Income tax deductions for ay 2015-16 pdf

Itr 4 validation rules for ay 201516 income tax department. Now you can scroll down below n download income tax calculator for fy 201516 in excel format. Simple tax calculator for the use of salaried employees of govt and private sector, basis the latest budget changes. The easiest way to calculate your tax liability is through an online income tax calculator. Filing of income tax return for assessment year 2015 16. Here is a primer on income tax slab rates for ay 201617. Download the income tax return itr form applicable to you. These limits got modified from that of the previous limits of rs.

Even the legal guardian of the scholar can reap the benefit of income tax exemption. Income tax at a glance among direct taxes, income tax is the main source of revenue. 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. Whether income tax is required to be paid for income below rs 5,00,000. Cbdt has issued circularorder on extension of due date of filing of income tax return ay 201516 dated 10. The more a taxpayer earns the more he should pay is the basic principle of charging income tax. If the applicable form is itr1 you can complete the process on the portal itself, submitting the details online by using the quick efile itr link. Click here to save tax with hdfc lifes various online insurance products. We will cover other aspects like filing of income tax return of partnership firm, assessment of partnership firms and book profit. Availabilityincome tax rebate section 87a fy 201415 ay. Tax deductions under income tax acts section 80u are made available for rs. Income tax calculator for fy 201516 ay 201617 excel based the union budget for 2015 was presented today by arun jaitely. Apr 14, 2020 income tax slabs ay 201415 fy 2014 income tax slabs ay 2015 16 fy 201415 income tax slabs ay 201617 fy 2015 16 income tax slabs ay 201718 fy 201617 income tax slabs ay 201819 fy 201718 income tax slabs ay 201920 fy 201819 income tax slab rates for ay 201011 fy 200910 resident male individuals aged less than 65 years. Income tax slab for fy 201516 ay 201617 there is no change in income tax slabs except additional 2% increase in cess for super rich i.

The income tax act provides that on determination of the gross total income of an assessee after considering income from all the heads, certain. To avail exemption or to file tax return form16 is mandatory, this form will be given by the employer which contains all the details regarding the employees income, deductions under. Income tax ay 1415 deductions sec 80 lecture 1 duration. So now due date for nonaudit case also salaried employee covered, is 31. Jul 12, 2014 download income tax calculator fy 201415 ay 2015 16. Aadhaar number and passport number is now mandatory. Income tax calculator for fy 2015 16 ay 201617 351. The benefit can be utilized only for the person or his spousechildren. A nonrefundable tax credit means you get a refund only up to the amount you owe. Deductions for financial year 201920 including budget amendments in pdf format. Deduction is limited to whole of the amount paid or deposited subject to a maximum of rs.

My next question is that how should be calculated the income tax for current year. The tax slab rates for individual below 60 years and for nri aop boi hufajp. Some itemized tax deductions are limited by a persons adjusted gross income. Section 16 of the incometax act what is section 16. Mar 19, 2019 download income tax calculator for fy 2015 16, download latest income tax calculator for ay 201617 or fy 2015 16 in excel format. Income tax department income tax return statistics assessment year 201516. Income tax is a direct tax which is levied by the government. Kindly note subsequently union budget 201415 was passed by the parliament and revised income tax rates proposed for fy 201415. A refundable tax credit means you get a refund, even if its more than what you owe. Filing of income tax return for assessment year 201516 cakart. Filing of income tax return for ay 201516 new initiatives.

To reduce their tax burden, tax payers can claim deduction of up to rs. Here is a list of income tax deductions for ay 201819 as per various sections of the income tax act, 1961. Nov 18, 2011 income tax rates after budget 2012 is available here income tax rate chart slabs for assessment year 201112 and earlier years has been given chart form as under in respect of individual, hufhindu undivided family,boibody of individuals so download the charts for link given below or you can read the same online as shown below. The cbdt or central board of direct taxes has announced the finance act, 2018 wherein it has amended the income tax acts section 18. Deductions under chapter vi a section 80c, 80d, 80e. Download income tax calculator fy 201415 ay 201516. Caknowledge ca, cs, cma, income tax, gst, banking 2019. 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. From fy 201516 a cumulative additional deduction of rs. Download income tax calculator for fy 201415 ay 201516. For income tax purpose citizens above age of 60 are considered as senior citizens and above age of 80 are considered very senior citizens. Under the download menu, click on income tax return forms and choose ay 2015 16 for financial year 201415. Income tax is imposed on the basis of ability to pay. Section 80c, section 80cc 80ccd 80ccg, 80d 80dd 80ddb, 24b,80e.

The most comprehensive guide for all income tax deductions section 80c to section 80u covered in chapter vi a of income tax for the fy 201920 ay 202021 many of you may be aware that investments can help you save tax, but what you may not be aware of is that income tax department gives tax benefits for incurring some personal expenses as. Apr 17, 2015 income tax department has released new income tax return form vide notification 41 2015 dated 1504 2015 which may be downloaded from link given below. Tax deductions step 2 income tax calculator ay 201819. This file includes income tax calculator, it form, form 16 and hra calculator. The tax is calculated according to the income tax slabs announced by the government every year in the budget. Under section 80ddb of the income tax act 1961, an individual can claim tax deduction for medical treatment of certain specified ailments availed for self or a dependent. Where deduction is claimed under this section, deduction in relation to same amount cannot be claimed under section 80c. We are experiencing high call volumes resulting in long wait times. Scenarios 1 income claimed under the head house property in part b ti, but schedule hp is not filled. Income tax deductions ay 201920 fy 201819 tax heal. Deductions under chapter vi a of income tax act for fy. So for income tax calculation purpose, how my basic deductions for tax relief will be considered. Section 80cce provides that the aggregate amount of deductions under section 80c, section 80ccc and section 80ccd1 shall not, in any case, exceed rs. Every individual or huf whose total income before allowing deductions under.

Income tax calculator for fy 202021 ay 202122 import vouchers from excel to tally free full version. The impact of deductions available under various sections of income tax act is not same for all. The present circular contains the rates of deduction of incometax from the. Save tax with hdfc lifes various online insurance products. Now you can scroll down below n download income tax calculator for fy 2015 16 in excel format. Section 80c deductions latest income tax deductions. Income tax deduction rules for salaried employees 201920. This article provide quick excel income tax calculator for fy 2015 16 ay 201617 for individual resident whose age is below than 60 years i. Income tax rates on partnership firm for ay 201516. 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. Hence this provision continues for ay 201516 as well.

Jan 04, 2015 india income tax slabs 2014 2015 for general tax payers and women income tax slab in rs. The advantage of this facility can be utilized only in case of higher education. Today we provide depreciation chart as per income tax act for easily calculate depreciation. After the financial year is over as on 31st march, the next job is to obtain form 16 or so from employers and others and file income tax return on or before due date i. The limit of tax deduction allowed for fy 201718 for senior citizens was rs. Income of a cooperative society under the new regime is taxable at flat rate of 22% provided it forgoes specified deductions and exemptions and computes its income. Incometax slab rates for individual for fy 201516 ay 2016. List of tax deductions under section 80 of income tax. Tax return filing for ay 201516 bombay chartered accountants society 29th july, 2015.

Excel tds form16 automatic certificateay 201516 download. Download income tax calculator for fy 201516, download latest income tax calculator for ay 201617 or fy 201516 in excel format. Income tax rates on partnership firm for ay 201516 cakart. Tax 0 to 2,50,000 no tax 2,50,001 to 5,00,000 10% 5,00,001 to 10,00,000 20% above 10,00,000 30%. Income tax deduction sections 80c to 80u for fy 201819 and 201920. Subtract rebate if the income is less then 3,50,000 subtract rebate if the income is less then 5,00,000 w.

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. Now my total income is rs 591684 including the arrears. Deductions allowable to tax payer income tax department. In budget 2018, it has been proposed to raise the maximum tax deduction limit for senior citizens under section 80d of the indian income tax act 1961. Importance the first step to understand the workings of income tax in india is to be aware of the taxation slabs released each financial year by the indian government and various deductions defined under different sections of the income tax act, 1961. Under section 80c, the maximum tax exemption limit is rs 1. Our role is to manage and shape the tax, excise and superannuation systems that fund services for australians. 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. Income tax department income tax return statistics assessment year 2015 16. In this video we will discuss about the changes done in union budget for ay 20202021. For example, medical expenses can be deducted only to the extent that they exceed 7. I hope you find this list useful and helps in planning your taxes well in advance. Quick excel income tax calculator for fy 201516 ay 201617. Income tax deductions list fy 201920 how to save tax.

An assessee, whose income is taxable at higher rates will have more tax savings i. You can subtract tax deductions from your gross income and your taxable income gets reduced to that extent. Hdfc life provides the latest income tax rates in india for different age groups and tax benefits offered by various life insurance policies, for the current financial year 201415. Finance bill 2014 is silent on the section 87a, which was introduced by finance bill 20 with effect from ay 201415 and provides a rebate of rs. Depreciation rate chart as per it ay 201516 simple tax india. Subtract tax deductions from your income before you figure the amount of tax you owe. Deductions and adjusted gross income on your tax return. Incometax slab rates for individual for fy 201516 ay. List of income tax deductions for individuals 201920 aubsp. Accordingly, the pe in india shall be obligated to deduct tax at source on any interest.

The ato is the governments principal revenue collection agency. Income tax slabs income tax rates and deductions for fy. Income tax rates applicable for individuals, hindu undivided family huf, association of persons aop and body of individuals boi in india as proposed in the vote on account is given below. Tax rebate is tax relief provided to all resident individuals whose income arrived at is below a specified limit. Under this new provision of the income tax act, a taxpayer who has income that is chargeable under the head salaries should allow deduction of rs. Download income tax calculator for fy 2015 16, download latest income tax calculator for ay 201617 or fy 2015 16 in excel format. Following are the income tax slab rates and deductions in india for different categories of tax. 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. I got promotion from 1st jan 2014 and received the pay arrears rs 104474in fy 2015 16 for last fy 201415.

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. Income tax rates for ay 201516 financial year 201415. Tax benefit on home loan for payment of interest is allowed as a deduction under section 24 of the income tax act. Hope, now you all know the income tax rates on partnership firm. India income tax slabs 2014 2015 for senior citizens aged 60 years but less than 80 years income tax slab in rs. Normal rates of tax applicable to all individuals who are less than 60 years of age. The finance minister has announced the changes in the tax slab structure in union budget for 2017. A taxpayer, any huf or individual, can claim various deductions on their total income under section 80c of the income tax act and its allied sections like 80ccd and 80ccc to reduce the taxable income and thereby bring down the tax outgo. 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. This section allows them to claim tax deductions up to rs. Dear readers there are few differences in old and new forms,the details of which we inform you later in details step by step,in the meanwhile please check all the forms above and compare it with old forms and spot the differences and send us. This downloadable income tax calculator, calculate tax on your income for for financial year 201415 assessment year ay 2015 16 automatically without any hassle.

Income tax exemptions for salaried employees fy 201920. Income tax applicable to cooperative society under new optional tax regime section 115bac. The tax deduction can be availed for up to 7 years. But the tax slabs have not been changed for the last few years. Itr 2a validation rules for ay 201516 income tax department. Incometax slab rates for individual for fy 201516 ay 201617. My question is that this arrear should not be added in previous year. Report alimony received on form 1040 or form 1040sr attach schedule 1 form 1040 or 1040sr pdf or on schedule nec, form 1040nr, u. Mar 15, 2019 the income tax slab is remain unchanged in this financial year. As per section 24, the income from house property shall be reduced by the amount of interest paid on loan where the loan has been taken for the purpose of purchase construction repair renewal reconstruction of property. From financial year 201819 onwards assessment year 201920, an assessee is eligible to claim tax deduction of rs.