BUDGET CHANGES FOR INCOME TAX IN 2015-2016, 16-17,

Particulars	Provisions for FY 2014-15OR AY 2015-16	Changes as per Budget for FY 2015-16 OR AY 2016-17	Changes as per Budget for FY 2016-17 OR AY 2017-18
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	15% of Income Tax
Comparison of Benefits under various IT Sections
Exempted amount of transport allowance	Rs. 800/- per month	Rs. 1,600/- per month	Rs. 1,600/- per month
Section 80D - Deduction for Health  Insurance premium	Rs. 15,000/-	Rs. 25,000/-	Rs. 25,000/-
Section 80D - Deduction for Health  Insurance premium for Senior Citizens	Rs. 20,000/-	Rs. 30,000/-	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.	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 (>80 years) on expenditure on account of specified diseases	Rs. 60,000/-	Rs. 80,000/-	Rs. 80,000/-
Section 80DDB - Deduction in case of expenditure on account of specified diseases	Rs. 40,000/- (<60 years)Rs. 60,000/- (>60 years)	Rs. 40,000/- (<60 years)Rs. 60,000/- (>60 years)	Rs. 40,000/- (<60 years)Rs. 60,000/- (>60 years)
Section 80DD - Maintenance, including medical treatment of a dependent who is a person with disability	Rs. 50,000/-	Rs. 75,000/-	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/-	Rs. 1,25,000/-
Section 80U - Person with disability	Rs. 50,000/-	Rs. 75,000/-	Rs. 75,000/-
Section 80U - Person with severe disability	Rs. 1,00,000/-	Rs. 1,25,000/-	Rs. 1,25,000/-
Section 80CCC - Contribution to provident fund of LIC or IRDA approved insurer	Rs. 1,00,000/-	Rs. 1,50,000/-	Rs. 1,50,000/-
Section 80CCD - Contribution by the employee to National Pension Scheme (NPS)	Rs. 1,00,000/-	Rs. 1,50,000/- Now under Section 80CCD, a deduction of upto Rs. 50,000  is allowed over and above the limit of Rs. 1.50 lakh under Section 80C  in respect of contributions made to NPS is also allowed.   Thus, now the total deduction that can be claimed under Section 80C+Section 80CCD = Rs 2 lakh. In case any employer contributes to the NPS scheme on behalf of the employee and the benefit of the same would be availed by the employee, the employee would also be allowed a deduction under Section 80CCD(2) for the amount of contribution made by the employer.	Rs. 1,50,000/- Now under Section 80CCD, a deduction of upto Rs. 50,000  is allowed over and above the limit of Rs. 1.50 lakh under Section 80C  in respect of contributions made to NPS is also allowed.   Thus, now the total deduction that can be claimed under Section 80C+Section 80CCD = Rs 2 lakh. In case any employer contributes to the NPS scheme on behalf of the employee and the benefit of the same would be availed by the employee, the employee would also be allowed a deduction under Section 80CCD(2) for the amount of contribution made by the employer.