IT SOFTWARE PREPARED BY PUTTA (AS PER CPS DEDUCTION 50,000/- ISSUE)

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Employees planing to save their taxable income by investments as per sections first we look into slab rates and savings limits.

Taxable Income range	Income-tax rates	Education Cess	Secondary and higher Education Cess
Up to Rs. 2,50,000	Nil	Nil	Nil
Rs. 2,50,000 – Rs. 5,00,000	10% on above Rs.2,50,000 income	2% of income-tax	1% of income-tax
Rs. 5,00,000 – Rs. 10,00,000	Rs. 25,000 + 20% on Rs. 5,00,000 above income	2% of income-tax	1% of income-tax
Above Rs. 10,00,000	Rs. 1,25,000 + 30% on Rs. 10,00,000 above income	2% of income-tax	1% of income-tax

(Full Version may be change on IT Department clarification, waiting for IT department clarification on 80CCD(1B) Section )

The deduction under section 80C is allowed from your Gross Total Income.

Total Deduction under section 80C, 80CCC and 80CCD(1) together cannot exceed Rs 1,50,000 for this financial year 2015-16.

Friday 5 February 2016