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