The key points from the document are: 1. There were no changes to income tax slabs or education cess, but the surcharge was increased by 2% for those with taxable income over Rs. 1 crore. 2. Transportation allowance was doubled to Rs. 1600 per month from Rs. 800 to provide an annual benefit of Rs. 19,200. 3. Measures were introduced to curb black money related to borrowing, repayment, and property purchases. Real estate investment trusts will be taxed with short-term capital gains at 15% and long-term gains exempt. Wealth tax was abolished with lost revenue compensated by the higher surcharge.

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