Automated Income Tax Form 16 Part B with Form 12 BA for the Financial Year 2014-15 and Ass Yr 2015-16
Click here to download the Automated Master of Form 16 Part B with Form 12 BA for the Financial Year 2014-15 & Ass year 2015-16 ( This Excel Utility can prepare at a time 50 employees Form 16 Part B with 12 BA)
The New Central Budget Has already passed for the Financial Year 2014-15 and Assessment Year 2015-16,As per the New Income Tax Slab has major changes as listed below the Tax Slab for the Financial Year 2014-15.
Also Some Changes in the Section 80 C and the limit also Raised up to Rs. 1,50,000/-, The P.P.F. Introduce in the section of 80C up to Rs. 1,50,000/- from the Financial Year 2014-15
1) Here’s the tax slab for Individual Tax Payers:
Income Age (< 60 Years)
|
Tax Rate
|
Impact
|
Up to Rs 2,50,000
|
NIL
|
Rs. 5,000 (Savings)
|
Rs 2,50,001 to Rs 5,00,000
|
10 per cent
|
Rs. 5,000 (Savings)
|
Rs 5,00,001 to Rs 10,00,000
|
20 per cent
|
Rs. 5,000 (Savings)
|
Above 10,00,000
|
30 per cent
|
Rs. 5,000 (Savings)
|
Here’s the tax slab for Senior Citizens:
Income (For Senior Citizens)(>60 & < 80 Years)
|
Tax Rate
|
Impact
|
Up to Rs 3,00,000
|
NIL
|
Rs. 5,000 (Savings)
|
Rs 3,00,001 to Rs 5,00,000
|
10 per cent
|
Rs. 5,000 (Savings)
|
Rs 5,00,001 to Rs 10,00,000
|
20 per cent
|
Rs. 5,000 (Savings)
|
Above 10,00,000
|
30 per cent
|
Rs. 5,000 (Savings)
|
Tax Slab for an Individual (resident & above 80 years)
Income Slabs (> 80 Years)
|
Tax Rates
|
Total income up to Rs. 5 Lac
|
0% Tax
|
Total income above Rs. 5 Lac and below Rs.10 Lac
|
20% on Income exceeding Rs. 5 Lac
|
Total income more than Rs. 10 Lac
|
30% on Income exceeding Rs. 10 Lac + Rs. 1 Lac
|
2. Hike deduction limit under Section 80C of the Income Tax Act:
3. Increase in exemption limit for housing loan interest:
Currently, interest up to Rs. 1.50 lakh on home loan for self-occupied property is tax free. Analysts say the current ceiling should go up toRs. 4 lakh or Rs. 5 lakh to account for the sharp rise in property prices over the last ten years. Enhancing interest exemption limit will increase affordability and benefit the entire real estate sector, which contributes nearly 6 per cent to the GDP.
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