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Budget Highlight-2015-16. Exemptions to individual tax payers will remain Consolidated Service Tax increased from 12.36% to 14% Increased in deduction for Health insurance from Rs. 15000 to Rs. 25000. For senior citizens increased to 30,000 from Rs.20,000/- Section 80D Senior citizens above the age of 80 years, who are not covered by health insurance, to be allowed deduction of INR 30000 towards medical expenditures Additional deduction of Rs 50,000 for contribution to pension fund and new pension scheme Sec 80CCD Tax exemption for transport allowance increased from Rs 800 to Rs 1600 per month Individual tax payer will benefit to the extent Rs.4,44,200/- from the exemptions announced Acceptance or re-payment of an advance of INR 20,000 or more in cash for purchase of immovable property to be prohibited Non-filing of returns may attract 10 year Jail term and penalty.

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Budget Highlight-2015-16.

Exemptions to individual tax payers will remain Consolidated Service Tax increased from 12.36% to 14% Increased in deduction for Health insurance from Rs. 15000 to Rs. 25000. For senior citizens increased to 30,000 from Rs.20,000/- Section 80D Senior citizens above the age of 80 years, who are not covered by health insurance, to be allowed deduction of INR 30000 towards medical expenditures Additional deduction of Rs 50,000 for contribution to pension fund and new pension scheme Sec 80CCD Tax exemption for transport allowance increased from Rs 800 to Rs 1600 per month Individual tax payer will benefit to the extent Rs.4,44,200/- from the exemptions announced Acceptance or re-payment of an advance of INR 20,000 or more in cash for purchase of immovable property to be prohibited

Non-filing of returns may attract 10 year Jail term and penalty. Quoting of PAN is mandatory for any purchase made more than Rs. 1 Lakh


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