Budget 2015: Your tax liability

The budget has not made changes in the income tax and so your tax slabs and tax rates remain the same. But for the super-rich, individuals earning more than Rs1 crore, the surcharge has been increased by 2 percentage points to 12% now. However, it’s not as if you don’t get to save more. Among the big bang changes, the budget has increased the section 80D limit from Rs15,000 to Rs25,000. Section 80D limit applies to the health insurance premium and for senior citizens the new limit is Rs30,000. Other than this, there is an additional deduction of Rs​50,000 on contributions made to the National Pension System. Here are all the tax changes that the budget has proposed to your money. The super-rich can see their new tax liability while others can see the deductions and then look at tax treatment of investment products to choose where you will be investing.

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