Showing posts with label TDS on Salary for Non-Govt employees for FY 2015-16. Show all posts
Showing posts with label TDS on Salary for Non-Govt employees for FY 2015-16. Show all posts
Friday 19 February 2016
Friday 27 November 2015
Download Income Tax Calculator All in One TDS on Salary for Non-Govt Employees for the Financial Year 2015-16 and Ass Yr 2016-17. [ This Excel Utility can prepare at a time Tax Compute Sheet + Individual Salary Structure + Individual Salary Sheet + Automatic HRA Calculation + Automatic Form 16 Part A&B and Form 16 Part B + 12 BA for FY 2015-16]
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| Private employees Salary Structure |
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| Tax Computed Sheet |
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| Form 16 Part A&B and Part B |
Budget 2015 has been introduced in Parliament. The Finance Minister has kept the Personal Income Tax rates unchanged for the Financial Year 2015 /2016 (Assessment Year 2016-2017).
He has to introduce or extend the Tax Deduction limits Under few Sections of the Income Tax Act.
Let us understand all the important sections and new introduce with respect to ‘Income Tax Deductions 2015′. This list will help you in planning your taxes.
Income Tax Deductions 2015
Section 80C
The maximum tax exemption limit under Section 80C has been retained as Rs 1.5 Lakh only. The various investment avenues under this section are;
- PPF (Public Provident Fund)
- EPF (Employees’ Provident Fund)
- Five year Bank or Post office Tax saving Deposits
- NSC (National Savings Certificates)
- ELSS Mutual Funds (Equity Linked Savings Schemes)
- Kid’s Tuition Fees
- SCSS (Post office Senior Citizen Savings Scheme)
- Principal repayment of Home Loan
- NPS (National Pension System)
- Life Insurance Premium
- Sukanya Samriddhi Account Deposit Scheme
Section 80CCC
Contribution to annuity plan of LIC (Life Insurance Corporation of India) or any other Life Insurance Company for receiving pension from the fund is considered for tax benefit. The maximum allowable Tax deduction under this section is Rs 1.5 Lakh.
Section 80CCD
Employee can contribute to Government notified Pension Schemes (like National Pension Scheme – NPS). The contributions can be upto 10% of the salary (or) Gross Income and Rs 50,000 additional tax benefit u/s 80CCD (1b) is proposed in Budget 2015. In FY 2014-2015, the maximum tax exemption allowed under Section 80CCD is Rs 1 Lakh only. In Financial Year 2015-2016 or Assessment Year (2016-2017), this will be Rs 1.5 Lakh (u/s 80 CCD 1 ) and additional exemption of Rs 50,000 u/s 80CCD (1b) will be allowed. ( To claim this deduction, the employee has to contribute to Govt recognized Pension schemes like NPS)
(10% of salary is applicable for salaried individuals and Gross income is applicable for non-salaried. The definition of Salary is only ‘Dearness Allowance.’ If your employer also contributes to Pension Scheme, the whole contribution amount (10% of salary) can be claimed as tax deduction under Section 80CCD (2). The ceiling limit of 1.5 Lakh u/s 80CCD is not applicable on employer’s contribution.)
Section 80D
Deduction u/s 80D on health insurance premium will be Rs 25,000, increased from Rs 15000. For Senior Citizens it has been increased to Rs 30,000 from the existing Rs 20,000. For very senior citizen above the age of 80 years who are not eligible to take health insurance, deduction is allowed for Rs 30,000 toward medical expenditure.
Section 80DDB
An individual (less than 60 years of age) can claim upto Rs 40,000 for the treatment of specified critical ailments. This can also be claimed on behalf of the dependents. The tax deduction limit under this section for Senior Citizens is proposed as Rs 60,000 and for very Senior Citizens (above 80 years) the limit is Rs 80,000
Section 24 (B)
You can claim upto Rs 2 Lakh as tax deduction on the home loan interest payment. If your property is a let-out one then the entire interest amount can be claimed as tax deduction.Also if you are get joint home loan, you can get the benefits from the both side.
Section 80U
You can claim up to Rs 75,000 (increased from the existing Rs 50,000) for spending who have up to 80% disability. It is also been Introduce to increase the limit of deduction from Rs 1 lakh to Rs 1.25 lakh in case of above 80% severe disability.
The other sections are – Section 80E (tax deduction benefit on the interest payment of an education loan), Section 80 G (Donations), Section 80GG (when HRA is not paid by the company but you incur rental expenses) and 100% TAX DEDUCTION on contributions made to SWACHH BHARAT & CLEAN GANGA initiatives have also been proposed.
The above ‘Income Tax Deductions 2015′ are applicable for Financial year 2015-2016 (or Assessment Year 2016-2017).
Wednesday 17 June 2015
Download Income Tax Calculator All in One TDS on Salary for Non-Govt Employees for the Financial Year 2015-16 and Ass Yr 2016-17. [ This Excel Utility can prepare at a time Tax Compute Sheet + Individual Salary Structure + Individual Salary Sheet + Automatic HRA Calculation + Automatic Form 16 Part A&B and Form 16 Part B + 12 BA for FY 2015-16]
Budget 2015 has been introduced in Parliament. The Finance Minister has kept the Personal Income Tax rates unchanged for the Financial Year 2015 /2016 (Assessment Year 2016-2017).
He has to introduce or extend the Tax Deduction limits Under few Sections of the Income Tax Act.
Let
us understand all the important sections and new introduce with respect
to ‘Income Tax Deductions 2015′. This list will help you in planning
your taxes.
Income Tax Deductions 2015
Section 80C
The
maximum tax exemption limit under Section 80C has been retained as Rs
1.5 Lakh only. The various investment avenues under this section are;
- PPF (Public Provident Fund)
- EPF (Employees’ Provident Fund)
- Five year Bank or Post office Tax saving Deposits
- NSC (National Savings Certificates)
- ELSS Mutual Funds (Equity Linked Savings Schemes)
- Kid’s Tuition Fees
- SCSS (Post office Senior Citizen Savings Scheme)
- Principal repayment of Home Loan
- NPS (National Pension System)
- Life Insurance Premium
- Sukanya Samriddhi Account Deposit Scheme
Section 80CCC
Contribution to annuity plan of LIC (Life Insurance Corporation of India)
or any other Life Insurance Company for receiving pension from the fund
is considered for tax benefit. The maximum allowable Tax deduction
under this section is Rs 1.5 Lakh.
Section 80CCD
Employee
can contribute to Government notified Pension Schemes (like National
Pension Scheme – NPS). The contributions can be upto 10% of the salary
(or) Gross Income and Rs 50,000 additional tax benefit u/s 80CCD (1b) is
proposed in Budget 2015. In FY 2014-2015, the maximum tax exemption
allowed under Section 80CCD is Rs 1 Lakh only. In Financial Year
2015-2016 or Assessment Year (2016-2017), this will be Rs 1.5 Lakh (u/s
80 CCD 1 ) and additional exemption of Rs 50,000 u/s 80CCD (1b) will be
allowed. ( To claim this deduction, the employee has to contribute to Govt recognized Pension schemes like NPS)
(10%
of salary is applicable for salaried individuals and Gross income is
applicable for non-slaried. The definition of Salary is only ‘Dearness
Allowance.’ If your employer also contributes to Pension Scheme, the
whole contribution amount (10% of salary) can be claimed as tax
deduction under Section 80CCD (2). The ceiling limit of 1.5 Lakh u/s
80CCD is not applicable on employer’s contribution.)
Section 80D
Deduction
u/s 80D on health insurance premium will be Rs 25,000, increased from
Rs 15000. For Senior Citizens it has been increased to Rs 30,000 from
the existing Rs 20,000. For very senior citizen above the age of 80
years who are not eligible to take health insurance, deduction is
allowed for Rs 30,000 toward medical expenditure.
Section 80DDB
An
individual (less than 60 years of age) can claim upto Rs 40,000 for the
treatment of specified critical ailments. This can also be claimed on
behalf of the dependents. The tax deduction limit under this section for
Senior Citizens is proposed as Rs 60,000 and for very Senior Citizens
(above 80 years) the limit is Rs 80,000
Section 24 (B)
You
can claim upto Rs 2 Lakh as tax deduction on the home loan interest
payment. If your property is a let-out one then the entire interest
amount can be claimed as tax deduction.
Section 80U
You
can claim up to Rs 75,000 (increased from the existing Rs 50,000) for
spending who have up to 80% disability. It is also been Introduce to
increase the limit of deduction from Rs 1 lakh to Rs 1.25 lakh in case
of above 80% severe disability.
The
other sections are – Section 80E (tax deduction benefit on the interest
payment of an education loan), Section 80 G (Donations), Section 80GG
(when HRA is not paid by the company but you incur rental expenses) and
100% TAX DEDUCTION on contributions made to SWACHH BHARAT & CLEAN
GANGA initiatives have also been proposed.
The above ‘Income Tax Deductions 2015′ are applicable for Financial year 2015-2016 (or Assessment Year 2016-2017).
Tuesday 16 June 2015
Download the TDS on Salary All in One for Govt & Non Govt Employees for Govt and Non-Govt employees for F.Y.2015-16 and A.Y.2016-17 [ This Excel Utility Can prepare at a time your Tax Compute Sheet + Individual Salary Structure + Individual Salary Sheet + Automatic HRA Calculation U/s 10(13A) + Automatic Arrears Relief Calculation with Form 10E + Automated Form 16 Part A&B and Part B for F.Y.2015-16]
The Budget 2015 applicable for Financial Year 2015-16
The
Budget 2015 having high expectations was released by Mr. Arun jaitely,
Finance Minister of the new Modi government on the 28th of February
2015. Many people whom i met post budget had same view that it did not
meet their expectations. However i feel that mainly this reaction was
because the slab rates where not changed or to be precised the slab
rates were not Increased. Face the fact, Slab rate for F.Y. 2015-16
cannot be increased further, there is no room for it, as it will not
only decrease the government's revenue but will also hamper the economy
in a very bad way. the best way was to channelized the fund from
governments revenue to some government and Economy helping funds,
investments, etc; which Mr. Jaietly knew very well and hence he
introduced more Deductions and also raised Limits of the deductions.
Just wait and have trust on Government the 4th and 5th year of the modi
Government will be a Golden Era for India's
Economy... I can Speak on this more but for now let's bring our mind
horses back on the Topic "TDS or Taxation on Income From Salaries for
F.Y. 2015-16".
Keeping apart the main Topic i.e. "TDS on Salary". Let us
witness important points in Short, Common and Non technical language
related to the Calculation Income from Salaries for TDS and Taxation
Purpose for the Financial Year 2015-16 and Assessment Year 2016-17:
1. Medi-claim Premium (Premium on Health Insurance) Section 80D :
The deduction under this section was available to the assesee for
the Insurance premium paid on the health insurance but it was subjected
to following Limits (Earlier and Now Revised): Max Rs. 25,000/- and for
Senior Citizen Rs.30,000/- as per Budget 2015.
2. Deduction for Medical Expenses on treatment of Specified Diseases (Section 80DDB):
Deduction u/s. 80DDB has been Raised from Rs. 60,000/- to Rs.
80,000/- only for Senior Citizens, please note that here is no change in
limits for Non-Senior Citizens.
3. Deduction for Persons differently abled (Section 80DD and 80U):
Deductions under section 80DD and 80U are increased as follows: Up
to 40% to 80% Rs. 75,000/- and above 80 % Rs. 1.25,000/- as per Budget
2015 for F.Y.2015-16.
4. Transport Allowance Exempt u/s. 10:
Exemption for Transport allowance is allowable as amount
received or Fixed amount as below: For General Max Rs. 1600/- P.M. and
Phy.Disable Max Rs. 3200/- P.M. for F.Y. 2015-16.
5. Sukanya Samridhi Account (For Girl child) under Section 80C :
This is an another milestone in the Indian Taxation History. A Historic Scheme which can only exist in India and
no other country for the betterment of a Girl Child's Future. This is a
must have investment in your Portfolio of investments if you have a
girl child below the age of 10 years, however one year grace period is
allowed as this is a new scheme; So a Girl Child who is Born between
2.12.2003 & 1.12.2004 can also open an account under this scheme up
to 1.12.2015.
Now talking about the benefits under this scheme; Any amount
Deposited in this Account shall be eligible for deduction u/s. 80C i.e.
it will be directly deducted form the Total income for the purpose of
calculation of TDS or Tax on your income. However Mimimum 1000 rupees
and Maximum 1,50,000/- rupees shall be allowed to be deposited per year.
Also Interest of 9.2% p.a. received on this account is completely
exempted from the Income tax i.e. no tax is payable on interest income
arising from the amount deposited in the Sukanya Samridhi Account.
Slab Rates for F.Y. 2015-16 and A.Y. 2016-17....
For
this year even though almost everyone thought that the slab rates will
increase giving an opportunity to the individual taxpayer to save some
income to fight against unstoppable food inflation the slab rates remain
same as given below:
Income tax slab for F.Y. 2015-16 / A.Y. 2016-17
| ||
New Income Tax Slabs for A.Y. 2016-2017 for Resident Senior Citizens above 60 years
(FY 2015-2016) | ||
S. No.
|
Income Range
|
Tax percentage
|
1
|
Up to Rs 2,50,000
|
No tax / exempt
|
2
|
2,50,001 to 5,00,000
|
10% - Rs.2000 (Credit)
|
3
|
5,00,001 to 10,00,000
|
20%
|
4
|
Above 10,00,000
|
30%
|
New Income Tax Slabs for A.Y. 2016-2017 for Resident Senior Citizens above 80 years
(FY 2015-2016) | ||
S. No.
|
Income Range
|
Tax percentage
|
1
|
Up to Rs 5,00,000
|
No tax / exempt
|
2
|
5,00,001 to 10,00,000
|
20%
|
3
|
Above 10,00,000
|
30%
|
New Income Tax Slabs for A.Y. 2016-17 for Resident Women (below 60 years)
(FY 2015-16) | ||
1
|
Up to Rs 2,50,000
|
No tax / exempt
|
2
|
2,50,001 to 5,00,000
|
10% - Rs.2500 (Credit)
|
3
|
5,00,001 to 10,00,000
|
20%
|
4
|
Above 10,00,000
|
30%
|
New Income Tax Slabs for A.Y. 2016-2017 for Men & Others (FY 2015-2016)
| ||
1
|
Up to Rs 2,50,000
|
No tax / exempt
|
2
|
2,50,001 to 5,00,000
|
10% - Rs.2000 (Credit)
|
3
|
5,00,001 to 10,00,000
|
20%
|
4
|
Above 10,00,000
|
30%
|
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