Income Tax Act Rules Income tax Calculation for FY 2015-16 AY 2016-17

Income Tax Act Rules Income tax Calculation for FY 2015-16 AY 2016-17

Income Tax Act Rules Income tax Calculation for FY 2015-16 AY 2016-17 Income Tax Act and Income Tax Calculation for 2016-17 for AP TELANGANA TS Employees and Teachers. Income Tax Deduction from Salaries During The Financial Year 2015-16 under Section 192 of the Income Tax, Act.1961. VideCircular No.20/2015 F.No. 275/192/2014-IT(B) Dated 02/12/2015,Govt of India has released the Guidelines for Calculation of Income Tax for Salaried Employees, Teachers for 2015-16.
AP Telangana income tax rules it returns slab rates income tax deductions best it returns Income Tax Act Rules Income tax Calculation for FY 2015-16 AY 2016-17 telugu income tax rules teachers employees it software new income tax deductions and details om section 80
Reference is invited to Circular No.17/2014 dated 10.12.2014 whereby the rates of deduction of income-tax from the payment of income under the head "Salaries" under Section 192 of the Income-tax Act, 1961(hereinafter ‘the Act’), during the financial year 2014-2015, were intimated. 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 2014-2015 and explains certain related provisions of the Act and Income-tax Rules, 1962.

 Income Tax Act Rules Income tax Calculation for FY 2015-16 AY 2016-17

Rates of Income Tax for 2015-16 as per Finance Act 2015.
As per the Finance Act, 2015, income-tax is required to be deducted under Section 192 of the Act from income chargeable under the head "Salaries" for the financial year 2015-16 (i.e.Assessment Year 2016-17) at the following rates.
Income Tax Normal Slabs below 60 YearsIncome Tax Rate
i.Where the total income does not exceed Rs. 2,50,000/-.NIL
ii.Where the total income exceeds Rs. 2,50,000/- but does not exceed Rs. 5,00,000/-.10% of amount by which the total income exceeds Rs. 2,50,000/-.
(Less-Rebate): Tax Credit - 10% of taxable income upto a maximum of Rs. 2000/-.
iii.Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-.Rs. 25,000/- + 20% of the amount by which the total income exceeds Rs. 5,00,000/-.
iv.Where the total income exceeds Rs. 10,00,000/-.Rs. 1,25,000/- + 30% of the amount by which the total income exceeds Rs. 10,00,000/-.

Income Tax Slabs and Rates for FY 2015-16 and AY 2016-17

The following INCOME TAX RATES ARE applicable for the Financial Year ending March 31, 2016 (i.e. Financial Year 2015-16) - Assessment Year 2016-17) Every year the income tax rates are changed and it is important to get the latest income tax rates. We give below the Income Tax Rates and Slabs applicable for the FY 2015-16 or AY 2016-17.   [As there was no change in Income Tax slabs for FY 2015-16 (i.e. AY 2016-17), the following rates were also applicable for FY 2014-15 (AY 2015-16)

Income Range
General (non-senior citizens) Category
Women (Below 60 years of age)
(This category is abolished from this year and is thus is same as that of  General Category
Senior Citizens (Men and Women above 60 years of age), but below 80 yearsVery Senior Citizens (Men and Women above 80 years of age)
Upto Rs. 2,50,000
Nil
Nil
Nil
Nil
Rs. 2,50,001 to Rs. 3,00,000
10% *
10% *
Nil
Nil
Rs. 3,00,001 to Rs. 5,00,000
10% *
10% *
10% *
Nil
Rs. 5,00,001 to Rs. 10,00,000
20%
20%
20%
20%
Above Rs. 10,00,000
30% **
30% **
30% **
30%**


MAJOR CHANGES INCOME TAX for FY2015-16 AY 2016-17 

ParticularsExisting Provisions for FY 2014-15OR
AY 2015-16
Changes as per Budget for FY 2015-16 OR
AY 2016-17
Surcharge on taxable income exceeding Rs. 1 Crore for Individuals, Senior Citizens, Very Senior Citizens, HUFs, AOPs, BOIs, artificial juridical persons, firms, cooperative societies and local authorities10% of Income Tax12% of Income Tax
Comparison of Benefits under various IT Sections
Exempted amount of transport allowanceRs. 800/- per monthRs. 1,600/- per month
Section 80D - Deduction for Health  Insurance premiumRs. 15,000/-Rs. 25,000/-
Section 80D - Deduction for Health  Insurance premium for Senior CitizensRs. 20,000/-Rs. 30,000/-
Investment in Sukanya Samriddhi Scheme-Eligible for deduction u/s 80C and any payment from the scheme shall not be liable to tax.
Section 80DDB - Deduction in case of very senior citizens on expenditure on account of specified diseasesRs. 60,000/-Rs. 80,000/-
Section 80DD - Maintenance, including medical treatment of a dependent who is a person with disabilityRs. 50,000/-Rs. 75,000/-
Section 80DD - Maintenance, including medical treatment of a dependent who is a person with severe disabilityRs. 1,00,000/-Rs. 1,25,000/-
Section 80U - Person with disabilityRs. 50,000/-Rs. 75,000/-
Section 80U - Person with severe disabilityRs. 1,00,000/-Rs. 1,25,000/-
Section 80CCC - Contribution to provident fund of LIC or IRDA approved insurerRs. 1,00,000/-Rs. 1,50,000/-
Section 80CCD - Contribution by the employee to National Pension Scheme (NPS)Rs. 1,00,000/-Rs. 1,50,000/-
Now under Section 80CCD, a deduction of upto Rs. 50,000  is allowed over and above the limit of Rs. 1.50 lakh under Section 80C  in respect of contributions made to NPS is also allowed.   Thus, now the total deduction that can be claimed under Section 80C+Section 80CCD = Rs 2 lakh.

In case any employer contributes to the NPS scheme on behalf of the employee and the benefit of the same would be availed by the employee, the employee would also be allowed a deduction under Section 80CCD(2) for the amount of contribution made by the employer.
Pay and Salary and Other Income
Income included in Salary in Brief:

Pay, DA, HRA, CCA, IR, Increments, Commissions, Leave Dues, Pay Advances, Surrender Leave, Pension, Bonus, Honorarium, Tuition Fee Reimbursement etc...
Income excluded from Salary in Brief:
LTC, Gratuity, Commuted Pension, Tour/Transfer TA/DA, PF Payments, Medical Reimbursement, Educational Allowance
Any Income earned from other sources other than Salary shall also be shown in the Other Income

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