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 80C | Rs. 1,50,000 |
| Deductions under 80CCD for contribution to NPS | Rs. 50,000 |
| Interest on house property loan | Rs. 2,00,000 |
| Exemption with new transportation allowance of Rs. 1,600 per month | Rs. 19,200 |
| New deductible health insurance premium | Rs. 25,000 |
| Total | Rs. 4,44,200 |
BUDGET 2015
Here are sector-wise highlights
Taxation
| 1 | Abolition of Wealth Tax. |
| 2 | Additional 2% surcharge for the super rich with income of over Rs. 1 crore. |
| 3 | Rate of corporate tax to be reduced to 25% over next four years. |
| 4 | Total exemption of up to Rs. 4,44,200 can be achieved. |
| 5 | 100% exemption for contribution to Swachch Bharat, apart from CSR. |
| 6 | Service tax increased to14 per cent. |
Infrastructure
| 1 | Rs. 70,000 crores to Infrastructure sector. |
| 2 | Tax-free bonds for projects in rail road and irrigation |
| 3 | PPP model for infrastructure development to be revitalised and govt. to bear majority of the risk. |
| 4 | Atal Innovation Mission to be established to draw on expertise of entrepreneurs, and researchers to foster scientific innovations; allocation of Rs. 150 crore. |
| 5 | Govt. proposes to set up 5 ultra mega power projects, each of 4000MW. |
Education
| 1 | AIIMS in Jammu and Kashmir, Punjab, Tamil Nadu, Himachal Pradesh, Bihar and Assam. |
| 2 | IIT in Karnataka; Indian Institute of Mines in Dhanbad to be upgraded to IIT. |
| 3 | PG institute of Horticulture in Armtisar. |
| 4 | Kerala to have University of Disability Studies |
| 5 | Centre of film production, animation and gaming to come up in Arunachal Pradesh. |
| 6 | IIM for Jammu and Kashmir and Andhra Pradesh. |
Welfare schemes
| 1 | GST and JAM trinity (Jan Dhan Yojana, Aadhaar and Mobile) to improve quality of life and to pass benefits to common man. |
| 2 | Six crore toilets across the country under the Swachh Bharat Abhiyan. |
| 3 | MUDRA bank will refinance micro finance orgs. to encourage first generation SC/ST entrepreneurs. |
| 4 | Housing for all by 2020. |
| 5 | Upgradation 80,000 secondary schools. |
| 6 | DBT will be further be expanded from 1 crore to 10.3 crore. |
| 7 | For the Atal Pension Yojna, govt. will contribute 50% of the premium limited to Rs. 1000 a year. |
| 8 | New scheme for physical aids and assisted living devices for people aged over 80 . |
| 9 | Govt to use Rs. 9000 crore unclaimed funds in PPF/EPF for Senior Citizens Fund. |
| 10 | Rs. 5,000 crore additional allocation for MGNREGA. |
| 11 | Govt. to create universal social security system for all Indians. |
Agriculture
Rs. 25,000 c
Rural Infrastructure Development Bank |
Rs. 5,300 cr
Micro Irrigation Programme |
Rs. 8.5 lakh cr
Targeted for farmer credit |
Defence
Rs. 2,46,726 cr
allocated for defence
(an increase of 9.87 per cent over last year) |
| Focus on Make in India for quick manufacturing of Defence equipment. |
Renewable energy
Rs. 75 cr
electric cars production |
2022: 100K MW
Solar power |
60K MW
Wind power |
10K MW
Bio Mass |
5K MW
Small Hydro |
Tourism
| Develpoment schemes for churches and convents in old Goa; Hampi, Elephanta caves, Forests of Rajasthan, Leh palace, Varanasi , Jallianwala Bagh, Qutb Shahi tombs at Hyderabad to be under the new toursim scheme. |
| Visa on Arrival for 150 countries |
