Budget: How You Can Save Rs 4.44 Lakh in Taxes Per Year

Finance Minister Arun Jaitley on Saturday said an individual tax payer will get tax benefit of Rs 4,44,200 after taking into account the tax concession given to middle class tax payers in the last Budget and this Budget.

Here is the mathematics behind Mr Jaitley's statement:

Deduction under Section 80C is Rs 1.50 lakh

Deduction under Section 80CCD is Rs 50,000

Deduction on account of interest on house property loan (Self occupied property) is Rs 2 lakh

Deduction under section 80D on health insurance premium Rs 25,000

Exemption of transport allowance is Rs 19,200
 

Rs 1.50 lakh + Rs 50,000 + Rs 2 lakh + Rs 25,000 + Rs 19,200 = Rs 4,44,200