Proposed changes for budget 2015-2016

These are the proposed changes for budget 2015-2016

Particulars	Existing Provisions for FY 2014-15 OR AY 2015-16	Proposed Changes in Budget for FY 2015-16  OR AY 2016-17
Surcharge on taxable income exceeding Rs. 1 Crore for Individuals, Senior Citizens, Very Senior Citizens, HUFs, AOPs, BOIs, artificial juridical persons, firms, cooperative societies and local authorities	10% of Income Tax	12% of Income Tax
Comparison of Benefits under various IT Sections
Exempted amount of transport allowance	Rs. 800/- per month	Rs. 1,600/- per month
Section 80D - Deduction for Health  Insurance premium	Rs. 15,000/-	Rs. 25,000/-
Section 80D - Deduction for Health  Insurance premium for Senior Citizens	Rs. 20,000/-	Rs. 30,000/-
Investment in Sukanya Samriddhi Scheme	-	Eligible for deduction u/s 80C and any payment from the scheme shall not be liable to tax.
Section 80DDB - Deduction in case of very senior citizens on expenditure on account of specified diseases	Rs. 60,000/-	Rs. 80,000/-
Section 80DD - Maintenance, including medical treatment of a dependent who is a person with disability	Rs. 50,000/-	Rs. 75,000/-
Section 80DD - Maintenance, including medical treatment of a dependent who is a person with severe disability	Rs. 1,00,000/-	Rs. 1,25,000/-
Section 80U - Person with disability	Rs. 50,000/-	Rs. 75,000/-
Section 80U - Person with severe disability	Rs. 1,00,000/-	Rs. 1,25,000/-
Section 80CCC - Contribution to provident fund of LIC or IRDA approved insurer	Rs. 1,00,000/-	Rs. 1,50,000/-
Section 80CCD - Contribution by the employee to National Pension Scheme (NPS)	Rs. 1,00,000/-	Rs. 1,50,000/- The budget also proposes to provide a deduction of upto Rs. 50,000 over and above the limit of Rs. 1.50 lakh in respect of contributions made to NPS.