In an emerging market economy with high inflation rates such as India, it is only wise for people to save, invest and spend effectively in order to meet a general increase in prices and fall in the purchasing value of money overtime. People’s savings are necessary to sustain an optimum level of demand which boosts manufacturing, services and thereby jobs in the economy.
Showing posts with label Income Tax Form 16 for A.Y.2016-17. Show all posts
Showing posts with label Income Tax Form 16 for A.Y.2016-17. Show all posts
Tuesday 10 May 2016
Wednesday 10 February 2016
Thursday 21 January 2016
Download And Prepare Central Govt employees at a time Tax Compute Sheet + H.R.A.Calculation + Individual Salary Structure as per Central Govt Salary Structure + Individual Salary Sheet + Automated Form 16 Part A&B and Form 16 Part B for Financial Year 2015-16 & Assessment Year 2016-17
Prepare as per the CBDT Circular :- IT Circular issued by CBDT on 1.12.2015
Sunday 10 January 2016
Tax Planning for Salaried Individual For FY 2015-16. This article help in tax planning for salaried person. Check 5 Tax Saving Strategies. In this article you an find complete details for how to Planning for Tax Savaing for Salaried Employees like – 5 Tax Planning Strategies, Tax Planning U/s. 80C, U/s. 80CCC and U/s. 80 CCD, Tax Planning Sec 80D – Mediclaim, Tax Savings on Home Loan, Tax Planning through 80CCG – RGESS etc. Now you can scroll down below n check more details for Tax Planning for Salaried Individual For FY 2015-16
Click here to Download the Automatic 100 employees Form 16 Part B for financial year 2015-16 [ This Excel Utilty can prepare at a time 100 employees Form 16 Part B]
Click here to Download the Automatic 50 employees Form 16 Part B for Financial Year 2015-16 [ This Excel Utilty can prepare at a time 50 employees Form 16 Part B]
Tax Planning U/s. 80C, U/s. 80CCC and U/s. 80 CCD
· An individual can invest in an instrument as specified U/s. 80C, U/s. 80CCC and U/s. 80 CCD
· —Maximum Combined deduction allowed under these section is Rs.150000
· An additional investment of Rs.50000 over and above this limit is allowed, if an individual invest in NPS
· —In total, an individual can claim Rs.200000 under these 3 section
· —Most popular investment choices u/s. 80C is
o —Equity Linked Savings Scheme (ELSS)
o —Life Insurance Policies
o —Public Provident Fund
o 5 year tax saving Bank FD
o National Savings Scheme (NSC)
· U/s 80CCC one can invest in a pension policy of an insurance company
· u/s 80CCD an individual can invest in National Pension Scheme (NPS)
Tax Planning Sec 80D – Mediclaim
· u/s. 80D, An individual is allowed claim deduction on expenditure if a premium is paid towards mediclaim policy for self & family and mediclaim policy for parents.
Policy for
|
Age
|
Deduction allowed
|
Total deduction allowed
|
Self and Family
|
< 60
|
25000
|
50000
|
Parents
|
<60
|
25000
| |
Self and Family
|
< 60
|
25000
|
55000
|
Parents
|
>60
|
25000
| |
Self and Family
|
> 60
|
25000
|
60000
|
Parents
|
>60
|
25000
| |
Self and Family
|
> 60
|
30000
|
30000
|
Self and Family
|
< 60
|
25000
|
25000
|
Sec 80 DD and Sec 80 DDB
U/s. 80DD Deduction is available on
· —Expenditure incurred on medical treatment, training and rehabilitation of handicapped dependent relative
· —Payment or deposit to specified scheme for maintenance of dependent handicapped relative.
—u/s. 80DD medical expenditure can be claimed
· —Where disability is 40% or more but less than 80% – fixed deduction of Rs 75,000
· —Where there is severe disability (disability is 80% or more) – fixed deduction of Rs 1,25,000.
—u/s. 80DDB Deduction is available on
· — Expenditure actually incurred by individual on himself or dependent relative for medical treatment of specified disease or ailment
—u/s. 80DD Amount of deduction will be lower of amount actually paid on medical treatment or
· —Individual <60 of Age – Rs.40000
· —Individual >60 but <80 Age – Rs.60000
· —Individual >80 Age – Rs.80000
Tax Savings on Home Loan
· —Indian income tax law gives opportunity to individual investor to build wealth in the form of residential house
· —An individual can leverages tax while building his own home
· —Buying House property on a home loan could cut down your tax bill significantly
· —As per Indian tax law, an individual is allowed to claim maximum deduction of Rs.
o —2,00,000 p.a. against interest component of your Housing loan
o —1,50,000 p.a. of principle paid for the housing loan against u/s. 80C
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