance premium from Rs 15,000 to Rs 25,000 and for senior citizen this limit is increase from Rs 20,000 to Rs 30,000 under section 80 D of the Income Tax Act The income-tax slabs remain unchanged. Transport allowance exemption has been increased from Rs 800 to Rs 1, 600 per month which will result in the maximum saving of Rs.2880 per annum The finance minister also announced the limit on deduction on account of contribution to a pension fund and the new pension scheme to be increased from Rs 1 lakh to Rs 1.5 lakh. Here is the mathematics behind this figure: • Deduction u/s 80C – Rs 1,50,000 • Deduction u/s 80CCD - Rs 50,000 • Deduction on account of interest on house property loan - Rs 2,00,000. • Deduction u/s 80D on health insurance premium - Rs 25,000 • Exemption of transport allowance - Rs 19,200 Total – Rs 4,44,200
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