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Budget and what it means for you

Quick Take Away from the budget

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Quick Take Away from the budget: -

1. Introducing the additional limit of Rs. 50000/- contribution towards a New Pension scheme under 80CCD.
2. The limit under section 80D had been increased from the existing Rs. 15000/- to Rs. 25000/- on account of health insurance premium.
3.  Investment in Sukanya Samriddhi Scheme will be eligible for deduction under section 80C of the income tax and any payment from the scheme shall not be liable to tax.
4. Employer's contribution to EPF below an income threshold will be optional without reducing employer's contribution
5. Non-filing or filing with inadequate info will attract rigorous imprisonment
6. Exemption on transport allowance is increased from Rs. 800 to Rs. 1600 per month.
7. Wealth tax has been abolished to compensate the loss existing surcharge of 10% will be increased to 12% for all the Super rich tax payers means people earning more than Rs. 1 crores.

TIPS to save and leverage the budget:
1. One can invest in Gold & Metal Bond and earn interest.
2. One can invest Rs. 150,000/- in New Pension Scheme to save tax under section 80CCD as well as insure old age social safety
3. One can save tax by investing more Rs. 10,000/- in medical insurance to cover family as benefit under Section 80D is increased to Rs. 25,000/-
4. Those who look forward for safety of their investments can invest in tax-free infrastructure bonds.
5. One should also plan to invest in REIT (Real Estate Infrastructure Bonds) which are going to become popular soon, a good investment option for investing in property market indirectly.
6. Plan your social outings well in advance as the prices are set to take off on account of hike in price of cigarettes, cigars due to increase in 10-15%
7. Relief to the person expending for specified diseases like Cancer will receive higher benefit of Rs. 20,000/- as limit u/s 80DDB, is increases to Rs. 80,000/-.
8. Similarly, relief to the person expending for disabled person will receive higher benefit of Rs. 25,000/- as limit u/s 80DD & u/s 80U, is increases to Rs. 75,000/-.

Budget for Senior Citizens  (above 60 years)

Following are the major offerings in the union budget 2015 for the Sr. Citizens: -
1. Deduction limit u/s 80DD of Rs. 60000/- increased to 80,000/- for specified diseases like cancer. 
2. Increasing the limit of deduction on account of health insurance premium from 20000/- to 30000/- u/s 80D.
3. Deduction will be allowed for medical expenses up to Rs.30,000/- for super senior citizens who are not eligible to avail health insurance.
4. Additional deduction of Rs. 25000 for differently abled persons.
5. They can also invest in Tax Saver Infrastructure Bond, which have been announced in the budget.

Budget for salaried citizens/Individual tax payers

1. Introducing the additional limit of Rs. 50000/- contribution towards a New Pension scheme under 80CCD.
2. The limit under section 80D had been increased from the existing Rs. 15000/- to Rs. 25000/- on account of health insurance premium.
3.  Investment in Sukanya Samriddhi Scheme will be eligible for deduction under section 80C of the income tax and any payment from the scheme shall not be liable to tax.
4. Employer's contribution to EPF below an income threshold will be optional without reducing employer's contribution
5. Non-filing or filing with inadequate info will attract rigorous imprisonment
6. Exemption on transport allowance is increased from Rs. 800 to Rs. 1600 per month.
7. Wealth tax has been abolished to compensate the loss existing surcharge of 10% will be increased to 12% for all the Super rich tax payers means people earning more than Rs. 1 crores.

Budget for Homemaker:

Mr Jaitley had pumped in another Rs 1,000 crore into Nirbhaya fund but the main challenge is that even the earlier money as allocated for this had not been touched yet then the question comes that who is going to use it? 
There are no specific schemes which has been announced to please the homemaker this time and rather than increasing their savings increased service tax rates will put immense pressure on them. 
Now the cost of dining out will set to to up and would be a costlier affair due to the increased service tax. Even going to a Beauty parlor and even a simple haircut will cost more. Another hit will be mainly due to Healthcare  as  be ready to pay more for your Gym memberships now.
The only respite is in buying for Leather goods & Purses which will set to become cheaper.

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