Download Income Tax Calculator for Govt & Non Govt employees for Assessment Year 2016-17 with all amended Tax Limit as per New Finance Budget 2015-16
* No change in tax slabs or minimum taxable limit for the Financial Year 2015-16 and Assessment Year 2016-17
* The transport allowance
exemption hiked to Rs 1,600 per month from Rs 800 per month U/s 10
* Limit of deduction of
health insurance premium increased from Rs. 15000 to Rs. 25000. For senior
citizens limit increased from Rs 20000 to Rs 30000. U/s 80D
* Senior citizens above the
age of 80 years, who are not covered by health insurance, to be allowed
deduction of Rs 30000 towards medical expenditures.
* Deduction limit of Rs
60000 with respect to specified decease of serious nature enhanced to Rs 80000
in case of senior citizen. U/s 80DDB
*Additional deduction of Rs
25000 allowed for differently abled persons.U/s 80U
*Limit on deduction on
account of contribution to a pension fund and the new pension scheme increased
from Rs 1 lakh to Rs 1.5 lakh.U/s 80CCC
*Payments to the
beneficiaries including interest payment on deposit in Sukanya Samriddhi scheme
to be fully exempt. Max Rs.1.5 Lakh U/s 80C
