1. The tax rate for income between Rs 2.5 lakh to Rs 5 lakhs has been reduced to 5% from 10%

On August 04, 2017 by www.taxexcel.net

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Download All in One Income Tax preparation Excel Based Software which can prepare both of Govt and Non-Govt Concerned employees for the Financial Year 2015-16 [ This Excel Based utility can prepare at a time Income Tax Compute Sheet + Individual Salary Structure + Automatic HRA Exemption Calculation + Automatic Arrears Relief Calculator with Form 10e U/s 89(1), Automated Form 16 Part A&B and Form 16 Part B]

Tax Saving Sections Summary:

Below is the recap of all tax saving sections for FY 2015-16:

Section 80C/80CCC/80CCD/ 80CCD(1B): Investment in EPF, ELSS, PPF, FD, NPS, NSC, Pension Plans, Life Insurance, SCSS, SSA and NPS. Also includes Home Loan Principal repayment, Tuition Fees, Stamp Duty

Section 24: Interest paid on Home Loan for Self occupied homes. No Limit for Rented house

Section 80E: Interest paid on Education Loan. No Limit – Rs 50,000 is just an assumed value

Section 80CCG: 50% of investment in RGESS approved stocks & mutual funds. Max investment limit is Rs 50,000

Section 80D: Premium payment for medical insurance for self and parents. Also includes Rs 5,000 limit for preventive health checkup

Section 80DDB: Treatment of Serious illness for self and dependents (Limit of Rs 80,000 for person above 80 years, Rs 60,000 for person above 60 years and Rs 40,000 for rest)

Section 80U: Physically Disabled Tax payer (Rs 75,000 for 40% to 80% disability and Rs 1,25,000 for more than 80%)

Section 80DD: Physically Disabled Dependent (Rs 75,000 for 40% to 80% disability and Rs 1,25,000 for more than 80%)

Section 80G: Donation to approved charitable funds like Prime Minister Relief fund, etc 100% or 50%

Section 80TTA: Interest received in Savings Account Max Rs. 10,000/-

Section 87A: Income Tax Rebate Rs.2,000/- who’s total taxable income less than 5 Lakh.

On February 07, 2016 by www.taxexcel.net

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