Deductions U/ 80 for the AY 2015-16, changes in the tax rates.

1. Prajwal Lobo

2. No Change In The Income Tax Slabs And
Education Cess

3. Increase in the surcharge by 2% on super rich
If the taxable income exceeds Rs. 1 crore- -12% (Increased
from 10%)
Transportation allowance has been doubled
Increased to Rs. 1600 pm from Rs. 800 pm – results in yearly
benefit of Rs. 19200 pa.
Meassures to curb black money
* While borrowing money
* Repayment of borrowed money
* Purchase of immovable property

4. Taxation on Real Estate Investment Trust (REIT)
STCG – 15%
LTCG – Exempt
Abolition of Wealth Tax act of 1957
Loss in revenue componsated by increasing the
surcharge by 2%
TDS on Recurring Deposits
If the Int. on RD exceeds Rs. 10000- 10% TDS.

5. Benefits for Individual tax payers
 Tax benefits U/S 80 C - Sukanya Samriddhi A/c
Scheme
* Minimum investment Rs 1000 pa and maximum investment
upto Rs. 150000.
* Offers int. rate of 9.1%.
* Maturity period 21 yrs.
* Amount invested under this scheme is eligible for deduction
u/s 80 C and interest and widrawal amount is exempt from tax.
* Maximum deduction under this remains at Rs 150000.

6.  Deduction U/S 80 CCC
contributions to certain Pension funds by an individual
assessee Payment of premium for annuity plan of LIC or any
other insurer. Deduction is available upto a maximum of Rs.
150,000. (A.Y 14- 15 Rs 100000).
 Deduction U/S 80 CCD
Upto Rs 50000 on the amount deposited under “Notified Pen
sion Scheme” of central govt.
 Deduction U/S 80 D – Medical Insurance Premium
Premium paid on the policy of assesse, Dependent parents,
Dependent children – Deduction upto 20000 (A.Y 14- 15 Rs
15000), Senior citizen parent upto 30000 (A.Y 14- 15 Rs 20000)

7.  Deduction U/S 80 DD – Dependent with disability
*Expenditure incurred on the treatment of dependent with
disability – fixed amount of deduction of Rs. 75000 (A.Y
14- 15 Rs 50000)
* Severe Disability – Rs 125000 (A.Y 14- 15 Rs 100000)
 Deduction U/S 80 DDB
For senior citizen Medical treatment of certain chronic
diseases- Deduction upto Rs 80000 (A.Y 14- 15 Rs 60000)
 Deduction U/S 80 U
if the assesse suffers from disability - fixed amount of
deduction of Rs. 75000 (A.Y 14- 15 Rs 50000)
* Severe Disability – Rs 125000 (A.Y 14- 15 Rs 100000)

8.  Deduction U/S 80 G
* Donation made by individuals to National Fund for control of
drug abuse – 100% deduction is allowed.
* Donation made by individuals to Swatch bharath and Clean
Ganga Fund – 100% deduction is allowed.

9. Conclusion