|
DEDUCTION
|
AMOUNT (INR)
|
WHAT ALL IS COVERED
|
|
TAX SAVINGS INVESTMENTS UNDER SECTION 80 C
|
1,50,000
|
PF, PPF, MUTUAL FUND ELSS, LIFE INSURANCE PREMIUM, PENSION PLANS, 5
YEAR BANK FD, NSC, SCHOOL FEE, HOME LOAN PRINCIPAL PAID, SCHOOL FEES ETC.
|
|
CONTRIBUTION TO NPS UNDER SECTION 80CCD(1B)
|
50,000
|
THE ADDITIONAL DEDUCTION ALLOWED THIS YEAR
|
|
HOME LOAN INTEREST UNDER SECTION 24B
|
2,00,000
|
INTEREST PAID ON LOAN FOR SELF OCCUPIED HOUSE
|
|
HEALTH INSURANCE PREMIUM PAID UNDER SECTION 80D
|
25,000
|
THE DEDUCTION LIMIT FOR THIS HAS BEEN RAISED THIS YEAR
|
|
TRANSPORT ALLOWANCE
|
19,200
|
THE LIMIT OF THE TAX FREE ALLOWANCE HAS BEEN INCREASED THIS YEAR
|
|
CONTRIBUTION TO NPS BY EMPLOYER UNDER SECTION 80CCD(2)
|
1,00,000
|
UP TO 10% OF BASIC PAY+DA INVESTED BY EMPLOYER ON BEHALF OF EMPLOYEE
IN NPS IS TAX DEDUCTIBLE
|
|
TAX FREE MEDICAL ALLOWANCE
|
15,000
|
PAYABLE TO MOST SALARIED PEOPLE ON SUBMISSION OF BILLS
|
|
MEDICAL INSURANCE OF PARENTS
|
30,000
|
AVAILABLE IN ADDITION TO THE DEDUCTION FOR INSURING HEALTH OF YOUR
SENIOR CITIZEN DEPENDENT PARENTS
|
|
LEAVE TRAVEL ALLOWANCE
|
25,000
|
GIVEN EVERY TWO YEARS AND LINKED TO THE INDIVIDUAL’S BASIC PAY
|
|
BASIC EXEMPTION IN INCOME
|
2,50,000
|
ZERO TAX FOR INCOME UP TO INCOME OF INR 2,50,000
|
|
TAX FREE REIMBURSEMENTS
|
1,50,000
|
GIVEN AGAINST ACTUAL BILLS FOR CONVEYANCE, NEWSPAPERS &
PERIODICAL, TELEPHONE & COMMUNICATIONS, MEAL COUPONS ETC.
|
|
TOTAL
|
10,14,200
|
TOTAL INCOME THAT IS ALLOWED AS DEDUCTION OR AS AN
EXEMPTIONS FOR BEING OUT OF TAX NET IN FY 2015-2016
|
Friday, 6 March 2015
Avail INR 10,14,200 deductions & exemptions in F.Y 2015-2016
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