Download All in One TDS on Salary Calculator for Central Govt Employees for F.Y.2015-16 [ This Excel Utility can prepare at a time Tax Compute Sheet + Individual Salary Structure + Individual Salary Sheet +Automatic HRA Calculation + Automated Form 16 Part A&B and Part B]
Download All in One TDS on Salary Calculator for All State Govt Employees for F.Y.2015-16 [ This Excel Utility can prepare at a time Tax Compute Sheet + Individual Salary Structure + Individual Salary Sheet +Automatic HRA Calculation + Automated Form 16 Part A&B and Part B]
As per the Finance Budget 2015 the following Income Tax
Section mainly has changed the maximum limit ,which are given below for the
Financial Year 2015-16 which effect from 1st April 2015 to end of
the March 2016.
Keeping apart the main Topic i.e. "TDS on Salary". Let
us witness important points in Short, Common and Non technical language related
to the Calculation Income from Salaries for TDS and Taxation Purpose for the
Financial Year 2015-16 and Assessment Year 2016-17.
1. Medi-claim
Premium (Premium on Health Insurance) Section 80D :
The deduction under
this section was available to the assesee for the Insurance premium paid on the
health insurance but it was subjected to following Limits (Earlier and Now
Revised): Max Rs. 25,000/- and for Senior Citizen Rs.30,000/- as per Budget
2015
2. Deduction for Medical Expenses on
treatment of Specified Diseases (Section 80DDB):
Deduction u/s. 80DDB has been Raised from Rs. 60,000/- to Rs. 80,000/-
only for Senior Citizens, please note that here is no change in limits for
Non-Senior Citizens.
3. Deduction for Persons differently
abled (Section 80DD and 80U):
Deductions
under section 80DD and 80U are increased as follows: Up to 40% to 80% Rs.
75,000/- and above 80 % Rs. 1.25,000/- as per Budget 2015 for F.Y.2015-16
4. Transport Allowance Exempt u/s.
10:
Exemption for Transport allowance is allowable as amount
received or Fixed amount as below: For General Max Rs. 1600/- P.M. and
Phy. Disable Max Rs. 3200/- P.M. for F.Y. 2015-16
5. Sukanya Samridhi Account (For Girl
child) under Section 80C :
This is an another milestone in the Indian Taxation History. A
Historic Scheme which can only exist in India and no other country for the
betterment of a Girl Child's Future. This is a must have investment in your
Portfolio of investments if you have a girl child below the age of 10 years,
however one year grace period is allowed as this is a new scheme; So a Girl
Child who is Born between 2.12.2003 & 1.12.2004 can also open an account
under this scheme up to 1.12.2015.
Now talking about the benefits under this scheme; Any amount
Deposited in this Account shall be eligible for deduction u/s. 80C i.e. it will
be directly deducted form the Total income for the purpose of calculation of
TDS or Tax on your income. However Mimimum 1000 rupees and Maximum 1,50,000/-
rupees shall be allowed to be deposited per year. Also Interest of 9.2% p.a.
received on this account is completely exempted from the Income tax i.e. no tax
is payable on interest income arising from the amount deposited in the Sukanya
Samridhi Account.
Slab Rates for F.Y. 2015-16 and A.Y. 2016-17....
For this year even
though almost everyone thought that the slab rates will increase giving an
opportunity to the individual taxpayer to save some income to fight against
unstoppable food inflation the slab rates remain same as given below:
Income tax slab for F.Y. 2015-16 / A.Y.
2016-17
|
||
New
Income Tax Slabs for A.Y. 2016-2017 for Resident Senior Citizens above 60
years
(FY 2015-2016) |
||
S. No.
|
Income Range
|
Tax
percentage
|
1
|
Up to Rs
2,50,000
|
No tax /
exempt
|
2
|
2,50,001
to 5,00,000
|
10% -
Rs.2000 (Credit)
|
3
|
5,00,001
to 10,00,000
|
20%
|
4
|
Above
10,00,000
|
30%
|
New
Income Tax Slabs for A.Y. 2016-2017 for Resident Senior Citizens above 80
years
(FY 2015-2016) |
||
S. No.
|
Income Range
|
Tax
percentage
|
1
|
Up to Rs
5,00,000
|
No tax /
exempt
|
2
|
5,00,001
to 10,00,000
|
20%
|
3
|
Above
10,00,000
|
30%
|
New
Income Tax Slabs for A.Y. 2016-17 for Resident Women (below 60 years)
(FY 2015-16) |
||
1
|
Up to Rs
2,50,000
|
No tax /
exempt
|
2
|
2,50,001
to 5,00,000
|
10% -
Rs.2500 (Credit)
|
3
|
5,00,001
to 10,00,000
|
20%
|
4
|
Above
10,00,000
|
30%
|
New Income
Tax Slabs for A.Y. 2016-2017 for Men & Others (FY 2015-2016)
|
||
1
|
Up to Rs
2,50,000
|
No tax /
exempt
|
2
|
2,50,001
to 5,00,000
|
10% - Rs.2000 (Credit)
|
3
|
5,00,001
to 10,00,000
|
20%
|
4
|
Above
10,00,000
|
30%
|
