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Budget2015:HowyoucansavetaxuptoRs4.44lakhsusinghealthinsurance,pensionfund
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Budget 2015: How you can save tax upto Rs 4.44 lakhs using
health insurance, pension fund
Last Updated: Saturday, February 28, 2015, 17:50
Zee Media Bureau
New Delhi: Arun Jaitley today proposed rationalization of various tax
exemptions and incentives to reduce tax disputes and improve tax
administration.
He said, with a view to encourage savings and to promote health care
among individual tax payers, it is proposed to increase the limit of
reduction of health insurance premium from Rs 15,000 to Rs 25,000 and
for senior citizen this limit is increase from Rs 20,000 to Rs 30,000.
For senior citizen above the age of 80 years, not eligible to take health insurance, deduction is allowed for Rs
30,000 toward medical expenditure. Deduction limit of Rs 60,000 on expenditure on account of specified
diseases is enhanced to Rs 80,000 in the case of senior citizens.
Additional deduction of Rs 25,000 is allowed for differently-abled persons, increasing the limit from Rs 50,000 to
Rs 75,000. It is also proposed to increase the limit of deduction from Rs 1 lakh to Rs 1.25 lakh in case of severe
disability.
The Finance Minister also proposed to provide that 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.
Limit on deduction on account of contribution to a pension fund and the new pension scheme is proposed to be
increased from Rs 1 lakh to Rs 1.5 lakh.
Additional deduction of Rs 50,000 will be allowed for contribution to the new pension scheme u/s 80 CCD
increasing from Rs 1 lakh to Rs 1.5 lakh.
Details of tax deductions proposed are as follows:
Q & A With FM
Infrastructure, social
spending priority
areas: Arun Jaitley
Top Gainers/Losers
Total : Rs 4,44,200
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Budget2015:HowyoucansavetaxuptoRs4.44lakhsusinghealthinsurance,pensionfund
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