Friday, 5 February 2016

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

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

Savings under various sections 


AP Income Tax FY 2015 - 16 Full Version 4.0 - Download updated as on 05.02.16

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

Deductions on Section 80C, 80CCC & 80CCD

Section 80C

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. 

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