No change in IT slabs but higher deductions: What Budget 2015 offers to salaried class

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New Delhi, Feb 28: Finance Minister Arun Jaitley on Saturday presented Union Budget 2015 in Parliament.
Though, not changes have been made in the income tax slabs, a number of deductions have been announced by FM in his full-fledged maiden budget.

Finance Minister Arun Jaitley

Following are some of the major announcements made by FM Jaitley for salaried class:

Monthly transport allowance has been doubled to Rs 1600

Medical reimbursement/Mediclaim deductions under section 80D have been raised from Rs 15,000 to Rs 25,000; and Rs 30,000 for senior citizens.

Deduction limit of ` 60000 with respect to specified decease of serious nature enhanced to ` 80000 in case of senior citizen.

Additional deduction of `25000 allowed for differently abled persons.

Additional deductions of Rs 50,000 per annum will be available for contributions to pension schemes.

Tax-free travel allowances raised from Rs 800 pm to Rs 1,600

Limit on deduction on account of contribution to a pension fund and the new pension scheme increased from ` 1 lakh to `1.5 lakh.

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