Budget Benefits to Middle Class & Tax measures to promote Swatch Bharat Initiatives

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....udget Benefits to Middle Class & Tax measures to promote Swatch Bharat Initiatives<br>By: - Deepak Aggarwal<br>Budget - Tax Proposals<br>Dated:- 28-2-2015<br><br>Benefits to Middle Class Tax Payers in the Budget 2015-16 * Deduction for Health insurance premium increased from &#8377; 15,000 to &#8377; 25,000 * Deduction for Health Insurance premium in case of Senior citizen increased from &#83....

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....77; 20,000 to &#8377; 30,000. * For senior citizen above the age of 80 years, not eligible to take health insurance, deduction is allowed for &#8377; 30,000 toward medical expenditure * Deduction limit of &#8377; 60,000 on expenditure on account of specified diseases is enhanced to &#8377; 80,000 in the case of senior citizens. * Additional deduction of &#8377; 25,000 is allowed for differen....

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....tly-abled persons, increasing the limit from &#8377; 50,000 to &#8377; 75,000. * It is also proposed to increase the limit of deduction from &#8377; 1 lakh to &#8377; 1.25 lakh in case of severe disability. * Investment in Sukanya Samriddhi Scheme will be eligible for deduction under section 80C of the income-tax. All income will be tax free. * Limit on deduction on account of contribution t....

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....o a pension fund and the new pension scheme is proposed to be increased from &#8377; 1 lakh to &#8377; 1.5 lakh. * Additional deduction of &#8377; 50,000 will be allowed for contribution to the new pension scheme u/s 80 CCD. Tax Measures Announced to Promote Swatch Bharat Initiatives and Public Health in the Budget 2015-16 * Swatch Bharat Cess on all or certain taxable services at a rate of 2....

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....% from a date to be notified * Scheduled rate of Clean Energy Cess levied on coal lignite and peat is being increased form &#8377; 100 per tonne to &#8377; 300 per tonne * The effective rate of Clean Energy Cess is being increased from &#8377; 100 per tonne to &#8377; 200 per tonne * Excise duty on sacks and bags of polymers of ethylene other than for industrial use is being increased from 1....

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....2% to 15%. * Concessional customs and excise duty rates on specified parts of Electrically Operated Vehicles and Hybrid Vehicles, presently available up to 31.03.2015, is being extended up to 31.03.2016. * To promote public health, Excise duty on cigarettes is being increased by 25% for cigarettes of length not exceeding 65 mm and by 15% for cigarettes of other lengths * Similar increases ar....

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....e proposed on cigars, cheroots and cigarillos * Maximum speed of packing machine is being specified as a factor relevant to production for determining excise duty payable under the Compounded Levy Scheme presently applicable to pan masala, gutkha and chewing tobacco. * Excise duty on chassis for ambulances is being reduced from 24% to 12.5%.<br> Scholarly articles for knowledge sharing by auth....

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....ors, experts, professionals ....