Income tax deductions for fy 2015-16 pdf

Deduction from taxable income alife insurance premium actual premium paid during the year or rs. In this article we have discussed income tax deduction available to taxpayers from various sources of income for a. We give below the income tax rates and slabs applicable for the fy 201516 or ay 201617. A nonrefundable tax credit means you get a refund only up to the amount you owe. The law which is applicable for the assessment year 201415 will apply for assessment year 2015 16 onwards. Tax is deductible and it is so deducted during april 1 and february 2829 of the financial year but it is not deposited up to march 31 of the financial year. Click here to save tax with hdfc lifes various online insurance products. Latest income tax slabs and rates for fy 201516 and ay 201617. Senior citizens are also alligible for standard deduction of. As per the budget we can only say that the deductions may be the following because it may get changed in final budget 1. Occupation and industry specific guides australian. Income tax slab rates for ay 201617 fy 201516 ndtv.

Incometax slab rates for individual for fy 201718 ay. The information is compiled from the income tax act 2000 and finance bill 2015 and is intended to provide. It is deductible from incometax before calculating education cess. This is the phenomenon by which people are pushed into higher income tax brackets or have reduced value from credits or deductions due to. Income tax deduction from salaries during fy 201516 ay. Conveyance allowance exemption has been increased from rs. Tax planning guide for fy 201516 we are releasing the ebook on tax planning for fy 201516. A refundable tax credit means you get a refund, even if its more than what you owe. To reduce their tax burden, tax payers can claim deduction of up to rs. These questions and answers will be updated periodically and are. 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. Filing and payment deadlines questions and answers.

Requirement for obtaining evidence particulars by employer for tdssection 192. So while calculation of their tax for fy 201920 they can deduct. Income tax slab rates for individual for fy 201617 ay 201718. In notice 202018 pdf, the treasury department and the internal revenue service irs announced special federal income tax return filing and payment relief in response to the ongoing coronavirus disease 2019 covid19 emergency. We provide you the latest income tax rates in india for everyone and tax benefits for the current financial year 201617, to know more about income tax slab. Articles explains rates of income tax in respect of income liable to tax, minimum alternative tax rate, securities transaction tax stt, commodities transaction tax ctt and dividend distribution tax ddt rates for financial year 2015 16 i. Professional tax for the financial year 201516 monday, march 30th, 2015 amritesh 179 responses 151 views professional tax is a tax levied by the various state governments of india on salaried individuals, working in government or nongovernment entities, or in practice of any profession, including chartered accountants, doctors, lawyers etc or. Income tax slabs income tax rates and deductions for fy. Department of the treasury internal revenue service irs. The more a taxpayer earns the more he should pay is the basic principle of charging income tax. A deduction from an income tax point of view, is the investment expenditure made by you that help you save taxes. Income tax deduction and exemption is available to the individuals under section 80c, 80ccd, 80ccc up to the extent of rs 1,50,000. Here is a primer on income tax slab rates for ay 201617 fy 201516.

Personal income tax rates for the financial year 20082009 and assessment year 20092010 new delhi delhi, india, november 17, 2015 indian government ups basic personal income tax exemption limit from rs. Incometax deduction from salaries for the financial year. Minor changes has been made in tds rates for fy 201516 by finance minister in budget. Calculation of income tax for salaried employees bnn lakshmaji rao, assistant accounts. Incometax deduction from salaries for the financial year 201516 we invite your attention to some of the changes made by the finance act, 2015. These guides will help you to report your income and allowances, and claim deductions for workrelated expenses related to your specific occupation or industry. Ay 201617, the following rates were also applicable for fy 201415 ay 201516. Deductions under chapter vi a of income tax act for fy. Income tax slab rates for individual for fy 201516 ay 201617 how to check income tax return status. As prescribed under ax act, the deduction of tax every month on proportionate basis is being made by. Due to outbreak of the pandemic covid19 virus, there is severe disruption in the normal working of almost all sectors. Normal rates of tax applicable to all individuals who are less than 60 years of age. Deductions allowable to tax payer income tax department.

Normal tax rates applicable to a resident individual of the age of 60 years or above at any time during the year but below the age of 80 years. I hope you find this list useful and helps in planning your taxes well in advance. From fy 201516 a cumulative additional deduction of rs. Hiiii friend u have got a nice question, because the answer to this question helps us for tax planning of future income. This summary will cover maximum issues related to coming return filling season. However, gti as defined us 80b 5 is not the income on which tax is to be paid by taxpayer in the assessment year and therefore for computation of actual taxable income of an assessee certain general deductions are allowed which are covered by chapter via of the income tax act. Below are answers to frequently asked questions related to the relief provided in the notice. The present circular contains the rates of deduction of income tax from the payment of income chargeable under the head salaries during the financial year 201617 and explains certain related provisions of the act and income tax. For income tax purpose citizens above age of 60 are considered as senior citizens and above age of 80 are considered very senior citizens.

The present circular contains the rates of deduction of income tax from the payment of income chargeable under the head salaries during the financial year 201516 and explains certain related provisions of the act and income tax rules, 1962 hereinafter the rules. The amount of rebate is 100 per cent of incometax or rs. Income tax deduction sections 80c to 80u for fy 201819 and 201920. Normal tax rates applicable to an individual the normal tax rates applicable to a resident individual will depend on the age of the individual.

Certificates for lower ratenil deductioncollection of. You must include all the income you received during the financial year in your tax return. Normal rates of tax applicable to all individuals who are less than 60 years of age sr no. Following are the list of various deductions available for certain payments made by taxpayers who can claim such deductions while calculating hisher taxable income under the income tax act, 1961.

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. Subtract tax credits from the amount of tax you owe. This means you used your own money to pay for expenses necessary to your employment such as travel expense, entertainment expense, subscriptions, etc. Incometax slab rates for individual for fy 201617 ay 201718. 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. Income tax slabs income tax rates and deductions for fy 2017. Finance bill 2015 is silent on the section 87a, which was introduced by finance bill 20 with effect from ay 201415 and provides a rebate of rs. Latest income tax slabs and rates for fy 201516 and ay. If the tax so calculated is below 20%, deduction of tax will be made at the rate of 20% and in case the average rate exceeds 20%, tax is to be deducted at the average rate. Free major itr forms for financial year 201415 itr1, itr2, itr2a, itr4s pdf files.

The tax rates discussed in this part are applicable for assessment year 202021 i. Order us 119 of the income tax act, 1961 on issue of certificates for lower ratenil deduction collection of tds or tcs us 195, 197 and 206c 9 reg. Earlier employer may collect such evidence which he deems fit to allow deduction or set off of house property income from salary income to employee,now department will. Income tax calculator for fy 201516 ay 201617 excel based the union budget for 2015 was presented today by arun jaitely. Income tax deductions and exemption available under various sections and the investment options available to the individuals. This is a short 44 slide power point presentation which gives the details of tax saving sections and investments available to individual tax payers.

Income tax calculation for senior citizens fy 201920. Finance bill 2014 is silent on the section 87a, which was introduced by finance bill 20 with effect from ay 201415 and provides a. Deduction under section 80u is not available to the individual who is non resident in india during the financial year. Every year the income tax rates are changed and it is important to get the latest income tax rates. Income tax slabs and rates for financial year 201920. As per section 80u of income tax act 1961, a foreign citizen who is resident in india during the financial year can also claim this income tax benefit for his physical disability. Availabilityincome tax rebate section 87a fy 201415 ay. Incometax slab rates for individual for fy 201516 ay. Tax calculators make use of information related to your income, deductions and hra exemption to provide approximate figures of income tax to be paid.

Income tax is imposed on the basis of ability to pay. Tax payers information series 31 taxation of salaried employees, pensioners and senior citizens. List of income tax deductions for individuals 201920 aubsp. Income tax at a glance among direct taxes, income tax is the main source of revenue. In this post, let us go through the income tax deductions list fy 201920, best ways to save taxes and best tax saving options for fy 21920 ay 202021. You can subtract tax deductions from your gross income and your taxable income gets reduced to that extent. Subscription to sukanya samriddhi account in respect of a girl child. It is deductible from income tax before calculating education cess. So, the income tax deduction reduce your gross income means the income on which, tax has to be paid.

The income tax act provides that on determination of the gross total income of an assessee after considering income from all the heads, certain deductions there income tax deductions for a. Income tax slab for fy 2015 16 ay 201617 there is no change in income tax slabs except additional 2% increase in cess for super rich i. Arun jaitley presented the annual budget in lok sabha on 28 february 2015. It is worth mentioning here that if your total income is less than or equal to. If, however, tds is deposited in a subsequent year, it will be deducted in that year. Union budget 201516 and 201415 have not altered the rebate available under section 87a for fy 201516, 201415 or ay 201617, 201516 meaning thereby that effectively there will be no income tax payable up to the total income of rs. The above income tax deductions 2015 are applicable for financial year 20152016 or assessment year 20162017. The amount of rebate is 100 per cent of income tax or rs.

Income tax rates for fy 201516 changes on 28 february budget dayincome tax rates for financil year 201516income tax rates for fy 201516income tax rates for ay 201617income tax rates for assessment year 201617 finance minister mr. The provisions of section 1923 allow the deduct or payer of salaryddo to make adjustments for any excess or shortfall in the deduction of tax already made during the financial year, in subsequent deductions for that. Income tax rates for fiscal year 201516 this article gives an overview of nepalese income tax tariff based on the finance bill 2015. Bulk data income tax calculator for multiple employees for financial year 201920 assessment year 202021 and bulk tds calculation salary in excel i have already uploaded an excel income tax calculator for individuals for this fy 201920 which will be useful to individuals. Many of us have the confusion of understanding what is gross income and what is total income or taxable income. As there was no change in income tax slabs for fy 201516 i. Subtract tax deductions from your income before you figure the amount of tax you owe. Section 80u tax deduction for physically disabled persons. An income tax calculator is an online tool designed to do help with basic tax calculations. The benefit of the reduced tax rate of 22% is available w.