Tuesday 19 January 2016

AP/TS Income Tax Assessment Software FY-2015-2016.

AP/TS All Employees Income Tax Assessment Financial Year 2015-2016 calculate Proforma Step by step Process
AP/TS Income Tax Assessment Calculate Software Financial Year 2015-16.

AP/TS All Employees Income Tax Assessment Financial Year 2015-2016 calculate Proforma Step by step Process:-

Income Tax Assessment 2015-16 Rates of income tax for the Financial and Assessment year - 2015-2016

There is no change in the Income Tax Slabs rate and exemption limit for Individual  Person in Assessment Year 2016-17 and Financial year 2015-16.There is no change in the rate of Education Cess and Secondary 2%  & Higher Education Cess 1% on . Officail Income Tax of India Indusual Income Tax and Housing Laon Principal Amount Exmpetion and  Loan Intrest Deduction and Child Educational Loan and Two Chidren Tution fee Reimbursment No tax.

  • 80-C & 80-CCE- Maximum Exemption up to  Rs.150000 and Slab Rates Table:-

Tax Effected / Exemptions:-

  1. Investments up to Rs.1.5 lacks in 
  2. PF, 
  3. VPF, 
  4. PPF, 
  5. Employee contribution in New Pensioners Policy (NPS),
  6. Insurance Premium, 
  7. Housing loan principal repayment, 
  8. NSC, ELSS, long term bank Fixed Deposit, 
  9. Post Office Term Deposit Like PLI, etc. are deductible from the taxable income. There is no limit on individual items, (for example) all 1 lacks can be invested in NSC or PPF etc. 

  • Provident Fund (PF) & Voluntary Provident Fund (VPF)  
  • Postal  Life Insurance ( PLI )
  • APGLI / TGLILife Insurance Premiums  Unit linked Insurance PlanPublic Provident Fund (PPF) 
  • National Savings Certificate (NSC) 
  • Home Loan Principal Repayment & Stamp Duty and RegistrationTuition  fees  for Two children Equity 
  • Linked Savings Scheme (ELSS)5-Yr bank fixed deposits (FDs)
  • Pension Funds or Pension Policies – Section 80CCC Infrastructure Bonds
  • NABARD rural bondsSenior Citizen Savings Scheme 2004 (SCSS )

Important Tax Information and Exemptions:-

80-CCD -The Finance Act, 2011 provides that contribution made by the Central Government or any other employer to NPS (up to 10 per cent of the salary of the employee in the previous year)shall be excluded while computing the limit of Rs1,50,000.The contribution by the employee to the NPS will be subject to the limit of Rs1,00,000.

80-CCG - Rajiv Gandhi Equity Savings Scheme is a new exemption available for investment in stock markets (direct equity). Avaialble only for those with gross income less than 12 lacs and only for first time investors in stock market. Exemption available at 50% ( Rs.25,000/)of investment subject to maximum of Rs.50,000/- invested. Investments are locked-in for three years

80-D Medical Insurance Premium (such as Mediclaim & Critical illness Cover)& Health Check up Upto Rs5000, premium is exempt up to Rs30,000/ per year (Rs.15,000/- for self,spouse and children ) (Rs15000/- for Parents. If the premium includes for a dependent who is (Senior Citizen) above 60 years of age, an extra Rs5,000//- can be claimed.

80-DD Deduction in respect of medical treatment of handicapped dependents is limited to Rs.50,000/- per year if the disability is less than 80% and Rs1,00,000/- per year if the disability is more than 80%

80-DDB Deduction in respect of medical treatment for specified ailments or diseases for the assesse or dependent can be claimed up to Rs40,000/- per year. If the person being treated is a senior citizen, the exemption can go up toRs60,000/-. but any amount received under Medical Insurance Policy will be reduced from the amount of deduction allowed. The Diseases and ailments specified under rule 11DD are. 

  1. (1)neurological diseases being demetia, dystonia musculorum deformans, motor neuron disease, ataxia, chorea, hemiballismus, aphasia and parkisons disease, 
  2. (2) cancer, 
  3. (3) AIDS, 
  4. (4)Chronic renal failure, 
  5. (5) hemophilia, and 
  6. (6) thalassaemia.

80-E Interest repayment on education loan (taken for higher education from a university of self & dependents) is completely tax exempt

80-G Donations given for certain charities are tax exempt. Some(NGO,Trust etc.) are exempt to the tune of 50%, whereas Govt funds are 100%.

80-GG If you are not getting House Rent Allowance-(HRA), but living in rented house, an exemption is available. This will be calculated as minimum of (25% of total income or rent paid - 10% of total income or Rs24,000/- per year)

80-U who suffers from not less than 40 per cent of any disability is eligible for deduction to the extent of Rs. 50,000/- and in case of severe disability to the extent of Rs. 100,000/-


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