There is change in limit of income tax deduction 2014-15 (A.Y.2015-16) with introduction of budget 2015. I have prepared chart for it. Through it you can get details of new deduction limit under section 80C, 80D etc.
Chart for income tax deduction 2014-15 ( A.Y. 2015-16)
Deduction limit changes in budget 2015-16
| Section | Deduction | Before budget 2015-16 | After budget 2015-16 | Other conditions to avail deduction |
|---|---|---|---|---|
| 80C | Investment in Sukanya Samriddhi Account scheme is eligible for deduction. | Interest and withdrawan are exempt. | EEE (exempt-exempt-exempt) scheme. The account can be opened on the name of girl child in post office. | |
| 80CCD | Contribution to pension plan | Maximum limit Rs. 1,50,000 | Maximum limit Rs. 2,00,000 | |
| 80D | Deduction for medical expenditure and medical insurance | Deduction limit for person other than senior citizen is Rs. 15,000 and for senior citizen Rs. 20,000 | Deduction limit for person other than senior citizen is Rs. 20,000 and for senior citizen Rs. 30,000 | Deduction for medical insurance and health check up. |
| 80DDB | Deduction for medical treatment of very senior citizen (person having age of 80 years or more) | Rs. 80,000 deduction | Deduction for amount paid for medical treatment of very senior citizen. | |
| 80DD | Expenditure for medical treatment of disabled dependent and life insurance premium paid for the purpose of maintenance of the dependent | Maximum deduction limit - Rs. 50,000 | Maximum deduction limit - Rs. 75,000 | Not available for NRI |
| 80DD | Expenditure for medical treatment of disabled dependent and life insurance premium paid for the purpose of maintenance of the dependent -80% disability | Maximum deduction limit - Rs. 1,00,000 | Maximum deduction limit - Rs. 1,25,000 | Not available for NRI |
| 80U | Deduction for expenditure of medical treatment of assessee who has 40% disability | Maximum deduction 50,000 | Maximum deduction - Rs. 75000 | for Indian citizen and foreign national who is resident of india. |
| 80U | Deduction for expenditure of medical treatment of assessee who has severe disability | Maximum deduction - Rs. 1,00,000 | Maximum deduction- Rs. 1,25,000 | |
| 80CCC(1) | Investment in pension plan | Before limit - Rs. 1,00,000 | Maximum limit - Rs. 1,50,000. | |
| 80G | Investment in national fund for control of drug abuse. | 100% deduction | ||
| 80G | Investment in Swachh Bharat Kosh and to clean Ganga fund | 100% deduciton |
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You can download Key features of budget from this link
Also read our post on changes in service tax in budget 2015- Link
I hope this chart will help you to understand income tax deduction 2014-15 limit and you will take benefit of income tax deductions for F.Y. 2014-15. Say thanks by sharing this post. You can print this chart by using print button below.
Send me updated information with tax rates calculation examples
I will add example soon in this post. I will send you the copy.
Admin check your Slab rate it’s written 5000001 instead of 500001
I have corrected. Thanks..
please tell me deduction allowed for a salaried employee for the Assessment Year 2015-16
All deductions are available to salaried employee mentioned in post.