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How over rs 10 lakh a year can be tax free

Vishal Goel (Chartered Accountant)     10 March 2015

Vishal Goel
Chartered Accountant 
 144 likes  1688 points

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Budget 2015: Tax Deductions of Rs.4.44 Lakhs

Deduction Amount Remarks
Tax-Savings investments u/s 80C Rs.1,50,000 EPF, PPF, SSA, Insurance Premium, NSC, ELSS, Home Loan Principal Repayment etc.
Employee Contribution towards NPS u/s 80CCD(1B) Rs.50,000 Separate deduction for contribution towards National Pension Scheme announced in Budget 2015
Home Loan Interest u/s 24(b) Rs.2,00,000 Home Loan Interest Paid on Self Occupied House Property
Health Insurance Premium Paid u/s 80D Rs.25,000 Limit increased by Rs.10,000 in budget 2015
Transportation Allowance Rs.19,200 Allowance Doubled in budget 2015.
Total Deduction Rs.4,44,200 FMs Calculation


Other available Tax Deductions and Allowances for Individual Taxpayers

Deduction Amount Remarks
Employers Contribution towards NPS Rs.1,00,000 Up to 10% of Basic Salary + Dearness Allowance
Tax-Free Medical Allowance Rs.15,000 Subject to Submission of Bills
Medical Insurance of Parent Rs.30,000 Increased by Rs.10,000 un Budget 2015
Leave Travel Allowance Rs.25,000 Given Every Two years
House Rent Allowance Rs.84,000 Depends on the Basic Salary and city
Total Rs.2,54,000 Other Tax Deductions


Tax-Free Reimbursements

Deduction Amount Remarks
Phone and Internet Bills Rs.24,000 Subject to Submission of Bills
Newspapers, Magazines and Periodicals Rs.14,000 Subject to Submission of Bills
Meal Coupons Rs.36,000 Part of CTC comes around Rs.50 per meal
Total Rs.74,000 Tax-Free Reimbursements


Basic Exemption Limit

Assesse Amount Remarks
Individual Taxpayer Rs.2,50,000 Same tax slab for male as well as for female taxpayer.


Total Tax Deductions available to Individual Taxpayers

Sr. No. Particular Amount
A. Rs.4.44 lakhs as per Budget 2015 Rs.4,44,200
B. Other Tax-Deductions Rs.2,54,000
C. Tax-Free Reimbursements Rs.74,000
D. Basic Exemption Limit Rs.2,50,000
Total Tax-Deductions for Individual Taxpayers Rs.10,22,200



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