Showing posts with label Income Tax deduction under Chapter VIA as per Budget 2015. Show all posts
Showing posts with label Income Tax deduction under Chapter VIA as per Budget 2015. Show all posts
Wednesday 10 February 2016
Saturday 23 January 2016
As per the new Finance Budget 2015-16 the some Income Tax Section limit has raised.Given below the all of Income Tax Deduction Under Chapter VI A including the 80C as per the Finance Budget 2015-16.
Here is a unique Income Tax Preparation Excel Based Software which can prepare at a time Tax Compute sheet + Individual Salary Structure + Automatic House Rent Exemption Calculation + Automated Form 16 Part A&B and Form 16 Pat B for the all of State Govt Employees for Financial Year 2015-16.[Click here to Download the Excel Utility]
DEDUCTIONS UNDER CHAPTER VI A FOR F.Y.2015-16
| |||
No.
|
Section
|
Particulars
|
Deduction Limit
|
1
|
80C
|
Deduction in respect of Investment in specifies assets
|
150000/-
|
2
|
80CCC
|
Deduction in respect of contribution to certain pension funds
|
150000/-
|
3
|
80CCD
|
Deduction in respect of contribution to pension scheme of Central Govt.
|
150000/-
|
4
|
80CCE
|
Limit on deduction under sections 80C,80CCC,80CCD(1)
|
150000/-
|
5
|
80D
|
Deduction in respect of medical insurance premium
|
Individual:25000/-
Senior Citizen:30000/-
|
6
|
80DD
|
Deduction in respect of maintenance including medical treatment of a
disabled person
|
Severe Disability:100000/-
Others:60000/-
|
7
|
80DDB
|
Deduction in respect of medical treatment
|
Individual:60000/-
Senior Citizen:80000/-
|
8
|
80E
|
Deduction in respect of interest on loan taken for higher education
|
Actual Interest
|
9
|
80EE
|
Additional deduction in respect of interest on loan taken for residential
house property
|
Rs. 100000/-
|
10
|
80G
|
Deduction in respect of Donations to Certain Funds, Charitable Institutions
|
50% or 100%
|
11
|
80GG
|
Deduction in respect of Rent paid
|
Lower of the following:
i)Actual Rent paid-10%
of the total income
ii)25% of total income
iii)2000 per month
|
12
|
80U
|
Deductions in the case of a person with disability
|
Severe Disability:125000/-
Others:75000/-
|
13
|
80TTA
|
Deduction in respect of interest on deposits in savings account
|
Rs.10000
|
14
|
87A
|
Tax Rebate Rs. 2000/- who's taxable income below Rs. 5 Lakh
|
Rs.2000/-
|
Wednesday 16 December 2015
As per the new Finance Budget 2015-16 the some Income Tax Section limit has raised.Given below the all of Income Tax Deduction Under Chapter VI A including the 80C as per the Finance Budget 2015-16.
Here is a unique Income Tax Preparation Excel Based Software which can prepare at a time Tax Compute sheet + Individual Salary Structure + Automatic House Rent Exemption Calculation + Automated Form 16 Part A&B and Form 16 Pat B for the all of State Govt Employees for Financial Year 2015-16.[Click here to Download the Excel Utility]
DEDUCTIONS UNDER CHAPTER VI A FOR F.Y.2015-16
| |||
No.
|
Section
|
Particulars
|
Deduction Limit
|
1
|
80C
|
Deduction in respect of Investment in specifies assets
|
150000/-
|
2
|
80CCC
|
Deduction in respect of contribution to certain pension funds
|
150000/-
|
3
|
80CCD
|
Deduction in respect of contribution to pension scheme of Central Govt.
|
150000/-
|
4
|
80CCE
|
Limit on deduction under sections 80C,80CCC,80CCD(1)
|
150000/-
|
5
|
80D
|
Deduction in respect of medical insurance premium
|
Individual:25000/-
Senior Citizen:30000/-
|
6
|
80DD
|
Deduction in respect of maintenance including medical treatment of a
disabled person
|
Severe Disability:100000/-
Others:60000/-
|
7
|
80DDB
|
Deduction in respect of medical treatment
|
Individual:60000/-
Senior Citizen:80000/-
|
8
|
80E
|
Deduction in respect of interest on loan taken for higher education
|
Actual Interest
|
9
|
80EE
|
Additional deduction in respect of interest on loan taken for residential
house property
|
Rs. 100000/-
|
10
|
80G
|
Deduction in respect of Donations to Certain Funds, Charitable Institutions
|
50% or 100%
|
11
|
80GG
|
Deduction in respect of Rent paid
|
Lower of the following:
i)Actual Rent paid-10%
of the total income
ii)25% of total income
iii)2000 per month
|
12
|
80U
|
Deductions in the case of a person with disability
|
Severe Disability:125000/-
Others:75000/-
|
13
|
80TTA
|
Deduction in respect of interest on deposits in savings account
|
Rs.10000
|
14
|
87A
|
Tax Rebate Rs. 2000/- who's taxable income below Rs. 5 Lakh
|
Rs.2000/-
|
Saturday 31 October 2015
Download All in One TDS on Salary for Central Govt Employees for F.Y.2015-16 [Prepare at a time your Tax Compute Sheet + Individual Salary Sheet + Individual Salary Structure +Automatic HRA Exemption Calculation + Automated Form 16 Part A&B and Form 16 Part B for the Financial Year 2015-16 ]
As per the new Finance Budget 2015, has some changes in some Tax Section and hike the limit of some Section under chapter VIA, the main changes is given below :-
Section
|
Brief Information about the Chapter VIA Section as per Budget 15
|
80C
|
Amount paid or deposited towards life insurance, contribution to Provident Fund set up by the Government, recognized Provident Fund, contribution by the assessee to an approved superannuation fund, subscription to National Savings Certificates, tuition fees, payment/ repayment for purposes of purchase or construction of a residential house and many other investments. For full list, please refer to section 80C of the Income-tax Act. ( The aggregate amount of deduction under section 80C, 80CCC and 80CCD(1) shall not exceed Rs. 1,50,000/- )
Include One another Item as Sukanya Samriddhi Account Max Rs.1.5 Lakh
|
80CCC
|
Deduction in respect of 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.
|
80CCD(1)
|
Deduction for contribution in pension scheme notified by the Government to the extent of 10% of salary in case of employees and 10% of total income in case of others.
|
80CCD(2)
|
Contribution by employer in pension scheme notified by the Government to the extent of 10% of salary.
|
80D
|
Deduction in respect of Medical Insurance Premium for Self and family members.( Maximum Deduction available Rs. 25,000/- for Senior Citizens and Rs. 25,000/- for others. )
|
Deduction in respect of Medical Insurance Premium for Parents (Father or mother or both).( Maximum Deduction available Rs. 30,000/- for Senior Citizens parents and Rs. 30,000/- in other cases. )
| |
80DDB
|
Deduction to the extent of Rs. 80,000/- or the amount actually paid, whichever is less for expenditure actually incurred on self or dependent relative for medical treatment of specified disease or ailment.
|
80U
|
Deduction in case of a person with disability. ( Maximum Deduction: General disability - Rs. 75,000/-, Severe disability - Rs. 1,25,000/-. )
|
Other tax deduction Under Chapter VI A is the same as previous Financial Year, there have no changes. Like U/s 80TTA, 87A
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