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Changes in income tax rules from previous year to AY2015-16 in India for salaried individual


There is no change in tax slabs and exemption limits. These are the same as last year

Tax Slabs:
http://www.yourmoney.co.in/latest-updated-income-tax-slabs-in-india.htm

You can save additional Rs 50,000 in investing in pension funds under section 80CCC and 80CCD, so total tax free investment in pension funds now stands at Rs 1,50,000. This is in addition to Rs 1,50,000 limit in section 80C. You will be able to save / claim tax rebate  in 80C instruments like ELSS, children tution fee, PPF, housing loan interest, NSC, ULIP, Life insurance premiums etc ( see details here: section 80C deductions)

But the best investment option comparing all offered by the government is the PPF.  'The top reasons why PPF is the best; The best PPF calculator ;All rules about PPF' :http://drkhalid.blogspot.in/2013/05/the-top-reasons-why-ppf-is-attractive.html


Exemption limit in health related insurance plans has been increased from existing Rs 15000 to Rs 25000

Considering the above mentioned points you can save up to Rs 6000 in your income tax payments if you are in 10% tax bracket. People in 20% tax bracket can save upto Rs 7,000 and 30% bracket upto Rs 8,000


Public Provident Fund (PPF) limit changed:


Aug 20, 2014,

NEW DELHI: People can now deposit up to Rs 1.5 lakh annually in their Public Provident Fund (PPF) with the government notifying changes in the popular savings scheme.

The government has issued a notification raising the limit from annual PPF deposit limit from Rs 1 lakh to Rs 1.5 lakh in pursuance of the announcement made by Finance Minister Arun Jaitley.

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Children tution fee limit changed:

1) Deduction from taxable income under Section 80C is available to individual taxpayers up to a maximum amount of Rs1 lakh for education expenses incurred for one's children.
2) Each parent can claim the deduction for the tuition fees paid for up to two children each, thereby covering a maximum of four children in a family.
3) This deduction is available to the parent who has made the payment, to the extent of the tuition fee actually paid or Rs 1.50 Lakh (earler it was 1 lac).

 4) The deduction can be claimed only for full-time courses including pre-nursery and playschool. Part-time, distance learning courses, private tuitions and coaching classes are not covered.
5) This deduction can be availed of on the basis of actual payment made, irrespective of the period to which the fee may pertain. 6) Only the tuition fee paid is eligible for deduction. Other expenses, such as transport charges, library charges, hostel charges, development fees or donation, are not covered.

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Ref:

http://www.yourmoney.co.in/latest-updated-income-tax-slabs-in-india.htm

http://taxguru.in/income-tax/public-provident-fund-ppf-scheme-investment-limit-income-tax-benefit-features.html

PPF material from:
http://articles.economictimes.indiatimes.com/2014-08-20/news/53029085_1_1-5-lakh-rs-1-lakh-2-lakh

For PPF calculator search 'ppf calculator' inthe search box on this blog and open post:
 'The top reasons why PPF is the best; The best PPF calculator ;All rules about PPF'
Link :

Comments

Very informative blog.
1. what are pension funds and are investments in pension funds tax-free over and above the 1.5 lac limit of section 80C?
2. Can NRIs claim tax relief on tution fee of children studying abroad?
Fareed Ansari said…
Very informative !!!

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