The Master Note for Year End 2015 is already available:
2137336 - Union Budget 2015-16 - Changes to Income Tax
Announcement of changes in Income Tax as per Union Budget 2015
--------------------------------------------------------------------------------------------
Following are the changes that have been announced:
1. Surcharge of 12% for people having income more than 1 Crore from financial
year 2015-16.
2. Transport allowance exemption hiked to Rs 1,600, from Rs 800 per
month.
3. Changes under Section 80CCD: The limit has increased from 1,00,000 to
Rs.1,50,000.
4. Changes under Section 80CCC: Section 01 sub section 01 from 1,00,000 to Rs
1,50,000 for certain Pension Funds.
5. Changes under Section 80C: As per the Sukanya Samridhi Account, a minimum
amount of Rs 1,000 has to be deposited each year for the girl child account.
A maximum Rs 1,50,000 can be invested in each financial year. The amount
deposited in this account shall be eligible for deduction under Sec 80C. The
interest payments shall be fully exempt from tax. Sec 10(11 A). This change is
applicable from the financial year 2014-15.
6. Changes under Section 80G: 100 % deduction for contribution to Swachch
Bharat and Clean Ganga schemes and National Fund for Control of Drug abuse.
7. Changes to Section 80D: The limit for non senior citizens remains
Rs.15,000 in this category. Limit under the same categoty for senior citizens
will be Rs. 30,000. Also, individuals who are more than 80 years old shall be
allowed a deduction for medical expenses of up to Rs 30,000 from their total
income.
8. Changes under Section 80DDB: Deduction towards medical treatment for
senior citizens suffering from specified diseases has been raised from Rs 60,000
to Rs 80,000. If actual expenses incurred for treatment are lower, such lower
amount shall be allowed as a deduction.
9. Changes to Section 80DD and 80U (Higher Income Tax Deductions for the
differently abled): In order to provide tax benefit to those who are differently
abled or those caring for dependents who may be differently abled, under Section
80DD and Under Section 80U, where disability is 40% or more but less than 80%
the deduction limit has been raised from Rs 50,000 to Rs 75,000. And in case of
more than 80% disability deduction allowed has been raised from Rs 1,00,000 to
Rs 1,25,000.
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2137336 - Union Budget 2015-16 - Changes to Income Tax
Announcement of changes in Income Tax as per Union Budget 2015
--------------------------------------------------------------------------------------------
Following are the changes that have been announced:
1. Surcharge of 12% for people having income more than 1 Crore from financial
year 2015-16.
2. Transport allowance exemption hiked to Rs 1,600, from Rs 800 per
month.
3. Changes under Section 80CCD: The limit has increased from 1,00,000 to
Rs.1,50,000.
4. Changes under Section 80CCC: Section 01 sub section 01 from 1,00,000 to Rs
1,50,000 for certain Pension Funds.
5. Changes under Section 80C: As per the Sukanya Samridhi Account, a minimum
amount of Rs 1,000 has to be deposited each year for the girl child account.
A maximum Rs 1,50,000 can be invested in each financial year. The amount
deposited in this account shall be eligible for deduction under Sec 80C. The
interest payments shall be fully exempt from tax. Sec 10(11 A). This change is
applicable from the financial year 2014-15.
6. Changes under Section 80G: 100 % deduction for contribution to Swachch
Bharat and Clean Ganga schemes and National Fund for Control of Drug abuse.
7. Changes to Section 80D: The limit for non senior citizens remains
Rs.15,000 in this category. Limit under the same categoty for senior citizens
will be Rs. 30,000. Also, individuals who are more than 80 years old shall be
allowed a deduction for medical expenses of up to Rs 30,000 from their total
income.
8. Changes under Section 80DDB: Deduction towards medical treatment for
senior citizens suffering from specified diseases has been raised from Rs 60,000
to Rs 80,000. If actual expenses incurred for treatment are lower, such lower
amount shall be allowed as a deduction.
9. Changes to Section 80DD and 80U (Higher Income Tax Deductions for the
differently abled): In order to provide tax benefit to those who are differently
abled or those caring for dependents who may be differently abled, under Section
80DD and Under Section 80U, where disability is 40% or more but less than 80%
the deduction limit has been raised from Rs 50,000 to Rs 75,000. And in case of
more than 80% disability deduction allowed has been raised from Rs 1,00,000 to
Rs 1,25,000.
TAGS:
#HRMS Software #ESS Employee Self Service #Pay per use Software #HR Software Solutions India
#HR Payroll Outsourcing #HRIS Software #Pay per use Software Solutions #SaaS Service Provider India #Mobile HR Software #SaaS Software Solutions in India #On Demand Software #HR Payroll software india #HR Software Outsource India#HR Payroll Software #Payroll software #HR software #leading hr software
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