Download TDS on Salary for Central Govt employees for Financial Year 2015-16 [ This Excel Utility can prepare at a time Tax Compute Sheet + Individual Salary Sheet+ Individual Salary Structure + Automatic HRA Exemption Calculation + Automated Form 16 Part A&B and Form 16 Part B]
Particulars
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Existing Provisions for FY 2014-15
OR
AY 2015-16
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Changes as per Budget for FY 2015-16
OR
AY 2016-17
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Surcharge on taxable income exceeding Rs. 1 Crore for Individuals, Senior Citizens, Very Senior Citizens, HUFs, AOPs, BOIs, artificial juridical persons, firms, cooperative societies and local authorities
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10% of Income Tax
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12% of Income Tax
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Comparison of Benefits under various IT Sections
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Exempted amount of transport allowance
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Rs. 800/- per month
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Rs. 1,600/- per month
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Section 80D - Deduction for Health Insurance premium
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Rs. 15,000/-
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Rs. 25,000/-
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Section 80D - Deduction for Health Insurance premium for Senior Citizens
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Rs. 20,000/-
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Rs. 30,000/-
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Investment in Sukanya Samriddhi Scheme
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-
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Eligible for deduction u/s 80C and any payment from the scheme shall not be liable to tax.
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Section 80DDB - Deduction in case of very senior citizens on expenditure on account of specified diseases
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Rs. 60,000/-
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Rs. 80,000/-
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Section 80DD - Maintenance, including medical treatment of a dependent who is a person with disability
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Rs. 50,000/-
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Rs. 75,000/-
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Section 80DD - Maintenance, including medical treatment of a dependent who is a person with severe disability
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Rs. 1,00,000/-
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Rs. 1,25,000/-
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Section 80U - Person with disability
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Rs. 50,000/-
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Rs. 75,000/-
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Section 80U - Person with severe disability
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Rs. 1,00,000/-
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Rs. 1,25,000/-
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Section 80CCC - Contribution to provident fund of LIC or IRDA approved insurer
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Rs. 1,00,000/-
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Rs. 1,50,000/-
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Section 80CCD - Contribution by the employee to National Pension Scheme (NPS)
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Rs. 1,00,000/-
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Rs. 1,50,000/-
Now under Section 80CCD, a deduction of upto Rs. 50,000 is allowed over and above the limit of Rs. 1.50 lakh under Section 80C in respect of contributions made to NPS is also allowed. Thus, now the total deduction that can be claimed under Section 80C+Section 80CCD = Rs 2 lakh.
In case any employer contributes to the NPS scheme on behalf of the employee and the benefit of the same would be availed by the employee, the employee would also be allowed a deduction under Section 80CCD(2) for the amount of contribution made by the employer.
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