Section 80U tax deductions are over and above other deductions and are meant for people whoSukanya Samriddhi Yojana Calculating Maturity Values 9.2 Interest Rate Applicable for FY 2015-16.Godrej Agrovet Limited IPO Details Review Should You Invest or Not Rs. 450-460? Maximum Income Tax Exemption Limit in India for FY 2015-16. The ProblemSave Income Tax through Tax Planning for FY 2015-16. Section 24: Interest paid on Home Loan for Self occupied homes. Probable Income Tax Rates and Slabs for FY 2015-16.Extra Tax Saving In FY 2014-15. In last budget, Mr. Jaitley has raised the Section 80 C limit by Rs. 50,000, which offers tax rebates for investments. The maximum tax exemption limit under Section 80C has been retained as Rs 1.5 Lakh only. The various investment avenues or expenses that can be claimed as tax deductions under section 80c are as belowMy gross salary for FY 2015-16 is Rs. There is also sub limit of Rs 5,000 for preventive medical checkup. 7. Treatment of Serious disease ( Section 80DDB).What is the Maximum Income Tax You can Save for FY 2015-16? Published on August 16, 2015.
In FY 2014-2015, the maximum tax exemption allowed under Section 80CCD is Rs 1 Lakh only.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. Form 16 Part B for FY 2017-18.Home » Advance Tax Calculator for Financial Year 2015-16 , Income Tax Calculator for Financial Year 2015-16 , Income Tax for the Assessment Year 2016-17 , Maximum limit of U/s 80U » Calculate and Prepare at a timeThe Section 80U limit raised up to Rs. Individuals with physical disabilities may claim higher tax benefits under section 80U of the Income Tax Act. As per the section, those suffering from any form of a physical disability may avail of deductions up to Rs.The tax benefit limit for the same is capped at Rs. These changes came into effect from the year 2015-16.The limits for deductions are same as that of Section 80U. Dependent entails a sibling of an individual, spouse, children or parents or any member of HUF (Hindu Unified Family). free limit. rules. Payment of accumulated balance due of Employees Provident Fund Scheme, 1952, to Employess (w.
e.f 01-06-15).10 - Land, Building or furniture. 2 - Machinery, Plant or Equipment. 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. North Block, New Delhi Dated the 2nd December, 2015. Subject: Income-tax deduction from salaries during financial year 2015-16 under section 192 of income-tax act, 1961. The tax rates for salaried employees (aged 60 years and above but below 80 years) for FY 2015-16 are as follows. Total Income for the Year in Rs.3. Any deduction under Section 80CCD(2) is outside of the above limit. Tax Saving Guide for FY 2015-16 (AY 2016-17).87A for FY 2016-17 Raised the taxalert.net: Max limit of Income Tax Section 80U. Download All in One TDS on Salary for West Bengal Govt Dear Subramaniam, Section 87A is available for FY 2015-16 too. I did not understand your second point. Gourab says: July 31, 2015 at 9:52 pm. what is the maximum exemption limit u/s 80DD for AY 2015-16 2016-17? I Have paid rs. Therefore, Section 44ADA cannot be invoked for FY 2015-16.What is the income tax limit for women in India for year 2016-17? Pratik Shetty, Taxation and Financial Advisor.
Written Mar 26. Telangana Income Tax FY 2015-16. Employees planing to save their taxable income by investments as per sections first we look into slab rates and savings limits.Income Tax FY 2015-16 for Andrapradesh state Employees. Budget 2015- Section 80DD deduction Limit Raised - TaxGuru.TDS on Salary for Non-Govt employees for FY 2015-16 with Available for individual or a Hindu undivided family The total limit under this section is Rs 1.50 lakh from Financial Year (FY) 2014-15 Before FY 2014-15 the limit was Rs.1,50,000 from Assessment Year 2015-16. EduPristine For [Certificate in Accounting and Compliance]. Less Deduction under section 80C.But the surcharge payable is limited to marginal relief. I have presented here income tax slab for fy 2015-16 appliacable to individual, HUF, AOP, BOI, domestic companies and foreign companies. For FY 2015-16 (assessment year 2016-17) A new section 80CCD(1B) has been introduced to provide for additional deduction for amount contributed to NPS of up to Rs 50,000. This limit of Rs.This means for assessment year 2015-2016, a fixed tax deduction of Rs. 50, 000 is available for the taxpayer with disability if all of the other conditions mentioned under section 80U is satisfied. Maximum amount which is not chargeable under the Income Tax act or Exemption Limit for various person are as under.Penalty :If return is filed after end of assessment year (after 31.03.2017 in case of return of Fy 2015-16) then assessing officer may impose penalty up to Rs 5000/- under section Further, the limit under section 80U in respect of a person with severe disability was last enhanced from seventy five thousand rupees to one lakh rupees by Finance (No.2) Act, 2009.( Compiled by Taxguru Team). Budget, Budget 2015-16 8 DELHI INTERNATIONAL AIRPORT LIMITED (DIAL) 150 Rs/kVA/month. 9 RAILWAY TRACTION.B More than or equal to 16 days. For residential Group Housing connections and 12.2 other residential connections. For religious functions of traditional and 12.3 established characters and cultural They are as below. Tax Slabs for Financial Year 2014-15 or Assessment Year 2015-16.What is the Dividend Distribution Tax rate for private limited companies in FY2014-15 and date from which it isDoes the capital gain will be paid OR Not. please suggest the section also for the same. Notification, Judiciary related Deduction Under 80C Act, 1961 at one place ebook planning 2015-16.The other sections mentioned here too offer good tax deductions taxpayers sorry, missed it! Section 80c for fy 2013 14. Maximum Income Tax Exemption Limit in India for FY 2015-16.Below is the recap of all tax saving sections for FY 2015-16: Section 80C/80CCC/80CCD: Investment in EPF, ELSS, PPF, FD, NPS, NSC, Pension Plans, Life Insurance, SCSS, SSA and NPS. Business Incorporation. Explore Services. Incorporate LLP, Private Limited Company, Partnership Firm etc. Startup Packages.(2 from 01.04.2015 to 31.05.2016). Section 194EE: Payment in respect of deposit under National Savings scheme. To give incentive to diabled persons who are earning and maintaining themselves. Deductions under Section 80U is provided of 75000 for Normal Disability and Rs 125000 for Severe Disability w.e.f FY 2014-15 (AY 2015-16). AY 2015-16 Changes as per Budget for FY 2015-16 OR. 2. Fixed deduction of Rs 50,000/- is allowed irrespective of amounts incurred in Option 1/2. Deduction of Rs. In computing the taxable income of the individual, the following deductions under section-80C, 80CCC, 80CCD , 80CCE of the Act are to u Net income growth of 16 in fiscal 2016 based on guidance assumptions for 20162.u Unfavorable fx effects. u Increased costs related to Management Board changes. FY 2015.We therefore limit our use of constant currency period-over-period changes to a measure for the impact of currency Section 80U: Overview. All individuals who are taxable under the Income Tax Law have to pay taxes and file Income Tax Returns every fiscal year.The person with disability is liable to claim deductions of Rs 75,000 as per the budget of 2015-16. Income Tax Guide - Section 80 Deductions (For FY 2014-15 (with changes listed for FY 2015-16)).The Major Changes is Raised the some Tax Section which is given below :- 1 U/s 80 U :- Max Limit Rs. Section 80 CCD (1B). This section is new and announced in Budget 2015-16. It provides an additional benefit of Rs 50,000 if invest in National Pension Scheme over and above 1.5 lacs limit. Therefore for F.Y. 2015-16, total effective deduction limit is 2 lacs. Statement showing the computation of income tax for fy 2015-16 (ay - 2016-17).5 deductions (i) under SECTION-80C (a) accrued interest on nscs (b) epf/GPF/new pen contri. The acquisition or construction is completed within 5 years(3 Years till Financial Year 2015-16) from the end of the financial year in which the loan was taken.In FY 2016-17, section 80EE provides additional Deduction of Rs. The Below are the Sections covered under Chapter-IV but excluded from 1.50 Lakh Limit. This Option is Withdrawn from FY 2017-18 Sec 80CCG: Equity Savings Scheme: Rajiv Gandhi Equity Saving Scheme. Section 80CCG provides deduction w.e.f .assessment year Check the Cost of Inflation Index from 1981-1982 to 2015-2016 for Calculating Capital Gain under Income Tax Act. Central Board of Direct Taxes has issued the Notification No 60 dated 24 July 2015 for New inflation index for FY 2015-16. Highlights of changes in income tax rules from fy 2014-15 to fy 2015-16. 1. Tax exemption on Health insurance premia paid under Section 80D - Limit raised from Rs 15,000 to Rs 25,000 2. Higher Income Tax Deductions for the differently abled Tax-Slabs for financial year 2015-16 i.e. assessment year 2106-17. 2. Section 80C ceiling limit remains Rs.1.50 lakhs per annum.Nice article, cleared my doubts over section 80c and section 80ccd. I need the circular of income tax act for fy 2015 16 in pdf format. Union Budget 2015-16 Income Tax Key Highlights Click Here >> Union Budget 2015-16 Service Tax Key Highlights Click Here >> Revised TDS Rate Chart for FYBudget 2015-16: Section 80DD and 80U Deductions Limit for persons with disability and Severe Disability Increased to Rs. 75000, 125000. Instruments that qualify under Section 80 C include public provident fund, employees provident fund, tax-saving mutual funds, 5- year fixed deposits.income tax slab AY 2016-17 financial year slab for 2015-16 assessment year 2016-17 Income tax slabs. Wealth Tax Has been Abolished in the Budget for 2015-16. Changes that were effected from earlier year ie the FY 2014-15 (AY 2015-16). Investment limit under section 80C of the Income-Tax Act raised from Rs.1 lakh to Rs. With the inclusion of Sukanya Samriddhi Account Max limit Rs.1.5 Lakh and equity oriented pension funds Max Rs.1.5 Lakh, there was an inevitable need of expanding the threshold limit of section 80C but that did not happen. Section 80C remains intact in budget 2015. Check out the latest income tax slab for fy 2015-16 and ay 2016-17.The mediclaim policy exemption limit under section 80D has also increased to 25,000 from existing 15,000. Wealth Tax Has been Abolished in the Budget for 2015-16. Changes that were effected from earlier year ie the FY 2014-15 (AY 2015-16). Investment limit under section 80C of the Income-Tax Act raised from Rs.1 lakh to Rs. One can get tax benefits under Sec 80C of the Income Tax Act to the tune of Rs 1.5 lakhs per year. This was enhanced from the previous Union Budget 2015-16 RATES OF INCOME-TAX FOR FY 2015-16 (AY 2016-17) As per the Finance Act, 2015, Rates of Income Tax Applicable for the financial yearArticles in this section. Download All in One TDS on Salary for Govt and Non Govt Employees for F.Y .2015-16 [This Excel Utility can prepare at a time Tax Calculation Sheet Salary Structure Automatic HRA Exemption Calculation Form 16 Part AB and Part B for A.Y.2016-17 ]. 1. No Hike in basic exemption Tax limit.