Tax table

Year on Year Comparison
of Modi’s Previous Budget
2014-2015-2016-2017-2018

Basic exemption
It is an amount up to which an individual is not required to pay any income tax on his total income.
Budget 2014 Budget 2015 Budget 2016 Budget 2017 Budget 2018
Income-tax basic exemption limit for
the persons below the age of 60 years
was raised by Rs. 50,000/- that is, from
Rs.2 lakh to 2.5 lakh .
Further, in case of senior citizens(60
years or more) the exemption limit
raised was from Rs. 2.5 lakh to 3 lakh.
No change since
2014
No change since
2014
No change since 2014 No change since 2014

Tax Rate
The rate at which income tax shall be levied.
No change No change since 2014 No change since 2014 No change since 2014 No change since 2014

Surcharge
Surcharge is levied on the total tax amount depending on the income
Surcharge of 10% was
levied if the income exceeds
Rs.1 crore of an individual
Surcharge was raised
to12% from 10% if
income exceeds Rs.1
crore of an individual
Surcharge was
increased from
12% to 15% if
income exceeds
Rs.1 crore of an
individual.
Ambit of surcharge was widened in
this budget. Surcharge of 10 % was
levied if income is more than 50 lakhs
but less than Rs. 1 crore and
Surcharge of 15% in case income is
more than 1 crore of an individual.
No change

Section 87A
It is a rebate which is provided for individuals who are earning income below the specified limit.
No change No change The maximum limit of tax
rebate under section 87A was
increased from Rs. 2,000 to
Rs.5,000,on income upto Rs.5
lakhs
The maximum limit of tax rebate
under section 87A was reduced
from Rs. 5,000 to 2,500/- .
Further now , rebate under
section 87 A would be available if
Income is upto 3.5 lakh instead of
Rs. 5 lakh..
No change

Section 80C
It allows to save tax by making investments/expenditure under the specified avenues.
Investment limit under
section 80C of the Income-
tax Act was raised from Rs.1
lakh to Rs.1.5 lakh.
Sukanya Samriddhi Scheme
included as one of the
investment options for the
purpose of section 80C.
No change No change

Section 80 TTB
It allows deduction in respect of interest income from deposits held by senior citizens
In respect of interest
income from deposits
held by senior
citizens.
No Such Section No Such Section No Such Section New section 80 TTB has been introduced
so as to allow a deduction upto Rs
50,000/- in respect of interest income
from deposits held by senior citizens.
However, no deduction under section
80TTA shall be allowed in these cases.

Section 80D
It allows you deduct on the payment made towards health insurance premium and preventive health checkup.
No change The limit of deduction
u/s 80D on health
insurance premium was
raised from Rs.15,000 to
Rs.25,000 (in case of
senior citizen from Rs.
20,000 to Rs.30,000).
No change
since 2015
No change
since 2015
For Senior citizen, limit has
been increased from Rs.
30,000 to Rs.50,000
(Aggeregate deduction if both
parents and individual are
senior citizen will be Rs.
1,00,000/-)

Section 80DD
It allows a deduction when an individual incurs any expenditure on medical treatment of the dependent
disabled person.
Budget 2014 Budget 2015 Budget 2016 Budget 2017 Budget
2018
No change The limit of deduction u/s 80DD was
increased from Rs.50,000 to Rs.75,000 in
case of normal disability. Further, the limit of
deduction in case of severe disability was
raised from Rs.1 lakh to Rs.1.25
lakh
No change since
2015
No change since
2015
No Change

Section 80DDB
It allows a deduction when an individual incurs any expenditure on medical treatment of the specified
diseases.
Budget
2014
Budget 2015 Budget 2016 Budget 2017 Budget 2018
No change In this budget, deduction u/s
80DDB was specifically
introduced for super senior
citizen for Rs.80,000 or the
amount incurred whichever is
lower.
No change since
2015
No change since
2015
In this budget, under deduction u/s
80DDB, the class of super senior
citizen has been submerged into
senior citizen raising the limit of
Rs.60,000/80,000 to Rs. 100,000 or
the amount incurred whichever is
lower.

Section 80U
It allows deduction to a person who himself is disabled.
Budget
2014
Budget 2015 Budget
2016
Budget 2017 Budget 2018
No change The limit of deduction u/s 80U
was increased from Rs.50,000 to
Rs.75,000 in case of normal
disability. Further, the limit of
deduction in case of severe
disability was raised from Rs.1
lakh to Rs.1.25
lakh
No change
since 2015
No change since
2015
In this budget, under deduction u/s
80DDB, the class of super senior citizen
has been submerged into senior citizen
raising the limit of Rs.60,000/80,000 to
Rs. 100,000 or the amount incurred
whichever is lower.

Section 80CCC
It provides deduction for contribution to certain Pension Funds.
No change The limit of deduction u/s
80CCC was increased from
Rs.1 lakh to Rs.1.5 lakh.
No change since
2015
No change since
2015
No change

Section 80CCD
It provides deduction for contribution to National Pension Scheme.
Budget 2014 Budget 2015 Budget
2016
No change The limit of deduction u/s 80CCD i.e.
National Pension Scheme (NPS) was
increased from Rs.1 lakh to Rs.1.50
lakh. Further, deduction of upto
Rs.50,000 over and above the limit of
Rs.1.50 lakh was introduced in respect
of contributions made to NPS.
No change Section 80CCD(1) was
amended so as to increase
the limit from
10% to 20% of gross total
income in case of self
employed individuals.
No change

Section 80G
It allows deduction to certain funds, charitable institutions etc.
. Budget 2014 Budget 2015 Budget 2016 Budget 2017 Budget 2018
No change No change No change Deduction for cash donations
reduced from Rs.10,000 to Rs.2000
i.e. deduction not allowed if
donation made in cash more then
Rs. 2,000/-..
No change

Section 80GG
It provides deduction in respect of rent paid
No change No change Deduction under section 80GG of
the Income-tax Act on account of
rent paid by an individual was
increased from Rs.2,000 per month
to Rs.5,000 per month
No change No change

Section 80TTA
Interest from Savings Bank A/c is eligible for deduction under this section.
No change No change No change No change No change for individual below
the age of 60 years and for the
senior citizens the maximum
benefit of sec 80TTA and 80TTB
shall not exceed Rs.50,000.

Section 80EE
It is a additional deduction on interest on home loan only for the first time home buyers.
. Budget 2014 Budget 2015 Budget 2016 Budget
2017
Budget 2018
No such section No such section Sec 80EE was introduced for the benefit of
first home buyers through which benefit
of Rs. 50,000/- can be availed but subject
to fulfillment of certain conditions.This
benefit is in addition to sec 24(b).
Not
applicable
No change

House Property
It is the head where income from house property or interest on home loan deduction benefit is accounted for.
.
Budget 2014 Budget
2015
Budget
2016
Budget 2017 Budget
2018
Deduction limit of Sec 24(b) on
account of interest on loan in
respect of self occupied house
property was raised from Rs.1.5
lakh to Rs.2 lakh.
No change No change The provision for set-off of loss under the
head "Income from house property" was
capped by the way of amendment , now
in any assessment year the loss from
house property can be set of against any
other income only up to Rs. 2,00,000. The
unabsorbed loss shall be allowed to be
carried forward for set-off in subsequent
years.
No change

House Property
It is the head where income from house property is accounted for.
.Budget 2014 Budget 2015 Budget 2016 Budget 2017 Budget 2018
No change No change The period for completion of acquisition
or construction of the self-occupied
house property was increased from 3
years to 5 years from the end of the
financial year in which capital was
borrowed for claiming deduction of
interest on borrowed capital.
No change No change

Capital Gain
It is the head where income from sale of capital asset is accounted for.
No change The period of holding of
an immovable property
to qualify as long-term
capital asset was
reduced from existing 36
months to 24 months.
For the first time , long-term capital
gains from listed equities exceeding
one lakh has been taxed at 10 percent
without indexation.Further, Short-
term capital gains will continue to be
taxed at 15 percent for a one-year
hold period.

Transport Allowance
It is an allowance give to meet the commuting expenses between place of residence and place of duty.
No change Transport allowance
exemption was increased
for salaried individuals.
Exemption on account of
transport allowance was
doubled to Rs.1,600 per
month from Rs. 800 per
month.
No Change No Change In lieu of transport
allowance & medical
allowance , a Standard
Deduction of Rs. 40000/-
has been introduced in this
budget.

Section 194A
It deals with the deduction of TDS on interest other than interest on securities like Interest on FD, Interest on
Loans and Advances other than banks.
.
No such change No such change No such change No such change he limit of TDS on
interest for deposits
for senior citizens
have been increased
from Rs. 10,000 to
Rs. 50,000.

Section 44ADA
It is a Presumptive income scheme for professionals.
No such section No such change No such change No such change The limit of TDS on interest for
deposits for senior citizens have
been increased from Rs. 10,000 to
Rs. 50,000.

Section 194IB
As per this section , TDS is levied on rent payment subject to certain conditions.
. Budget 2014 Budget
2015
Budget 2016 Budget 2017 Budget 2018
No such section No such section No such section Section 194-IB was inserted to provide that
an Individual and HUF (even if not liable to
tax audit under Section 44AB) are liable to
deduct TDS at the rate of 5% if the payment
of rent exceeds Rs. 50,000 per month.
No change

Section 234F
Through this section , fees for late filing of Income Tax Return is levied.
2015
Budget
2016
No such section No such
section
No such section To ensure filing of returns within due date, fee for
delayed filing of return levied. If the return is filed
after the due date but on or before the December 31
of the assessment year, then person shall be liable to
pay Rs.5,000. If return is filed after December 31 of
the Assessment year, the charges shall be Rs.10,000.
However, in a case where the total income does not
exceed five lakh rupees, the fee shall not exceed
Rs.1,000.
No change

Measures to curb black money
Means to fight against corruption and black money
. Budget
2014
Budget 2015 Budget
2016
Budget 2017 Budget
2018
No such
measure
The provisions of section 269SS and
269T of the Income-tax Act were
amended so as to prohibit
acceptance or re-payment of
advance in cash of Rs.20,000 or
more for any transaction in
immovable property.
No such
measure
Sec 269ST was introduced stating that no
person can receive an
amount of two lakhs or more in cash from
any person in one day or in relation
to particular transaction or in any event
except some organisations.
No change

Time limit for Filing of original return & revised
return ( Sec 139)
Return filed under section 139(1) is original return and if any alteration is needed in it and then such revision is
done under section 139(5).
.Budget 2014 Budget 2015 Budget 2016 Budget 2017 Budget 2018
No Change No Change
The earlier time limits has been done away
with. Now, the Revised return can be filed
upto the end of relevant A.Y.
No change

Belated return
As per law, belated return is nothing but a late return
.
Budget 2014 Budget 2015 Budget 2016 Budget
2017
Budget 2018
No Change No Change Now, belated return can also be revised i.e.
earlier belated return can not be revised but
now it can be revised.
No change No change

Wealth Tax
It is a tax levied on wealth of an individual.
No Change Wealth Tax has been
abolished w.e.f. Financial
Year 2015-16 and
onwards
Wealth Tax has been abolished
w.e.f. Financial Year 2015-16 and
onwards
No change

Corporate Tax Rate
It is the rate at which a domestic company has to pay tax.
.
Budget
2014
Budget
2015
No Change No change Corporate Tax rate was reduced
from 30% to 29% (plus Surcharge
and Cess as applicable) for
domestic companies having
turnover or gross receipts less
than Rs.5 Crores in Financial Year
2015-16.Therefore, for large
corporates the tax rate is still 30%
but for MSME it has been reduced
to 29%.
Corporate Tax rate was
reduced from 29% to 25%
(plus Surcharge and Cess as
applicable) for domestic
companies having turnover
or gross receipts less than
Rs.50 Crores in the last year
i.e. in Financial Year 2015-
16.Therefore, for large
corporates the tax rate is
still 30% but for MSME it
has been reduced to 25%.
Corporate Tax rate was
reduced from 29% to 25%
(plus Surcharge and Cess as
applicable) for domestic
companies having turnover or
gross receipts less than Rs.250
Crores in the last year i.e. in
Financial Year 2015-
16.Therefore, for large
corporates the tax rate is still
30% but for MSME it has been
reduced to 25%.

Dividend
It is a sum of money paid mostly annually by a company to its shareholders out of its profits (or reserves).
2015
No Change No change Dividend on Shares in excess of
Rs.10 Lakh was brought into the
ambit of Tax i.e. dividend over and
above Rs. 10 lakh would be
taxable.
No change No change

Section 40A(3)
It disallows certain expenses which are made in cash.
No Change No change No change The threshold limit under Section
40A(3) for making cash payment
was reduced from Rs.20,000 to
Rs.10,000.
No change

Section 44AD
It is a presumptive scheme for small businessman.
No Change No change The limit of turnover for
the purpose of
applicability of section
44AD has been raised
from 1 crore to 2 crore.
In order to promote digital
transactions, the presumptive
income under Section 44AD shall be
deemed to be 6% (instead of 8%) in
respect of amount received through
banking channel during the previous
year
No change

Tax table

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