Budget 2015 Makes Tax Payers Happy With These Measures

BENGALURU: Finally the most awaited day has come and the budget results are out. On 28^th February, the honorable Finance Minister Arun Jaitley had announced the budget fairly addressing the objectives of far reaching reforms to boost the economy of the country.

The announcement made had finally fulfilled the expectation and dreams of the common man, business persons and taxpayers to enrich their economies. The provisions in the budget were aimed to bring a pro-poor and pro- growth oriented changes in the country.

The Economics Times has compiled certain measures by FM that would really be a reason to give relief to the taxpayers. Let’s interpret the overall impact of budget on tax payers:

1. Medical Insurance: The Modi government’s growth agenda has perfectly depicted its contributions for health or medical insurances. With an aim to promote health insurance, the budget was proposed to increase tax deduction limits of up to Rs.25,000 from Rs.15,000.

For every senior citizens of 80 years or above not covered under insurance, the limit is raised up to Rs.30,000 from Rs.20,000. And an additional deduction for physically disabled persons will be provided which is Rs. 25,000.

Initially the total deduction available under section 80 D of the Act was Rs.35,000 but now it has been increased to Rs.55,000. The increasing medical costs and living expenditures were ruining common man’s pocket but the outcome of budget 2015 results will allow some relaxation.

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