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:

This section gives tax breaks to long-term financial savings instruments such as housing loan repayment, five-year and above tenure fixed deposits, provident funds (PFs) and life insurance policy premiums. According to Ambit, Mr Jaitley should incentive financial savings by expanding the current Section 80C limit from Rs. 1 lakh to Rs. 1.50 lakh. PwC has called for doubling of deduction under 80C to Rs. 2 lakh. An increase in 80C limits will increase domestic savings, which can be utilised for infrastructure development.

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.

4) Kissan Vikas Patra (KVP) to be reintroduced in the Section 80C

5)Tax Rebate Rs.2,000/- U/s 87A  this section will be continued for the Financial Year 2014-15 also.

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)

On July 19, 2014 by www.taxexcel.net

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