Saturday, 28 February 2015

Individual tax payer can claim exemption for up to Rs. 4,44,200 from his income.

During his Budget speech, Finance Minister Arun Jaitley said an individual tax payer can claim tax benefits for up to Rs. 4,44,200 in addition to the tax exemption.

Here is how you get there:
Deductions under 80CRs. 1,50,000
Deductions under 80CCD for contribution to NPSRs. 50,000
Interest on house property loanRs. 2,00,000
Exemption with new transportation allowance of Rs. 1,600 per monthRs. 19,200
New deductible health insurance premiumRs. 25,000
TotalRs. 4,44,200

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