INCOME TAX RULES IN TELUGU FY 2015-16 AY 2016-17

INCOME TAX RULES IN TELUGU FY 2015-16 AY 2016-17


AP TELANGANA Teachers Govt Employees INCOME TAX RULES IN TELUGU FY 2015-16 AY 2016-17 income tax complete details in telugu version to save your income tax complete details INCOME TAX RULES IN TELUGU FY 2015-16 AY 2016-17 
INCOME TAX RULES IN TELUGU FY 2015-16 AY 2016-17




Details of income Tax Calculation for the salaried for the Financial Year 2015-16, Assessment Year 2016-17


  • Income Tax Slab Rates for the Financial Year 2015-16 AY 2016-17

II) Surcharge & Cessess :


i) Surcharge @ 0% will be levied below Rs. 1 crore
ii) Education Cess @ 3% on I.T. paid.

III) 100% Exemption from Income :


  1. HRA as per formula u/s 10, (without counting D.A.)
  2. Conveyance allowance u/s 10 Rs. 3,200/- p.m.
  3. Medical Reimbursement,
  4. P.T. u/s 16,
  5. Housing Loan interest upto Rs.1.5 Lakh u/s 24 (borrowed after 1-4-99) / interest upto Rs. 2 Lakh u/s 24 (if borrowed after 1-4-2014) 
  6. Interest on Education loan taken for self or dependents (spouse, son, daughter, brother) u/s 80E, 
  7. contributuin to CMRF/PMRF/U/s 80G,
  8. P.P.F. Interest, 
  9. Retirement benefits.
  10. LTC,
  11. LPG subsidy

IV) Deductions allowed under chapter VIA from Income :

  1. Health Insurance premium of self & Dependents up to Rs.25,000/ p.a. U/s 80D ( Rs. 30,000/- in case of senior citizens
  2. Expenses of Medical Treatment of Handicapped Dependent upto Rs. 75,000/ 80DD (for disability 80% or more deduction in Rs.1,25,000/)
  3. Expenses of Medical Treatment for cancer, Heart, Nuero,AIDS, chronic Renal failure, Haemophilia for self or dependent upto Rs. 40,000/- U/s 80DDB (Form 10-1 need no be enclosed from the Govt. Civil Surgeon from Fy 15-16) Rs. 60,000/- for senior citizen (DDOs CAN NOT ALLOW IT)
  4. Physically Handicapped assessee (proper certificate should be enclosed) upto Rs. 75,000/- (for more than 80% disability Rs. 1,25,,000/-) may be exempted from income U/s 80U.

V) TOTAL DEDUCTIONS UPTO 1.5 LAKH ONLY

  1. Amount deposited for getting pension scheme upto Rs. 1,50,000/- U/s 80CC (Ex. LIC, Pension Fund)
  2. Premium to Contributory pension scheme upto 10% of the salary U/s 80CCD
  3. U/s 80C SAVINGS (Total Rs. 1.5 Lakh only)LIC + PF +APGLI + NABARD BONDS + TAX SAVINGS Bonds + FIXED DEPOSITS FOR MORE THAN 5 YEARS + HOUSING LOAN PRINCIPLE + GIS + PLI + ICICI BONDS + IDBI BONDS + TUITION FEES OF TWO CHILDREN (limited to 1.5 Lakh) + Sukanya Samrudhi Yojana (Maximum 1.5 lakhs) MAY BE deducted FROM INCOME UPTO Rs. 1.5 Lakh (savings, U/s 80CC+80CCD+80C should be less than Rs. 1,50,001/- only.

VI) NEW SECTION 80CCG FROM FINANCIAL YEAR 2014-15:


  1. Maximum savings @ Rs. 25,000/- ( on 50% of Rs. 50,000/-investment) for savings under Rajiv Gandhi equity share U/s 80CCG from this financial Year . Hence the limit of80C + 80CC + 80CCD + 80CCG = 1.75 lakhs).

VII) u/s 80EE :-

  1.  deduction of an amount maximum Rs.1 lakh is allowable in respect of interest payable on home loan if it sanctioned in fy.2013-14 not exceeding Rs. 25 lakhs and the interest claimed for deduction under this section cannot claimed u/s 24.
INCOME TAX RULES IN TELUGU FY 2015-16 AY 2016-17 

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