Finance Minister Arun Jaitley in his Budget did not provide tax breaks to the middle class, which was very disappointing. There were only some minor relief for the salaried class who where expecting much from the FM. The only direct benefits are the follows
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.
Additional deduction of Rs 25,000 is allowed for differently-abled persons, increasing the limit from Rs 50,000 to Rs 75,000. It is also proposed to increase the limit of deduction from Rs 1 lakh to Rs 1.25 lakh in case of severe disability.
Deductions of Rs 50,000 per annum will be available for contributions to pension schemes.
- Investment in Sukanya Samriddhi Scheme will be eligible for deduction under section 80C of the income-tax and any payment from the scheme shall not be liable to tax