At a glance deduction of under Chapter VI-A applicable for the F.Y. 2015-16 relevant to A.Y.2016-17. with Automated All in One TDS on Salary for Govt & Non-Govt employees for F.Y.2015-16


Download All in One Tax preparation Excel based software for Govt & Non Govt employees for Financial Year 2015-16 [ This Excel Utility can prepare at a time Individual Salary Sheet + Individual Salary Structure + Individual Tax Compute Sheet + Automatic Arrears Relief Calculation U/s 89(1) + Form 10 E + Automatic HRA Exemption Calculation + Automated Form 16 Part A&B and Form 16 Part B for Financial Year 2015-16 & Ass Year 2016-17 with all amended tax section by the Finance Budget 2015-16]


Details of deduction ( Amended by the Finance Budget 2015-16) including maximum limit of each Section :-
1. Deduction u/s 80C, 80CCC, 80CCD is Rs. 1,50,000. (80CCC - Deduction for Annuity Plan)

2. Deduction u/s 80D is Rs. 25000 for general and Rs. 30000 for Senior citizens. (For Mediclaim paid)

3. Deduction u/s 80E here you can take education loan from financial institution for higher studies and can avail tax deduction for maximum of 7 years.

4. Deduction u/s 80G - Deduction for donations, here you can get 100% and 50% deduction of amount paid as deduction but percentage depends upon the receiver.

5. Deduction u/s 80GG Deduction for House rent paid....
Deduction is least of
A) Rent paid less 10% of total income.
B) Rs. 2000 per month
C) 25% of Total Income.

6. Deduction u/s 80U. Deduction for person suffering from physical Disability... normal disability deduction of Rs.75000, and severe disability deduction of Rs. 125000.

7. 100% TAX DEDUCTION on contributions made to SWACHH BHARAT & CLEAN GANGA initiatives.

8. Deduction u/s 80DD Expenditure on account of specified diseases Rs.80000.

9. Deduction u/s 80TTA Deduction of Income received from Saving Bank Interest Rs. 10000.Max.

10. Deduction u/s 87A : Tax rebate of Rs.2000/- whos taxable Income is less than Rs.500000.


Download All in One Tax preparation Excel based software for Govt & Non Govt employees for Financial Year 2015-16 [ This Excel Utility can prepare at a time Individual Salary Sheet + Individual Salary Structure + Individual Tax Compute Sheet + Automatic Arrears Relief Calculation U/s 89(1) + Form 10 E + Automatic HRA Exemption Calculation + Automated Form 16 Part A&B and Form 16 Part B for Financial Year 2015-16 & Ass Year 2016-17 with all amended tax section by the Finance Budget 2015-16]


****Other Related Deductions available u/s 10 of Income Tax:****
A. Exemption of transport allowance Rs 19,200 (Increased from Rs 800 pm to Rs 1600 pm). & Rs.3200/- P.M. for Phy.disable persons.

B. Tax-free infra bonds proposed for funding irrigation, rail & road infrastructure projects.

C. Income tax exemption on Interest paid on Housing Loan u/s24B of Rs.200000. on self occupied property.

D. HRA (House Rent Allowance) Least of HRA paid or Rent paid less 10% of salary or 40% of salary(50% in case of Metro city)

E. Leave Travel Allowance (Actual Expenses)

F. Children Education Allowance Rs.100 per month per child and max 2 child.

G. Hostel Allowance, Allowance Rs.300 per month per child and max 2 child.

F. Deduction u/s 80 EE. Additional House Building Loan Interest up to Rs. 1,00,000/- will be admissible who have paid the HBL Interest w.e.f. 1/4/2013 (Excluding the Section 24 B)


Post a Comment

0 Comments