All in One TDS on Salary for Non-Govt employees for FY 2015-16 with Changes relevant to Salaried Employees in Budget 2015

Download TDS on Salary for Non-Govt employees for the Financial Year 2015-16 and Assessment Year 2016-17.(
This Excel Utility can prepare at a time Tax Compute Sheet +Individual
Salary Structure + Individual Salary Sheet + Automated HRA Calculation +
Automated Form 16 Part A&B and Part B + Form 12 BA, including the
all changes by the Finance Budget 2015-16]

Following
changes have been effected with regard to
deductions / exemption allowed from total income of Salaried Employees
under
various Sections Income Tax Act by which quantum of Income Tax payable
this
year may get reduced if an employee is eligible for such deduction /
exemption.But the Tax Slab is same as the Previous Financial Year, there
have no changes for the Financial Year 2015-16.

Sukanaya Samriddhi Scheme made eligible for
deduction under Section 80C

Individuals who are subjected to Personal Income Tax Provisions
can now save Sukanaya Samriddhi Scheme, a newly started savings scheme with a
view to encourage savings in the name of girl child’s education and marriage,
for the purpose of claiming deduction under Section 80C

Additional Income Tax Exemption in respect of Health
Insurance Premium under Section 80 D:

Medical expenditure is getting increased day by day and
however awareness towards Health Insurance is very minimal in India. In order
to make Health Insurance Schemes more attractive and to cover entire health
insurance premium paid by an employee for the purpose of deduction under
Section 80 D, limits of Health Insurance Premium for covering individual and a
senior citizen for the purpose of Income Tax Exemption have been increased to
Rs. 25,000 and Rs. 30,000 respectively.
Moreover, as far as very senior citizens (aged 80 years or
more) are concerned any payment made on account of medical expenditure up to
Rs. 30,000 would be eligible for deduction under Section 80D.

More Deduction under Section 80DD for very senior
citizens (increased from Rs. 50,000 to Rs. 80,000)

While an individual is eligible to deduct up Rs. 50,000
which was spent towards medical expenditure under Section 80DD, budget 2015 has
brought out an additional provision under this section to allow deduction of
Rs. 80,000 for very senior citizens.
The condition of producing certificate from a medical doctor
under Section 80DDB has been relaxed and it is enough the tax payer produces a
prescription from a specialist doctor.

Additional Income Tax Exemption for Persons with
disability under Section 80U:

In view of the rising cost of medical care and special needs
of a disabled person, it is proposed to amend section 80DD and section 80U so
as to raise the limit of deduction in respect of a person with a disability
from Rs. 50,000 to Rs. 75,000.
It is also proposed to raise the limit of deduction in
respect of a person with severe disability from Rs. 1 lakh to Rs. 1.25 lakhs.

Limit under Section 80CCD and Section 80CCC for
contribution in NPS and other pension funds raised

With an agenda to promote social security measures and to
bring the existing provision in line with the recently increased overall limit
of Rs. 150,000, the deduction for contribution to certain pension funds under
section 80CCC has been increased to Rs. 150,000 from present Rs. 100,000.
Also, an additional deduction under section 80CCD to the
extent of Rs. 50,000 has been introduced for contributions under the National
Pension Scheme.

Deduction towards Transport Allowance increased from
Rs. 800 to Rs. 1600 per month

The long due increment in the monthly travel allowance has
now finally materialized. In order to commensurate with the increased costs of
transportation, it is now proposed to be double the original transport allowance
and it shall stand at Rs. 1,600 per month.

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