Skip to main content

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:

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' :

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.

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.



PPF material from:

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 :


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 !!!

Popular posts from this blog

Can Herbalife 'Afresh' cause insomnia(sleeplessness) and heart problems?

Here is another "great" product from Herbalife. Marketed as an ENERGY drink mix. Few people know it contains Gurana seeds which have no active compound giving artificial energy other than caffeine. Afresh also contains additional caffeine

Ingredients of Herbalife Afresh Energy Drink Mix:
Maltodextrin, Orange Pekoe Extract, Guarana Seed Extract, Acidity Regulator - 330 and Caffeine Powder.

Side effect include insomnia, sleeplessness and heart problems, It is especially harmful for people with High blood pressure.

What needs to be in content that attracts traffic on social media and elsewhere

In a world where content is king, a large volume of high-quality, shareable content is required to build credibility, brand reputation, and grow your digital presence. However, successful content marketing is not measured in the amount of output you produce, but in how well your audience responds to your output, including how often they share it. After all, the more fans and followers who feel compelled to share your blog piece, Facebook post, infographic, video, image, etc., the more value that content inherently adds to your brand.  So, what makes great content share-worthy? Unfortunately, there’s no defined formula for successful viral marketing, but there are several significant similarities between the most popular pieces of content that compel viewers and readers to click ‘Share’. Want to make your content more share-worthy? Here’s a checklist of things irresistibly shareable content should offer your audience: 1. Industry Relevance
2. A Great Hook
3. Controversy
4. Solutions or …

FDI in India Advantages and Disadvantages

Overview First of all, FDI means Foreign Direct Investment which is mainly dealings with monetary matters and using this way they acquires standalone position in the Indian economy. Their policy is very simple to remove rivals. In beginning days they sell products at low price so other competitor shut down in few months. And then companies like Wall-Mart will increase prices than actual product price. They are focusing on national and international economic concerns. There are four main working pillars of FDI. They are financial collaborations, technical collaborations and joint ventures, capital markets via Euro issues, and private placements or preferential allotments. There are two types of FDI, one is inward FDI and second is outward FDI. Ongoing news suggests that largest retailer Wal-Mart has demanded for 51% of international dealings in FDI in Indian markets which had called nationwide strike. From positive and negative aspects FDI has its own advantages and disadvantages.