Main effect to the salaried person by the Budget 2015 to the Income Tax 2015-16, with All in One TDS on Salary For Central Govt Employees for F.Y.2015-16

Download from  below “All in One Income Tax Preparation Excel Based Software for Central and State Employees for the financial Year 2015-16 as per the new Budget effect 2015-16”.

Download All in One TDS on Salary Calculator for Central Govt Employees for F.Y.2015-16 [ This Excel Utility can prepare at a time Tax Compute Sheet + Individual Salary Structure + Individual Salary Sheet +Automatic HRA Calculation + Automated Form 16 Part A&B and Part B]

Download All in One TDS on Salary Calculator for All State Govt Employees for F.Y.2015-16 [ This Excel Utility can prepare at a time Tax Compute Sheet + Individual Salary Structure + Individual Salary Sheet +Automatic HRA Calculation + Automated Form 16 Part A&B and Part B]

As per the Finance Budget 2015 the following Income Tax Section mainly has changed the maximum limit ,which are given below for the Financial Year 2015-16 which effect from 1st April 2015 to end of the March 2016.


           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 for the Financial Year 2015-16 and Assessment Year 2016-17.
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.

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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