Income tax deductions for salaried employees ay 2015-16 pdf

I calculated tax without adding cess of 3% as rs 45964. Until fy 201516, the due dates and amount of advance tax were different for. Information about various exemptions available under section 10 of income tax act. Salaried employees to declare deductions and savings under. In union budget 202021, the news tax slab rate regime is optional and a taxpayer can choose to pay tax in the old regime. A nonrefundable tax credit means you get a refund only up to the amount you owe. Here are the key proposals related to computation of tax on salary which payroll managers need to consider for fy 201516. February, 1860 introducing income tax for the first time in india. Section 80c deductions latest income tax deductions.

Show the income tax department you have paid all your taxes. Amount may be paid or deposited any time during the previous year, but the deduction shall be available on so much of the aggregate of sums as do not exceed the total income chargeable to. Now i am working in a company say y from october 2007 to till date. Income tax calculator for ay 201920 income tax calculator for fy 201718 i. Although there is no change in the existing tax rate yet new government had increased the minimum limit from rs.

Income tax calculator for india, download excel based tool. Income tax calculator for ay 201718 income tax calculator for fy 2015 16 i. Tax planning for salaried employees ca tirumalesh malla page 6 deductions us 80tta deduction from gross total income of an individual or huf, up to a maximum of rs. The above stated income tax exemptions are only available to salaried employees. Amount may be paid or deposited any time during the previous year, but the deduction shall be available on so much of the aggregate of sums as do not exceed the total income chargeable to tax during the previous year.

The taxpayers have to correctly choose the relevant form and file the return. The age of the individual is the factor to divide the slab rates in the income tax table. Let us understand all the important sections and new proposals with respect to income tax deductions 2015. The above stated 8 income tax exemptions for salaried employees are the most useful exemptions. Income tax calculator for fy 201516 ay 201617 excel based the union budget for 2015 was presented today by arun jaitely. Income tax department has extend the due date for filing income tax return and tax audit report all over india from 30. Normal rates of tax applicable to all individuals who are less than 60 years of age. Carrelated expenses eligible for tax deduction only apply to taxpayers. The indian income tax act section 4 provides that in respect of the total income of the previous year of every person, income tax shall be charged for the corresponding assessment year at the rates laid down by the finance act for that assessment year. While filling up itr 2 i find that though gross income tallied as rs 45964, but the. Section 80c gives deduction for various savings schemes upto rs. Download itr1 sahaj form for ay 201617 for salaried. The impact of deductions available under various sections of income tax act is not same for all. This is a short 43 slide power point presentation in pdf which covers all the tax saving sections and investments applicable for tax payers.

Taxation of salaried employees, pensioners and senior citizens. Any person who has been an indian resident for the year of assessment and has suffered from at least 40 percent disability as spelt out by the law, qualifies for tax deductions. Income tax at a glance among direct taxes, income tax is the main source of revenue. I have paid all my taxes, do i still need to file my income tax return. Due date to file income tax return assessment year 201516. Incometax slab rates for individual for fy 201516 ay 2016. Benefits available to salaried employees in ay 2015 16. The tax slabs have remain unchanged but there have been some changes in terms of transport allowance, medical insurance benefits and exemption for physically challenged tax payers. Total tax on salary payable for the year computed as per the slab rates would come out to rs. The new format will allow the tax department to view a detailed break up of the income and tax breaks claimed by a salaried individual at the first instance itself. Try our calculator to find out your taxable income after deductions.

Income tax calculator for ay 201819 income tax calculator for fy 201617 i. Find out the income tax slab rate for ay 201718 here. Deduction is limited to whole of the amount paid or deposited subject to a maximum of rs. Tax saving tips for salaried employees tax free investments in india. Simple tax calculator for the use of salaried employees of govt and private sector easy use of calculator key in the salary details and investmenttax saving details yellow colored cell to compute the tax all sec 10 exemptions computes on updating the tax saving details based on the income tax criteria. The present circular contains the rates of deduction of incometax. Download complete tax planning guide in pdf for salaried. There were no changes in the tax slab from last 2 years in tax slabs.

Net change in total tax structure having gross income rs. John mathay, while introducing the finance bill, reduced income tax from 5 annas per rupee to 4 annas. Here are the key proposals related to computation of tax on salary which payroll managers need to consider for fy 2015 16. Income tax calculator app calculates tax for salaried and non salaried individual people. Income tax is imposed on the basis of ability to pay. Various deductions that are allowed to a taxpayer under section 80c, section 80d etc. Tax calculators make use of information related to your income, deductions and hra exemption to provide approximate figures of income tax to be paid. Hence, this exemption for salaried tax payers having total income upto rs. Therefore, his income chargeable to tax after deductions is rs. Income tax slab rates for central and state govt employees. Income tax calculation sheet for salaried individuals citehr.

Section 80u income tax deduction under section 80c. How to file income tax return for salary income youtube. Income tax 201415 what are all the changes affecting. Section 80c gives deduction for various savings schemes till now rs. It depends upon applicable tax rates as per the total taxable income and status of assessees. Simple tax calculator for the use of salaried employees of govt and private. The difference between deductions, exemptions, and credit is that deductions and exemptions both reduce taxable income, while credits reduce tax.

The standard deduction of 40,000 for the salaried employee. Know about income tax deduction and exemptions in india. A tax deduction is a reduction of income that is able to be taxed and is commonly a result of expenses, particularly those incurred to produce additional income. The new tax rules are indeed a great tax relief for salaried class people in the new finance bill 201415 announced as on 10 th. The global automotive tax guide is only available in pdfformat. Deductions allowable to tax payer income tax department. Relevant points regarding income tax exemptions for salaried employees. Income tax deductions under section 80c last updated. Income tax 201920 section 192 2d all salaried employees to declare deductions and savings under form 12bb download form 12bb as a word, excel or pdf file all employees to file declaration under form 12bb to claim deduction for savings under section 80 c, payment of house loan interest under section 24, and hra exemption under section 10. The tax rates for salaried employees below 60 years of age for fy 201516 shall be the same as those for fy 201415. An income tax calculator is an online tool designed to do help with basic tax calculations. The income tax act 1961 is the law that governs the provisions for our income tax in india. Download excel based income tax calculator tool, which can be used for computing tax for income from salary, pension, house rent and capital gains. The certificate can be used for computing actual income and tax.

Highlights of changes announced in budget 2014 and finance bill 2014 as far as income tax provisions relating to salaried employees income tax 201415 assessment year 201516 in case of individual other than ii. Jul 19, 2019 the new format will allow the tax department to view a detailed break up of the income and tax breaks claimed by a salaried individual at the first instance itself. Sri morarji desai, who introduced budget proposals on 2921968 on. I am a senior citizen less than 80 yearswith taxable income after deductions etc for ay 201516 as rs 629820. We are releasing the ebook on tax planning which tells you how to save income tax for fy 201819 ay 201920 for both salaried and professionals. Sahajincome tax return form for salaried persons the sahaj itr1 form is an essential income tax return form for indian citizens filing their tax returns with the income tax department. Though it may look scary at start, it is actually a sweetheart with functions built to only make your life easy. Deductions of about rs 1, 00,000 can be claimed if the dependent is suffering from any severe disability. The document includes brief introduction and tax treatment of various allowances and perquisites available to an employee, interalia, house rent allowance, gratuity, provident fund and so forth. Download income tax calculator for fy 201516 ay 201617 income tax slab for fy 201415 ay 201516 the income tax slab has changed for general public and senior citizens. A salaried employee would be required to intimate his employer that he is claiming these income tax exemptions available for salaried employees and then the employer would compute the tax on the balance income as per the income tax slabs and deduct tds on salary accordingly.

Cbdt has notified income tax return itr forms for ay 2015 16. The constitution of india schedule vii union list entry 82 has given the power to the. The tax slab for individuals or huf holds good for salaried employees. Therefore, any amount deposited under any scheme taken for the differently abled dependent will be entitled to income tax exemption. Read of income tax sections like section 80c, 80ccd and other. Income tax slab for individuals, senior citizens, hufaop, etc. Onehalf of the selfemployment tax paid for social security and medicare coverage. Salary tax calculator pakistan income tax slab fy 20192020. The import tax paid may be used as a tax credit by taxpayers registered under the. Tax slabs, how much tax do you need to pay, how to save money on tax. Find salary tax calculator on hamariweb tells annual income and total payable tax amount on your salary.

Income tax is that percentage of income paid to the government by the. Every individual or huf whose total income before allowing deductions under. Highlights of changes announced in budget 2014 and finance bill 2014 as far as income tax provisions relating to salaried employees income tax 201415 assessment year 201516 in case of individual other than ii and iii below and huf. Individuals who fulfill any one of the following conditions should by law file their income tax returns during a financial year. Deductions differ from other tax provisions that can reduce a tax filers final tax liability.

Interest earned on nsc purchased of last 5 years is taxable in hand of assesses and it also deductible under section 80c up to limit of section currently 80 max. Income tax exemption rules for the salaried employee. Income tax calculator for salaried person fy 201516. The tax rates for salaried employees below 60 years of age for fy 2015 16 shall be the same as those for fy 201415. While filling up itr 2 i find that though gross income tallied as rs 45964, but the system generated a tax before cess of 3% of rs 47644. Kindly update the ay 201516 tax slabs table to show 0 to 2. Income tax return forms for assessment year 201516 guide. Form2 for the assessment year 201920 relating to the financial year 201819. Income tax due date extended to all taxpayers from july to august 2019 july 24, 2019 read more nc staff side demand on exemption from payment of income tax to pensioners july 18, 2019 read more union budget 2020 no change in income tax slab july 5, 2019 read more.

Subtract tax deductions from your income before you figure the amount of tax you owe. For all indian resident taxpayers, if total income after. Section 80c limit,80ccd,80d,24b,80e,80g,80ee,87a,80tta. Levy of tax on a person depends upon his residential status. While finance minister termed budget 201516 as a growth oriented one with due attention to common and poor in india, there were not much changes as far as income tax 201516 in respect of salaried employees are concerned. Income tax deductions and who can claim list priha. Instructions for filling out form itr7 these instructions. Incometax slab rates for individualhuf for fy 201819. The section 80u of income tax act 1961 takes care of deductions meant for the indian residents categorised into the disabled category as per the rules of the government. Sri morarji desai, who introduced budget proposals on 292. Benefits available to salaried employees in ay 201516. Download nsc interest calculator in excel for deduction under section 80c of income tax act, 1961. Penalty on late filing of income tax return ay 201516 and fy 201415 update.

The income tax act allows various income tax exemptions for salaried employees which are very effective in saving taxes. The claim of deductions under chapter via is to be mentioned in part c of this return form. Jul 07, 2019 income tax calculator app calculates tax for salaried and non salaried individual people. Fill up the relevant details to know your tax liability for fy 201516 income tax slabs for fy 201516 ay 201617 general public income tax slab education cess of 3% surcharge of 12% on rs 1 crore plus income earners tax credit of rs 2,000 for income up to rs 5 lakhs us 87a there are no separate slab for male and female tax. Incometax slab rates for individual for fy 201516 ay 201617 incometax slab rates for individual for fy 201415 ay 201516. Hdfc life provides the latest income tax slab rates and deductions in india for tax payers in different age groups and tax benefits offered by its online insurance products, for the financial year 201718. From fy 201516 section 80u deduction limit of rs 50,000 has been. Income tax calculator for salaried person fy 201516 simple. You can refer to the table above to find out your tax liability. If i am a salaried individual, which tax slab will be applicable to my income. Incometax slab rates for individual for fy 201415 ay 201516. Income tax calculator for financial year 201516 assessment year 201617 in excel. Deductions under chapter vi a section 80c, 80d, 80e.

Income tax exemptions benefits rebates for fy 201617 ay 201718. Jun 09, 2016 due date for filing returns the due date of filing the itr1 form for the financial year 2015 16 is 31 july, 2016. Hi vijay, i am very happy that i came across your tax calculator in the site. A refundable tax credit means you get a refund, even if its more than what you owe. Income tax deduction rules for salaried employees 201920. The income tax slab rates are usually revised every year during the budget. Salary from more than one employer if pan is not furnished. Income tax benefits available to salaried persons for a. Income tax 201516 changes relevant to salaried employees in budget 2015. The due date of filing of return of income in case of salaried employees is 31st of july. A complete guide on income tax deduction under section 80c. Chapter vi deduction allowed for the salaried employee, which can be approved by.

Taxes on personal income and business profits are major revenue sources for most industrialized nations. This tutorial explains how to fill the income tax return form 1 for filing return. Income tax exemptions for salaried employees fy 201920. The income tax act, 1961, and the income tax rules, 1962, obligates citizens to file returns with the income tax department at the end of every financial year. I have clarification regarding my income tax computation. Income tax 201415 what are all the changes affecting salaried employees. May 17, 2017 tax planning for salaried employees ca tirumalesh malla page 6 deductions us 80tta deduction from gross total income of an individual or huf, up to a maximum of rs.

I was working for my previous company say x from april 2007 to october 2007. We provide you the latest income tax rates in india for everyone and tax benefits for the. Articles compiles list of benefits available to salaried persons. The age groups are up to age 60, age 60 to 80 and above age 80. Income tax 201516 changes relevant to salaried employees. He has proposed to introduce or extend the tax deduction limits under few sections of the income tax act. The certificate can be used for computing actual income and tax deducted at source. Tax slab fy 201516 fy 201415 tax rate tax slab fy 2014 tax rate. For income tax purpose citizens above age of 60 are considered as senior citizens and above age. Income tax return forms for assessment year 201516. Salaried persons constitute a large chunk of total taxpayers in india and their contribution to total tax collection is substantial. Incometax slab rates for individual for fy 201516 ay.

However, there are various other exemptions as well but are not commonly used. For income tax purpose citizens above age of 60 are considered as senior citizens and above age of 80 are considered very senior citizens. Consequently, any discrepancy between the income and deductions shown in form 16 and the itr filed by the person can be immediately spotted. Deductions for interest paid or unexpected casualty. Cbdt has notified income tax return itr forms for ay 201516. Exemptions from the income tax include deductions or exclusions from taxable. This return form is applicable for assessment year 201819 only i. The sums paid or deposited need not be out of income chargeable to tax of the previous year. Download income tax calculator for fy 201415 ay 201516. This return form is applicable for assessment year 201819 only, i. The more a taxpayer earns the more he should pay is the basic principle of charging income tax. In union budget 202021, the news tax slab rate regime is optional and a taxpayer can choose to pay tax in the old. You can complete filing your incometax return in just 15 minutes using the website or the mobile app.

Calculation of income tax for salaried employees bnn lakshmaji rao, assistant accounts officer, dr. Employers will issue form 16, certificate under section 203 of the incometax act, 1961 for tax deducted at source from income chargeable under the head salaries for all the tax deducted at source while disbursing salaries. Income tax calculator for ay 201718 income tax calculator for fy 201516 i. An assessee, whose income is taxable at higher rates will have more tax savings i. Aug, 2019 he has proposed to introduce or extend the tax deduction limits under few sections of the income tax act. Mar 20, 2015 i am a senior citizen less than 80 yearswith taxable income after deductions etc for ay 2015 16 as rs 629820.