Automated Arrears Relief Calculator with Form 10E Plus Main changes in Income Tax by the Budget 2015-16 to the Salaried Persons for F.Y.2015-16

Download Automatic Arrears Relief Calculator with Form 10E  from the F.Y.2000-01 to F.Y.2015-16

The Budget 2015 applicable to the Salaried Persons in Income Tax

     
The Budget 2015 having high expectations was released by Mr. Arun
jaitely, Finance Minister of the new Modi government on the 28th of
February 2015. Many people whom i met post budget had same view that it
did not meet their expectations. However i feel that mainly this
reaction was because the slab rates where not changed or to be precised
the slab rates were not Increased. Face the fact, Slab rate for F.Y.
2015-16 cannot be increased further, there is no room for it, as it will
not only decrease the government’s revenue but will also hamper the
economy in a very bad way. the best way was to channelized the fund from
governments revenue to some government and Economy helping funds,
investments, etc; which Mr. Jaietly knew very well and hence he
introduced more Deductions and also raised Limits of the deductions.
Just wait and have trust on Government the 4th and 5th year of the modi
Government will be a Golden Era for India’s
Economy… I can Speak on this more but for now let’s bring our mind
horses back on the Topic “TDS or Taxation on Income From Salaries for
F.Y. 2015-16”.
    

 
         Keeping apart the main Topic i.e. “TDS on Salary”. Let us
witness important points in Short, Common and Non technical language
related to the Calculation Income from Salaries for TDS and Taxation
Purpose:
1. Medi-claim Premium (Premium on Health Insurance) Section 80D :
 
    The deduction under this section was available to the assesee for
the Insurance premium paid on the health insurance but it was subjected
to following Limits (Earlier and Now Revised): Max Rs. 25,000/- and for
Senior Citizen Rs.30,000/- as per Budget 2015
  
2. Deduction for Medical Expenses on treatment of Specified Diseases (Section 80DDB):
 
       Deduction u/s. 80DDB has been Raised from Rs. 60,000/- to Rs.
80,000/- only for Senior Citizens, please note that here is no change in
limits for Non-Senior Citizens.
3. Deduction for Persons differently abled (Section 80DD and 80U):
 
     Deductions under section 80DD and 80U are increased as follows: Up
to 40% to 80% Rs. 75,000/- and above 80 % Rs. 1.25,000/- as per Budget
2015 for F.Y.2015-16
      
  
4. Transport Allowance Exempt u/s. 10:
 
               Exemption for Transport allowance is allowable as amount
received or Fixed amount as below: For General Max Rs. 1600/- P.M. and
Phy.Disable Max Rs. 3200/- P.M. for F.Y. 2015-16
  
5. Sukanya Samridhi Account (For Girl child) under Section 80C :
            This is an another milestone in the Indian Taxation History. A Historic Scheme which can only exist in India and
no other country for the betterment of a Girl Child’s Future. This is a
must have investment in your Portfolio of investments if you have a
girl child below the age of 10 years, however one year grace period is
allowed as this is a new scheme; So a Girl Child who is Born between
2.12.2003 & 1.12.2004 can also open an account under this scheme up
to 1.12.2015.
 
         Now talking about the benefits under this scheme; Any amount
Deposited in this Account shall be eligible for deduction u/s. 80C i.e.
it will be directly deducted form the Total income for the purpose of
calculation of TDS or Tax on your income. However Mimimum 1000 rupees
and Maximum 1,50,000/- rupees shall be allowed to be deposited per year.
Also Interest of 9.2% p.a. received on this account is completely
exempted from the Income tax i.e. no tax is payable on interest income
arising from the amount deposited in the Sukanya Samridhi Account.

Download Automatic Arrears Relief Calculator with Form 10E  from the F.Y.2000-01 to F.Y.2015-16

Slab Rates for F.Y. 2015-16 and A.Y. 2016-17….

            For
this year even though almost everyone thought that the slab rates will
increase giving an opportunity to the individual taxpayer to save some
income to fight against unstoppable food inflation the slab rates remain
same as given below:
Income tax slab for F.Y. 2015-16 / A.Y. 2016-17
New Income Tax Slabs for A.Y. 2016-2017 for Resident Senior Citizens above 60 years
(FY 2015-2016)
S. No.
Income Range
Tax percentage
1
Up to Rs 2,50,000
No tax / exempt
2
2,50,001 to 5,00,000
10% – Rs.2000 (Credit)
3
5,00,001 to 10,00,000
20%
4
Above 10,00,000
30%
New Income Tax Slabs for A.Y. 2016-2017 for Resident Senior Citizens above 80 years
(FY 2015-2016)
S. No.
Income Range
Tax percentage
1
Up to Rs 5,00,000
No tax / exempt
2
5,00,001 to 10,00,000
20%
3
Above 10,00,000
30%
New Income Tax Slabs for A.Y. 2016-17 for Resident Women (below 60 years)
(FY 2015-16)
1
Up to Rs 2,50,000
No tax / exempt
2
2,50,001 to 5,00,000
10% – Rs.2500 (Credit)
3
5,00,001 to 10,00,000
20%
4
Above 10,00,000
30%
New Income Tax Slabs for A.Y. 2016-2017 for Men & Others (FY 2015-2016)
1
Up to Rs 2,50,000
No tax / exempt
2
2,50,001 to 5,00,000
10% – Rs.2000 (Credit)
3
5,00,001 to 10,00,000
20%
4
Above 10,00,000
30%

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