Tax Planning Tips for FA.Y. 2015-16 & A.Y. 2016-17,with Automated All in One TDS on Salary for Govt & Non Govt Employees for FY 2015-16 & AY 2016-17

Download All in One TDS on Salary for Govt and Non-Govt Employees for the Financial Year 2015-16 and Assessment Year 2016-17 [
This Excel utility can prepare at a time your Tax Compute Sheet +
Salary Structure for Govt and Non-Govt Employees Salary Pattern +
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Form 10E + Automated Form 16 Part A&B and Part B ]



Tax planning has
always been the test of efficiency for people along with being a test of they  can save their taxes in a lawful manner. Here are
some of the tips that can help you to plan your taxes for the F.Y. 2015-16
& A.Y. 2016-17. As per the New Finance Budget 2015-16, In this Budget the
Tax Slab is same as previous Financial Year 2014-15

 

1) Various Investment in :- U/s 80C
Policies are a prominent way to save a handful amount of tax. Up
to Rs. 1, 50, 000 (A.Y.2016-17) can be saved by way of investing PPF, EPF, Fixed Deposit
for 5 years, Pension Plans, etc. as specified u/s 80C, 80CCC and 80CCD.
2) Contribute to NPS U/s 80CC :- Under Chapter VIA
NPS stands for New
Pension Scheme was has recently been initiated by the Government under which
investors can claim a deduction as a have a Tax free NPS return, however,
withdrawal under such system is till taxable. Max Rs. 1.5 Lakh
3) The aid of Medical Insurance:- U/s 80D
A deduction of Rs. 25,
000 is available for people who wish to invest in medical insurance for self.
This deduction increases to Rs. 30, 000 when it is done by senior citizens.
4) Expenditure towards disabled dependent :- U/s 80DDB
When certain amount is
spent in form medical insurance for a disabled dependent, deduction up to Rs.
80, 000 is available where the disablement is normal in nature.
5) Repayment of Higher Education Loan  Interest :- U/s 80E
When repayment is
carried out for higher education loan, the same is also allowed as a deduction
and hence can reduce ample amount of tax liability. Max Rs.1 Lakh
6) Donate :- U/s  80G
Donation to charitable
trusts and organizations have always been regarded as an auspicious event,
therefore, 50% or 100% deduction is available in such context.
7) House
Building loan interest
U/s 24B
People who are liable to
pay house loan interest can also claim deduction upto Rs. 2 Lakh U/s 24B and
Rs. 1.5 Lakh U/s 80C as HBL Principal amount and Rs. 1 Lakh more can be availed
U/s 80EE w.e.f. 01/04/2013
8) Transportation / Conveyance allowance :- U/s 10

A sum of Rs 19200/- P.A.
can be claimed as a deduction for transportation and conveyance, additionally, and
the Phy. Disable person can get the benefits up to Rs. 38,400/- P.A.

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