Financial
of Tax income Slabs for the Year Tax 2015-16, Calculation Assessment for the Year salaried 2016-17
II)
Surcharge i) Surcharge & Cessess @ 0% :will be levied below Rs. 1 crore
ii) Education Cess @ 3% on I.T. paid.
III)
100% Exemption from Income :
i) HRA as per formula u/s 10, (without
counting D.A.)
(ii)
Con- veyance bursement, allowance
(iv)
P.T. u/s u/s 10 16, Rs.
(v)
3,200/- Housing p.m. Loan
(iii)
interest Medical upto Reim- Rs. 1.5 Lakh u/s 24 (borrowed after 1-4-99) /
interest upto Rs. 2 Lakh u/s 24 (if borrowed after 1-4-2014)
(vi)
Interest on Educa- tion brother) loan u/s taken 80E, for
(vii)
self contributuin or dependents to CMRF/PMRF/U/s (spouse, son, daughter, 80G,
(viii)
subsidy P.P.F.
Interest,
(ix) Retirement benefits.
(x)
LTC,
(xi) LPG
IV)
Deductions allowed under chapter VIA from Income :
i) Health Rs.25,000/ Insurance p.a. U/s
premium 80D ( Rs. of 30,000/- self & Dependents in case of senior upto citi- zens
ii)
Expenses dent upto of Rs. Medical 75,000/ Treatment 80DD (for of Handicapped
disability 80% Depenor more deduction in Rs.1,25,000/)
iii) Expenses AIDS, chronic of Medical Renal
failure, Treatment Haemophilia for cancer, for Heart, self or Nuero, depen-
dent upto Rs. 40,000/- U/s 80DDB (Form 10-1 need no be enclosed 60,000/- for
from senior the Govt. citizen Civil (DDOs Surgeon CAN NOT from ALLOW Fy 15-16)
IT)
iv)
Physically Handicapped assessee (proper certificate should disability be Rs. enclosed)
1,25,,000/-) upto may Rs. be 75,000/- exempted (for from more income than 80%
U/s 80U.
V)
i)
TOTAL Amount DEDUCTIONS deposited for getting UPTO pension 1.5 LAKH scheme ONLY
upto
Rs. 1,50,000/- U/s 80CC (Ex. LIC, Pension Fund)
ii)
Premium the salary to U/s Contributory 80CCD pension
scheme upto 10% of
iii)
U/s 80C SAVINGS (Total Rs. 1.5 Lakh only)LIC + PF + APGLI DEPOSITS + NABARD FOR
MORE BONDS THAN + TAX 5 YEARS SAVINGS + HOUSING Bonds + FIXED LOAN PRINCIPLE
TUITION FEES + GIS OF + TWO PLI + CHILDREN ICICI BONDS (limited + IDBI to BONDS
1.5 Lakh) + Sukanya Samrudhi Yojana (Maximum 1.5 lakhs) MAY BE deducted
80CC+80CCD+80C FROM INCOME should UPTO be less Rs. than 1.5 Rs. Lakh 1,50,001/-
(savings, only. U/s
VI)NEW
SECTION 80CCG FROM FINANCIAL YEAR 2014-15:
Maximum
investment) savings for savings @ Rs. under 25,000/- Rajiv ( Gandhi on 50%
equity of Rs. share
50,000/-U/s 80CCG from this financial Year .
Hence the limit of 80C + 80CC + 80CCD + 80CCG = 1.75 lakhs). VII) u/s 80EE :- deduction
of an amount maximum Rs.1 lakh is allowable sanctioned in in respect fy.2013-14
of interest not exceeding payable Rs. on 25 home lakhs loan and if the it
interest
claimed for deduction under this section cannot claimed u/s 24.
INCOME TAX MODEL CALCULATION FINANCIAL
YEAR 2015-16 (A. Y. 2016-17)
Pay Rs. 8,36,400 D.A. Rs. 3,58,500 For Men &
women employees
For senior citizens above 60 yrs. H.R.A.
C.C.A. Rs. 1,28,000 Rs. ----- Upto Rs. 2.5 Lakhs Nil From Rs. 2.5 to 5 Lakhs@
10%
Upto
Rs. 3 Lakhs Nil From Rs. 3 to 5 Lakhs @ 10%
Total
Rs. 13,22,900
From
Rs. 5 to 10 Lakhs @20%
From
Rs. 5 to 10 Lakhs@20%
H.R.A. (as per formula) (-) Rs. 92,000 Above Rs. 10 Lakhs @30%
Above
Rs. 10 Lakhs @30%
P.T. (-) Rs. 2,400 Housing loan interest (-) Rs. NIL CMRF/PMRF
(-) Rs. NIL PH allowance (-) Rs. NIL Medical Reimbursement (-) Rs. NIL EWF/SWF
(-) Rs. 70 Interest on educational loan U/s 80E (-) Rs. 42,500 Health insurance
premium U/s 80D (-) Rs. 13,400 Total (-) Rs. 1,50,370 Gross Income Rs.
11,72,530 Deductions under chapter VIA
1) U/s 80CC NIL 2) U/s 80CCD NIL 3) U/s 80U NIL 4) U/s 80C
a) Housing loan principle NIL b) P.F. 63,000 c) GIS 720 d) APGLI
12,000 e) LIC 38,460 f) PLI 5,400 g) NSC Bonds 12,000 h) PPF 12,000 i) Tuition
Fees (2 children) 32,000
Total
1,75,580
limited to (-) 1,50,000 5) U/s 80CCG
(RGESS) NIL Net Income Chargeable under Head salaries
(Gross
Income - Total deductions allowed) Rs. 10,22,530
IT to
be paid For Women For Men No Tax upto Rs. 2.5 Lakhs NIL NIL IT from Rs. 2.5 to
5 lakhs @ 10% 25,000 25,000 IT from Rs.5 lakhs to Rs. 10 lakhs @ 20% 1,00,000
1,00,000 IT from Rs.10 Lakhs to Rs. 10,22,530@30% 6,759 6,759 Total 1,31,759
1,31,759 Educational cess @ 3% 3,953 3,953 Gross IT to be paid 1,35,710
1,35,710 Rebate u/s 87A @ Rs. 2000/- maximum NIL NIL (if net income below Rs.5
lakhs) Net IT to be paid 1,35,712 1,35,712
NOTE:
1. IT to be paid through IT Department challan/salary deductions 2. TDS
e-filing may be made from any Registered IT Practitioner
by DDOs 3. TAN & PAN should be taken by DDO. Any Returns to
be filed
with reference to TAN & PAN 4. Every employee should take
PAN Cards (MANDATORY) 5. ALL employees NEED to file IT returns in SAHAJ FORM
ONLY
IF NET INCOME EXCEEDS 5 LAKHS 6. Every employee should submit
FORM - 16 along with calcula- tion sheet to DDO in 1/2016 so as to enable him
to make ar- rangements for TDS before 2/2016 7. Salary includes Pay, DA, HRA,
IR, CCA, PH allowance, Addl. FP increments, arrears, surrender leave taken as
per the acquittancefrom 03/2015 to 2/2016 and also PRC & Notional/
AAS/DA/HRA/ STEP UP arrears etc. 8. It is the responsibility of the DDO to
deduct the TDS at average rate of Income Tax as applicable before disbursing
the salary. To enable e-filing of software Tax department
is
available TDS on sites returns, at
www.tin.nsdl.com
a free TDS return & preparation Income
@@@THANQ MANI SIR FOR DOING THIS INFORMATION@@@
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