How to claim exemption up to Rs.4,44,200 from your income?

During his Budget speech, Finance Minister Arun Jaitley said an individual tax payer can claim exemption for up to Rs.4,44,200 from his income.

Here is how you get there:

Current exemption                                             -       Rs.2.50 lakh

Exemption under tax saving schemes               -        Rs.1.50 lakh

Exemption with new transportation                  -        Rs.19,200 per year
 allowance of Rs.1,600 per month

New deductible health insurance premium       -        Rs.25,000

Total                                                                  -        Rs.4,44,200

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