1. SAKSHAM VENTURES │ PROMOTING PROFESSIONAL LEARNING & EMPLOYABILITY
Budget 2015-16
Personal Tax Proposals

2. SAKSHAM VENTURES │ PROMOTING PROFESSIONAL LEARNING & EMPLOYABILITY
Presenter
• Amitabh Singh [B.Com (H), LLB, CA, ICWA]
Founder Director
Saksham Ventures Private Limited
amitabh.singh@sakshamventures.com
This presentation contains information in a summarised manner and should be used only
to get a broad overview of the subject. It is not meant to be comprehensive in its coverage
and should not be used as a basis for arriving at any professional views or opinion. While
due care has been taken in its preparation, Saksham Ventures Private Limited does not
accept any responsibility for loss incurred by any person relying on any matter contained in
this presentation.
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3. SAKSHAM VENTURES │ PROMOTING PROFESSIONAL LEARNING & EMPLOYABILITY
Personal Tax Proposals
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4. SAKSHAM VENTURES │ PROMOTING PROFESSIONAL LEARNING & EMPLOYABILITY
Personal Tax
– No change in income slabs / tax rates
– Surcharge increased from 10% to 12% (for total
income > INR 10 million)
- Maximum marginal tax rate increased to 34.61% from 33.99%
– Wealth-tax abolished
– An additional deduction of INR 50,000 eligible on
individual’s contribution to National Pension System
(80CCD)
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5. SAKSHAM VENTURES │ PROMOTING PROFESSIONAL LEARNING & EMPLOYABILITY
Personal Tax (contd…)
Limit for deduction in respect of health insurance premium
(Secction 80D) increased
– Limit for self and family is proposed to be increased to INR 25,000 (from
INR15,000). Similar increase for premium paid for parents
– Where premium is paid for senior citizens (age 60 years and above), the
deduction is proposed to be increased from INR 20,000 to INR 30,000.
– For uninsured very senior citizens (age 80 years and above), the deduction
within the above ceiling of INR 30,000 is available for medical expenses
incurred.
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6. SAKSHAM VENTURES │ PROMOTING PROFESSIONAL LEARNING & EMPLOYABILITY
Personal Tax (contd…)
– Deduction in respect of contribution to pension fund (Section 80CCC)
enhanced from INR 100,000 to INR 150,000
– Deduction for persons with disability or severe disability or maintaining such
persons to be raised from INR 50,000 to INR 75,000 and INR 100,000 to INR
125,000 respectively (Section 80DD and 80U)
– Transport allowance deduction enhanced from INR 800 pm to INR 1,600 pm
– Very senior citizens to be eligible for higher deduction of INR 80,000 for
specified ailments (Section 80DDB)
- Requirement of obtaining certificate from a Government Hospital is done away
- Prescription from a specialist doctor will suffice to avail deduction
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7. SAKSHAM VENTURES │ PROMOTING PROFESSIONAL LEARNING & EMPLOYABILITY
Personal Tax (contd…)
– Investment in Sukanya Samriddhi Account Scheme to be eligible for
deduction under Section 80C
- Interest accrued on deposits or withdrawal from such scheme to be exempt from tax
– A new Section 192(2D) introduced to make employer responsible for
collection of proofs of deductions/exemptions /set-off claimed from salary
– Pre-mature taxable withdrawal from PF (exceeding INR 30,000) subject to
TDS at 10%
- At maximum marginal tax rate, if PAN is not available
– Donations made to Swachh Bharat Kosh, Clean Ganga Fund, National Fund
for Control of Drug Abuse eligible for 100% deduction under Section 80G
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8. SAKSHAM VENTURES │ PROMOTING PROFESSIONAL LEARNING & EMPLOYABILITY
Personal Tax (contd…)
“Madam Speaker, I am giving
these concessions to individual
taxpayers despite inadequate
fiscal space. After taking into
account the tax concession given
to middle class tax payers in my
last Budget and this Budget,
today an individual tax payer will
get tax benefit of Rs. 4,44,200 as
detailed in the annexure. As and
when my fiscal capacity improves,
individual taxpayers will have a lot
to look forward to.”
- FM in his budget speech
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9. SAKSHAM VENTURES │ PROMOTING PROFESSIONAL LEARNING & EMPLOYABILITY
Thank You