GST Helpdesk   Subscription   Demo   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
Extracts
Home List
← Previous Next →

BIRDS EYE VIEW - PERSONAL TAX - BUDGET 2015

Tax in General + Budget + Finance Acts - By: - CS Swati Dodhi - Dated:- 2-3-2015 Last Replied Date:- 30-12-1899 - PERSONAL TAX - BUDGET 2015 Sukanya Samriddhi Account Scheme - Tax benefits under section 80C for the girl child A special small savings instrument for the welfare of the girl child has been introduced under the Sukanya Samriddhi Account Rules, 2014. The following tax benefits have been envisaged in the Sukanya Samriddhi Account scheme: The investments made in the Scheme will be eli .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

sed to raise the limit of deduction from ₹ 15,000 to ₹ 25,000. It is further proposed to raise the limit of deduction for senior citizens from ₹ 20,000 to ₹ 30,000. Also proposed to provide that any payment made on account of medical expenditure in respect of a very senior citizen, if no payment has been made to keep in force an insurance on the health of such person, as does not exceed INR 30,000 shall be allowed as deduction under section 80D. The aggregate deduction av .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

the amount actually paid, for the medical treatment of certain chronic and protracted diseases such as Cancer, full blown AIDS, Thalassemia, Haemophilia etc. This deduction is allowed up to ₹ 60,000 where the expenditure is in respect of a senior citizen i.e. a person who is of the age of sixty years or more at any time during the relevant previous year. It is proposed to amend section 80DDB so as to provide that the assessee will be required to obtain a prescription from a specialist doct .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ion under section 80DD and 80U for persons with disability and severe disability raised It is proposed to amend section 80DD and section 80U so as to raise the limit of deduction in respect of a person with disability from ₹ 50,000 to ₹ 75,000. It is further proposed to amend the section so as to raise the limit of deduction in respect of a person with severe disability from ₹ 100,000 to ₹ 125,000. These amendments will take effect from April 1, 2016. Limit of deduction .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

provided in section 80CCE. This amendment will take effect from April 1, 2016. Additional deduction under section 80CCD Section 80CCD provides that the amount of deduction shall not exceed ₹ 100,000. Till date, under section 80CCD, only the National Pension System (NPS) has been notified by the Ministry of Finance. It is proposed to omit the aforementioned limit. In addition to the enhancement of the limit, it is further proposed to provide for an additional deduction in respect of any a .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ion shall be made if the aggregate amount of payment during a financial year is less than ₹ 100,000. It is proposed to amend the provisions of section 197A for making the recipients of payments referred to in section 194DA also eligible for filing self-declaration in Form 15G/15H for non-deduction of tax at source in accordance with the provisions of section 197A. This amendment will take effect from June 1, 2015. Amend the provisions of section 203A - Relaxing the requirement of obtainin .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 



|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version