Budget 2015 wasn’t quite a blockbuster budget. It’s more of a pocket buster, as the biggest thing inside it is: Taxes are up. No Tax Rates Changed, But High Income Surcharges are Up The Government hasn’t changed much about Direct Taxes. Slabs remain the same as last year. Your 80C limit (on savings) remains the same. Your exemption for housing loan interest remains the same. Certain small changes are in: Buying health insurance can cost you Rs. 25,000 now (instead of Rs. 15,000) tax deductible. (Senior citizens get Rs. 30,000) Buying Sukanya Samriddhi deposits (for a girl child) are eligible for 80C deductions. Where the interest accrued and withdrawals are not subject to tax! You can buy into pension funds from insurers, or the NPS scheme for upto Rs. 150,000 a year (from Rs. 100,000). However, if your income (or your company’s income) is greater than Rs. 1 crore, your surcharge just went up by 2% .… (Read On…)
[via Capital Mind]
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