Income Tax Calculator for Central Govt employees for Financial Year 2016-17 & Assessment Year 2017-18 as per Finance Budget 2016
Deductions under
Section 80C (Available to Individuals / HUFs)
For investments in specified schemes, saving instruments etc.
The
aggregate of total deduction available under sections 80C, 80CCC and 80CCD is
limited to whole of the amount paid or deposited subject to a maximum of Rs.
1,50,000/-
Section
87A :- Tax Rebate Max Rs. 5000/- who’s Taxable Income less than 5 lakh.
Automated Arrears Relief Calculator with Form 10E From the F.Y.2000-01 to F.Y. 2016-17 [ Up to date Version]
Section 80CCC (Available to Individuals)
Deduction in respect of Premium Paid for Annuity Plan of LIC or Other Insurer
Payment of
premium for annuity plan of LIC or any other insurer Deduction is available
upto a maximum of Rs. 150,000/-.
The premium
must be deposited to keep in force a contract for an annuity plan of the LIC or
any other insurer for receiving pension from the fund.
Note: The limit for maximum deduction
available under Sections 80C, 80CCC and 80CCD(1) (combined together) is Rs.
1,50,000/-.
Section 80CCD (1) (Available to Individuals):-
Deduction in respect of Contribution to Pension Account (by Assessee}
Deduction
available for the amount paid or deposited in a pension scheme notified or as
may be notified by the Central Government subject to a maximum of :
(a) 10% of salary in the previous year in the case of an employee
(b) 10% of gross total income in any other case.
(a) 10% of salary in the previous year in the case of an employee
(b) 10% of gross total income in any other case.
The maximum
deduction allowable under the secion is Rs. 1.00 lac. Rs. 1.50 lacs w.e.f.
01.04.2015 in case of contribution to New Pension Scheme (NPS).
Section 80CCD (2) (Available to Individuals)
Deduction in respect of Contribution to Pension Account (by Employer}
Deduction
available for the amount paid or deposited by the employer of the assessee in a
pension scheme notified or as may be notified by the Central Government subject
to a maximum of 10% of salary in the financial year.
Section 80CCD(1B) (Available to Individuals)
Additional Contribution to New Pension Scheme (NPS)
A deduction
of upto Rs. 50,000 is available over and above the limit of Rs. 1.50 lakh in
respect of contributions made to NPS under Section 80CCD(1B).
Section 80CCG (Available to specified Resident Individuals)
50 per cent
of amount invested by resident individuals, whose gross total income
does not exceed Rs. 12 lakhs, in listed shares or listed units in accordance
with notified scheme for a lock-in period of 3 years (Subject to certain conditions).
Maximum deduction : Rs. 25,000/-.
Section 80D (Available to Individuals / HUFs)
Deduction in respect of Medical Insurance
Deduction is available upto Rs.
30,000/- (enhanced from Rs. 20,000
w.e.f. 01.04.2015) for senior citizens and upto Rs.
25,000/- (enhanced from Rs. 15,000
w.e.f. 01.04.2015) in other cases for insurance of
self, spouse and dependent children. Additionally, a deduction for insurance of
parents (father or mother or both) is available to the extent of Rs. 30,000/- (enhanced from Rs. 20,000
w.e.f. 01.04.2015) if parents are senior Citizen and
Rs. 25,000/- (enhanced from Rs. 15,000
w.e.f. 01.04.2015) in other cases. Therefore, the
maximum deduction available under this section is to the extent of Rs. 60,000/-
in case of individuals and Rs. 30,000/- in case of HUFs. From AY 2013-14,
within the existing limit a deduction of upto Rs. 5,000 for preventive health
check-up is available.
Section 80DD (Available to Resident Individuals / HUFs)
Deduction available to resident Individual and HUF in respect of
Rehabilitation of Handicapped Dependent Relative
Deduction of Rs. 75,000/- (enhanced from Rs. 50,000
w.e.f. 01.04.2015) in respect of
1.
Expenditure
incurred on medical treatment, (including nursing), training and rehabilitation
of handicapped dependent relative.
2.
Payment
or deposit to specified scheme for maintenance of dependent handicapped
relative.
Further, if the defendant is a
person with severe disability a deduction of Rs. 125,000/- (enhanced from Rs. 1,00,000
w.e.f. 01.04.2015) shall be available under this
section. The handicapped dependent should be a dependent relative suffering
from a permanent disability (including blindness) or mentally retarded, as
certified by a specified physician or psychiatrist. Note: A person with 'severe
disability' means a person with 80% or more of one or more disabilities as
outlined in section 56(4) of the 'Persons with disabilities (Equal
opportunities, protection of rights and full participation)' Act.
Section 80DDB (Available to Individuals / HUFs)
Deduction allowed to resident Individual and HUF in respect of
Medical Expenditure on Self or Dependent Relative
A deduction
to the extent of Rs. 40,000/- (Rs. 60,000 in case of senior citizen) or the amount
actually paid, whichever is less is available for expenditure actually incurred
by resident assessee on himself or dependent relative for medical treatment of
specified disease or ailment. The diseases have been specified in Rule 11DD. A
certificate in form 10 I is to be furnished by the assessee from any Registered
Doctor.
Section 80E (Available to Individuals)
Deduction in respect of Interest on Loan for Higher Studies
Deduction in
respect of interest on loan taken for pursuing higher education (subject to
certain conditions) (maximum period : 8 years).
Section 80EE (Available to Individuals)
Deduction in respect of Interest on Residential House Property
The
deduction under this sub-section is available w.e.f. AY 2017-18. The maximum
deduction available is Rs. 1.5 lac. In a case where the interest payable for
the financial year 2016-17
The
deduction under sub-section (1) shall be subject to the following conditions :
i.
the
loan has been sanctioned by the financial institution during the period
beginning on the 1st day of April, 2016 and ending on the 31st day of March,
2016;
ii.
the
amount of loan sanctioned for acquisition of the residential house property
does not exceed twenty-five lakh rupees;
iii.
the
value of the residential house property does not exceed forty lakh rupees;
iv.
the
assessee does not own any residential house property on the date of sanction of
the loan.
If deduction
for Housing Loan Interest is availed under this section, no deduction can be
availed for such interest under any other provisions of the Act for the same or
any other assessment year.
Section 80G (Available to all assessees)
Deduction in respect of Various Donations
The various
donations specified in Sec. 80G are eligible for deduction upto either 100% or
50% with or without restriction as provided in Sec. 80G
Section 80GG (Available to Individuals not receiving any house rent allowance)
Deduction in respect of House Rent Paid
Deduction
available is the least of
1.
Rent
paid less 10% of total income
2.
Rs.
2000/- ( Rs. 5000/- )* per
month i.e. Maximum Deduction available is 24,000/- ( 60,000/- )*
* Increased w.e.f. 01/04/2016 (i.e. for AY 2017-18 )
3.
25%
of total income, provided
·
Assessee
or his spouse or minor child should not own residential accommodation at the
place of employment.
·
He
should not be in receipt of house rent allowance.
·
He
should not have self occupied residential premises in any other place.
Section 80 TTA (Available to Resident Individuals/HUFs)
Deduction from gross total income in respect of any Income by way of Interest
on Savings account
Deduction
from gross total income of an individual or HUF, upto a
maximum of Rs. 10,000/-, in respect of interest on deposits in savings account
( not time deposits ) with a bank, co-operative society or post office, is
allowable w.e.f. 01.04.2012 (Assessment Year 2013-14).
Section 80U (Available to Resident Individuals)
Deduction in respect of Person suffering from Physical Disability
Deduction of Rs. 75,000/- (enhanced from Rs. 50,000
w.e.f. 01.04.2015) to a resident individual who suffers from a physical
disability(including blindness) or mental retardation. Further, if the
individual is a person with severe disability, deduction of Rs. 125,000/- (enhanced from Rs. 1,00,000
w.e.f. 01.04.2015)shall
be available u/s 80U. Certificate should be obtained from a Govt. Doctor. The
relevant rule is Rule 11D.
Deductions
Allowable under Section 24 of Income Tax Act :
Where a
housing property has been acquired / constructed / repaired / renewed with borrowed
capital, the amount of interest payable yearly on such capital is allowed as
deduction under Section 24 of Income Tax Act, subject to the limits stated
below. Penal interest on housing loan is not eligible for deduction. If a fresh
loan has been raised to repay the original loan and the new loan has been used
only for the purpose of repaying the original loan then, the interest accrued
on such fresh loan is allowed for deduction.
1.
If
the property is acquired or constructed with the capital borrowed on or after
01-04-1999 and such acquisition or construction is completed within 3 years of
the end of the financial year in which capital was borrowed then the actual
interest payable is allowed as deduction subject to a maximum Rs. 2,00,000/-
(Rs. 1,50,000/- up to 31.03.2015).
2.
In
other case interest up to maximum Rs. 30,000/- is deductible.
3.
The
ceiling of Rs.2,00,000/- (Rs. 1,50,000 upto 31.03.2015) or Rs. 30,000/- is only
in case the property is self occupied. There is no limit on deduction of
interest if the property is let out.
