Download All in One Income Tax Preparation Excel Based Software for Govt & Non-Govt employees for the Financial Year 2015-16 & Ass Year 2016-17 [ This Excel Based Software can prepare at a time your Income Tax Computed Sheet + Automated HRA Exemption Calculation + Automated Arrears Relief Calculation with Form 10E + Automated Form 16 Part A&B and Form 16 Part B as per the Budget 2015] This Excel Utility can Use both of Govt and Private Concerned employees.
Most of the Tax payers are known about the Income Tax Section 80C where you can relief Max Rs. 1.5 Lakh. And Common Tax Payers only follow this section 80C, and they always follow whether the limit extended or not, which deduction are include in this Section 80C. Most of the Tax Payers are look this Only this Section.
But As per the Income Tax Act 1961, you may get Income Tax Relief from your Source of Income Directly other than Section 80C. Below given a list of Income Tax Section were you can get Relief and this deduction will be reduce your Income Tax. The below given list is shown and follow the New Finance Budget 2015-16. Budget 2015 has been introduced in Parliament. The Finance Minister has
kept the Personal Income Tax rates unchanged for the Financial Year 2015 /2016
(Assessment Year 2016-2017).
Section 80CCD:- Employee
can contribute to Government notified Pension Schemes (like National Pension
Scheme – NPS). The contributions can be upto 10% of the salary (or) Gross
Income and Rs 50,000 additional tax benefit u/s 80CCD (1b) is proposed in
Budget 2015. In FY 2014-2015, the maximum tax exemption allowed under Section
80CCD is Rs 1 Lakh only. In Financial Year 2015-2016 or Assessment Year
(2016-2017), this will be Rs 1.5 Lakh (u/s 80 CCD 1 ) and additional exemption
of Rs 50,000 u/s 80CCD (1b) will be allowed. ( To claim this
deduction, the employee has to contribute to Govt recognized Pension schemes
like NPS)
(10% of salary is applicable for salaried individuals
and Gross income is applicable for non-slaried. The definition of Salary is
only ‘Dearness Allowance.’ If your employer also contributes to Pension Scheme,
the whole contribution amount (10% of salary) can be claimed as tax deduction
under Section 80CCD (2). The ceiling limit of 1.5 Lakh u/s 80CCD is not
applicable on employer’s contribution.)
Section 80D Medical Insurance :-Deduction
u/s 80D on health insurance premium will be Rs 25,000, increased from Rs 15000.
For Senior Citizens it has been increased to Rs 30,000 from the existing Rs
20,000. For very senior citizen above the age of 80 years who are not eligible
to take health insurance, deduction is allowed for Rs 30,000 toward medical
expenditure.
Section 80DD :-You
can claim up to Rs 75,000 (increased from the existing Rs 50,000) for spending
on medical treatments of your dependents (spouse, parents, kids or siblings)
who have 40% disability. It is also been proposed to increase the limit of
deduction from Rs 1 lakh to Rs 1.25 lakh in case of severe disability.
Section 80DDB :- An
individual (less than 60 years of age) can claim upto Rs 40,000 for the
treatment of specified critical ailments. This can also be claimed on behalf of
the dependents. The tax deduction limit under this section for Senior Citizens
is proposed as Rs 60,000 and for very Senior Citizens (above 80 years) the
limit is Rs 80,000
Section 24 (B):- House Building Loan Interest:- You
can claim upto Rs 2 Lakh as tax deduction on the home loan interest payment. If
your property is a let-out one then the entire interest amount can be claimed
as tax deduction.
Section 80EE:- House Building Loan Interest :- You can get another Relief from the House Building Loan Interest U/s 80EE which was introduce in the Financial Year 2013-14 and this Section remain continue for forth comming financial Year. The Max Limit Rs. 1 Lakh and the this relief can get who are HB Interest Paid since 1/4/2013 and onwards.
Section 80U :- You
can claim up to Rs 75,000 (increased from the existing Rs 50,000) who have 800%
disability. It is also increase the limit of deduction from Rs 1 lakh to Rs
1.25 lakh in case of severe disability above 80 %
Section 80 TTA :- This Section can get relief from Income Tax from the Savings Bank Interest Max Rs.10,000/- who's taxable Income less than 5 lakh.
Section 87A :- This Section can get Relief from Income Tax as Tax Rebate Max. Rs.2,000/- who's Taxable Income Less than 5 Lakh.
Section 10(13A) : House Rent Exemption Max Rs. 50%,40% or 10% of Basic pay + D.A. + Spl allowances which ever is less [ Download HRA Exemption Calculator U/s 10(13A)
Section 89(1) :- Arrears Relief from Income Tax, some of employees have received the salary amount from his Previous Financial Year, which may break up and can get relief this section and also he have to submit the Form 10e.[ Download the Arrears Relief Exemption Calculator U/s 89(1) with Form 10E, Since 2000-01 to 2014-15 ]
