Statement showing the computation of income tax for fy 2015-16 (ay 2016-17).(ix) UNDER SECTION-80E. (a) EDUCATION LOAN. Total deductions [80 (CCCCCCD) 80(DDDggue) 6 net taxable income. As per the Finance Act, 2015, income-tax is required to be deducted under Section 192 of the Act from income chargeable under the head "Salaries" for the financial year 2015-16 (i.e. Assessment Year 2016-17) at the following rates 2. Income Tax Slab Rates from AY 1992-93 to AY 2015-16. A. Normal tax rates applicable to an individual.All about section 80E of Income Tax Act, 1961. Salary TDS Calculator in Excel for AY 2019-20 FY 2018-2019. Complete Coverage of Input Tax Credit in Simplified Language. A quick summary of Section 80CCD of Income tax Act 1961.15.
VAT Lecture 1 - AY 2017-18 Indirect Taxes | by CA Raj K Agrawal - Duration: 2:37:41.Depreciation Allowance under Income Tax Act Assessment Year 2015-16 for CA IPCC Video Classes - Duration: 39:59. Deductions and Tax Benefits under section 80c of income tax act 1961 ay 2015-16. Common Questions Asked on Section 80C. Income tax returns- deductions under section 80C income tax act 1961. Is tuition fee paid -for self education- exempt from tax section 80C income tax act 1961. Explanation of income tax sections like section 80C, 80CCD and others.As per chapter III of Income Tax act, 1961, there exists a provision of income tax exemption.Against the apprehensions of income tax reductions,Tax Slabs remain unchanged for FY 2018-19 and AY 2019-20 for all citizens. This is in addition to deduction of Rs 2,00,000 allowed under section 24 of the Income Tax Act for a self-occupied house property.This is a fixed deduction and not based on bills or expenses.
For financial year 2015-16 The deduction limit of Rs 50,000 has been raised to Rs 75,000 and Rs 1,00 Income Tax 2015-16 Information: Finance Act 2014 has made following changes relating to determination of Income Tax payable by1 lakh (Section 80CCE Limit) 3. Income Tax exemption on Interest paid on housing loan under Section 24 of the Income Tax Act increased from Rs. Section 80 E. Follow Thread. On 16 April 2010 8 Replies. Report. devijegatha.3. Deduction available if Interest is been paid during the previous year and was paid out of income chargeable to tax which means if repayment is made from income not chargeable to tax thandeduction will not available. Income Tax Department of India has provided some tax deductions under sections proposed by the Income Tax Act, 1961.Check out simple steps for Income Tax Calculator 2015-16 here for the calculation of Income Tax for AY 2016-17. Section 2(11) of income tax act define block of asset as a group of assets falling within a class of assets comprisingIncome tax slab rates for AY 2015-2016 Financial Year 2014-2015. Find out the deduction under section 80c for ay 2016-17. This is in addition to deduction of Rs 2,00,000 allowed under section 24 of the Income Tax Act for a self-occupied house property. . Medical Insurance Parents more than 60 years old or (from FY 2015-16) If you have taken an educational loan to endorse your higher studies in India or in a foreign country, you can get tax benefit under Section 80E of the Income Tax Act, 1961Under Section 80E education loan tax exemption, the interest that you pay on the educational loan can be claimed as a deduction. Income and Tax Calculator. Click here to view relevant Act Rule.From 16/03/2015 to 31/03/2015. Total. Short Term Capital GainS (Covered under section 111A). Same slabs and rates are expected for FY 2015-16 and AY 2016-17.Small savings scheme are in focus as well, wherein , many citizens have asked for higher investment limit under Section 80C of the Income Tax Act. Further section 139 of the Income tax also provide the person who are required to file the compulsory return of Income tax .Related Links. Income Tax Return Due Date AY 2015-16. CBDT has notified Income Tax Return (ITR) forms for AY 2015-16.Every individual whose total income before allowing deductions under Chapter VI-A of the Income-tax Act, exceeds the maximum amount which is not chargeable to income tax is obligated to furnish his return of income. Income tax deduction for AY 16-17. Section 80c.The contributions can be upto 10 of the salary (or) Gross Income and Rs 50,000 additional tax benefit u/s 80CCD (1b) was proposed in Budget 2015. Income Tax Acts Section 80D allows income tax deductions on the amounts spent towards the health insurance policys premiums by an individual.How to File Income Tax Return Using Form 16. Tax Saving via NPS, ELSS, PPF, MFs. NPS Calculator: Planning Your Pension Wealth. Wealth Tax Has been Abolished in the Budget for 2015-16. Changes that were effected from earlier years, i.e the FY 2014-15 ( AY 2015-16). Investment limit under section 80C of the Income-Tax Act raised from Rs.1 lakh to Rs. The Income Tax Act, 1960 allows you to save tax by investing your income. Depending on where you invest , the maximum amount, section of Income tax act which governs it changes For example Related Articles: Income Tax for AY 2015-16: Tax slabs, ITR Forms. Income tax return Notification ay 2015-16 Who can file ITR-1 (sahaj or who can not file itr-1 ) Due date to file Income Tax return Ay 2015-16 E filing Mandatory For.Is he required to maintain any books of account under Section 44AA of the Income-tax Act? Such amount is paid out of his income chargeable to tax. Amount of Deduction under Section 80E. From the AY 2006-07, entire payment of interest is deductible.This is applicable only for the assessment years 2014-15 and 2015-16. [ July 11, 2014 ] Income Tax Rates: AY 2015-16 (FY 2014-15) Union Budget Income Tax.To know more about section 80C deductions, please read Saving Income Tax through Smart Tax Planning Guide to Section 80C Deductions. Income Tax News, Judgments, Act, Analysis, Tax Planning, Advisory, E filing of returns, CA Students.November 11, 2015 0. Section 73 of the Income Tax Act- carry forward/ adjustment of speculative losses. IT Slabs for FY 2014-15 AY 2015-16. To know Options where you can save tax U/s 80C Click here to know more Tax saving options beyond 80C Click here.No relaxation in tax paying for Women. As per the section 4 of the income tax act, Tax should be paid in annual income. Income Tax Exemptions for FY 2016-17 and list of deductions, rebates and benefits for AY 2017-18.Deduction Under Section 80CC of Income Tax Act 1961 - Contribution to annuity plan of LIC. income tax Income tax 2015-16 income tax assessment year 2016-17 income tax reference savings exempted from income tax.Income Tax Relief under Section 89 of Income Tax Act Updated Dec 4, 2017. Income Tax Exemption on Interest Paid on Housing Loan Capped As per the Income Tax Act, a taxpayer is allowed to claim deduction under Chapter VI-A for the Repayment of Education Loan ( Section 80E) and for the Repayment of Home Loan. However, the deduction allowed for both these loans is different and in this article Section 192 of the Income Tax Act.INCOME TAX CALCULATOR FY 2014-15 AY 2015-16.xlsx. 5 Categories of Income Tax Returns. RATES OF INCOME TAX (Assessment Year 2015-16).S.Satya Manoj Says: 08/27/2015 At 10:34 AM Nice article, covered all the sections with the main points in each section.Really Very informative Article which explains the basic details of Income Tax Act applicable on INCOME Under The Government gives tax benefits on certain financial products in order to encourage savings under Section 80C of the Income Tax Act.Under this section, maximum of Rs l.5 lakh(revised on 2015-2016 financial year) can be invested and forPost navigation. Income Tax Slab Rates. Form 16. dr. mcr hrd institute,hyd. Laws applicable: Income tax act,1961Proposed to increase the above amount by Rs.25,000 for the FY 2015-16. Section 80DDB Contributions made to certain relief funds and charitable institutions can be claimed as a deduction under Section 80G of the Income Tax Act.I have a doubt. I am a Govt employee. My gross salary for FY 2015-16 is Rs. Income Tax Calculator for 2015-16 (AY 2016-17) For Resident Individuals HUFs.Allowances Exempt under Section 10 ( Not to be added to Total Income from Salary chargeable to Income Tax ). This is in addition to deduction of Rs 2,00,000 allowed under section 24 of the income tax act for a self-occupied house property.National Fund for Control of Drug Abuse (applicable from financial year 2015-16). Donations with 50 deduction without any qualifying limit. Exemptions on Allowances Under Section 10 of Income Tax Act.What is saving bank interest deduction allowed for FY 2014-15(AY:2015-16 )? Master of Form 16 Part B with 12 BA for AY 18-19 ( for 50 employees). Arrears Relief Calculator F.Y.17-18.The Finance Budget 2016 has to introduce or extend the Tax Deduction limits Under few Sections of the Income Tax Act. 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. In FY 2014-2015, the maximum tax exemption allowed under Section 80CCD is Rs 1 Lakh only.( You may like reading my articles on Budget 2015 Highlights Income Tax slabs rates FY 2015-2016).Please suggest various saving schemes for tax deduction FY2015-16(AY 2016-17) 50,00,000 can now declare their income as 50 of their gross receipts. Finance Act 2016 applies to PY 2016-17 (AY 2017-18). Therefore, Section 44ADA cannot be invoked for FY 2015-16. Other details: The following is the list of professionals who can opt for Section 44ADA If you have received arrears of salary in Financial year 2015-16 related to previous years then your tax liability for Financial Year 2015-16 will be on higher side.Eligible exemptions of Section 80c 80c Under Income Tax Act 10003 Faqs. Different Sub-Sections of Section 139 of Income Tax Act 1961. Section 139(1) -- Mandatory and Voluntary Returns.FORM 16B. Finance (No. 2) Act of 2014 has inserted a new sub-section (6) to Section 11 of the Income Tax Act, 1961 with effect from 1st April, 2015.other previous year. This amendment has taken effect from 1st April, 2015 and accordingly, applies in relation to the assessment year 2015-16 and subsequent years . 1 lakh (Section 80CCE Limit) 3. Income Tax exemption on Interest paid on housing loan under Section 24 of the Income Tax Act increased from Rs.
This rebate is available for A.Y. 2015-16 and subsequent assessment years." From financial year 2015-16 onwards, an additional deduction of Rs.The disabilities for which the deductions under Section 80DD Section 80U are allowed have also been defined in the income tax act. 1,50,000 from Assessment Year 2015-16. Section 80G has been introduced by Government to give tax benefits on donations The amount donated towards charity attracts deduction under section 80G of the. Income Tax Act, 1961. EduPristine For [Certificate in Accounting and Compliance]. Analysis Of Deduction Provided Under Section 80d And 80e Of Income Tax Act 1961 With Latest Amendments.As the tuition and boarding fees worked out to Rs 1.45 lakh, he sought an educational loan from ICICI Bank. On June 16, the bank rejected the application, saying that Yoganathan wasnt a Schedule to the income tax act 58 of 1962.Public Private Partnership means a Public Private Partnership as defined in regulation 16 of the Treasury Regulations issued in terms of section 76 of the Public Finance Management Act, 1999 (Act 1 of 1999) Income Tax E Filing Process / Procedure Online for ay 2016 17. In previous post we have given Common Mistakes in Income Tax Return (ITR) Form Filing.Step 1: GO TO Downloads section and select applicable Income Tax Form of the relevant Assessment Year OR Login to e-Filing application