Budget 2015, friendly with fixed salaries

Finance Minister Arun Jaitley’s maiden budget is friendly for common man with fixed salaries. With increased exemption limits on transport allowance and health insurance premium, it does turn out to be friendly budget.

However, no change can be seen in tax slabs or minimum taxable limit for individual tax payers in the 2015 budget.

Saying that the health insurance premium deduction would be raised to Rs 25,000 from Rs 15,000, the Finance Minister Arun Jaitley said that for senior citizens the deduction would be Rs 30,000. Also, the transport allowance exemption is hiked to Rs 1,600 from Rs. 800 [per month].

The individual tax payer would be benefited by Rs 4 lakh said the Finance Minister.