A7. Income Tax 2015-16


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Income Tax Software 2015 -16 Slab Rates IT Calculator

Posted by teachernews - Income Tax 2015 -16 Software on Monday, 7 December 2015

AP Teachers Income Tax Software 2015-16  TS Teachers Income Tax Software for Teachers Income tax Slab rates  Employees Income Tax Calculation  Financial year 2015-16  Income Tax Assessment year 216-17  80c Saving limit  FY 2015-16 - AY 2016-17  Retirement Employees Income Tax Calculation Housing Laon Principal Amount Exmpetion and Housing Loan Intrest Deduction . Income Tax Software 2015-16 Developed by C.Ramanjaneyulu 

Teachers Income tax calculation Software 2015-16

AP / TS Employees Income Tax Assessment calculate Steps

Rates of income tax for the Financial year 2015-2016 - Assessment Year 2016-2017

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.Housing Laon Principal Amount Exmpetion and Housing Loan Intrest Deduction Income Tax 2015-16 .Educational Loan and Two Chidren Tution fee Reimbursment No tax. I prepared One Model Income Tax Calculation 2015-16 financial year.

Income Tax Slabs for the Individual (Below 60 Years Age) for the Assessment Year 2015-2016

S. No.
Income Tax Slab
Income Tax Rate Payable
1.
Rs. 0 to 250,000
No Income Tax
2.
Rs. 250,001 to 500,000
10%
3.
Rs. 500,001 to 1,000,000
20%
4.
Rs. 1,000,001 and above
30%

Income Tax Slabs for the Senior Citizen (60 to 80 Years Age) for the Assessment Year 2015-2016 

Sl No.
Income Tax Slab
Income Tax Rate Payable
1.
Rs. 0 to 300,000
No Income Tax
2.
Rs. 300,001 to 500,000
10%
3.
Rs. 500,001 to 1,000,000
20%
4.
Rs. 1,000,001 and above
30%


80C & 80CCE- Maximum Exemption up to  Rs.150000 

Investments up to Rs.1.5 lac in PF, VPF, PPF, Employee contribution in NPS,Insurance Premium, Housing loan principal repayment, NSC, ELSS, long term bank Fixed Deposit, Post Office Term Deposit, etc. are deductible from the taxable income. There is no limit on individual items, (for example) all 1 lac can be invested in NSC or PPF etc. 
  1. Provident Fund (PF) & Voluntary Provident Fund (VPF)  
  2. Postal  Life Insurance ( PLI )
  3. APGLI / TGLI
  4. Life Insurance Premiums  
  5. Unit linked Insurance Plan
  6. Public Provident Fund (PPF) 
  7. National Savings Certificate (NSC) 
  8. Home Loan Principal Repayment & Stamp Duty and Registration
  9. Tuition  fees  for Two children 
  10. Equity Linked Savings Scheme (ELSS)
  11. 5-Yr bank fixed deposits (FDs)
  12. Pension Funds or Pension Policies – Section 80CCC
  13.  Infrastructure Bonds
  14. NABARD rural bonds
  15. Senior Citizen Savings Scheme 2004 (SCSS )
80CCD -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.
80CCG - 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
80D 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.
80DD 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%
80DDB 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)neurological diseases being demetia, dystonia musculorum deformans, motor neuron disease, ataxia, chorea, hemiballismus, aphasia and parkisons disease, (2) cancer, (3) AIDS, (4)Chronic renal failure, (5) hemophilia, and (6) thalassaemia.
80E Interest repayment on education loan (taken for higher education from a university of self & dependents) is completely tax exempt
80G Donations given for certain charities are tax exempt. Some(NGO,Trust etc.) are exempt to the tune of 50%, whereas Govt funds are 100%.
80GG If you are not getting  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)
80U 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/-


80TTA introduced through Finance Act, 2012. Section 80TTA provides a deduction of up to Rs10,000 on your income from interest on saving bank accounts































N.Srinivasa Rao SA IR (ZPPHS,Isukapudi

Income Tax 2014-15.xlsx
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C.RAMANHANEYULU IT (KURNOOLBADI)
Every Individual Less than of the age 60years
S.No. Income in 2014-15 Tax
1 Upto Rs. 2,50,000/- No Tax ( Nil )
2 Between Rs.2,50,001 to 5,00,000 10% Income in excess of Rs.2,50,000
3 Between Rs.5,00,001 to 10,00,000 Rs.30,000+ 20% of income in excess of Rs.5,00,000 lakhs
4 Above Rs.10,00,000 Rs.1,30,000+30% of income in excess of Rs.1,00,000

Every Individual upto 60years to Less than of the age 80years
S.No. Income in 2014-15 Tax
1 Upto Rs. 3,00,000/- No Tax ( Nil )
2 Between Rs.3,00,001 to 5,00,000 10% Income in excess of Rs.3,00,000
3 Between Rs.5,00,001 to 10,00,000 Rs.30,000+ 20% of income in excess of Rs.5,00,000 lakhs
4 Above Rs.10,00,000 Rs.1,30,000+30% of income in excess of Rs.1,00,000

KNOW MORE about DEDUCTION under Section 80-C and chapter VIA


1. Section 80C : of the Income Tax Act allows certain investments and expenditure to be deduct from total income. One must plan investments well and spread it out across the various instruments specified under this section to avail maximum tax benefit. There are no sub-limits and is irrespective of how much you earn and under which tax bracket you fall. Most of the Income Tax payee try to save tax by saving under Section 80C of the Income Tax Act. However, it is important to know the Section in total. so that one can make best use of the options available for deduction under income tax Act. One important point to note that one can not only save tax by undertaking the specified

2. Provident Fund (PF) & Voluntary Provident Fund (VPF): PF is automatically deducted from your salary. your contribution [12% of Basic] (i.e., employee’s contribution) is counted towards section 80C investments. You also have the option to contribute additional amounts through voluntary contributions (VPF). Current rate of interest is 8.5% per annum (p.a.) and is tax-free.

3. (a) Life Insurance Premiums: Any amount that you pay towards life insurance premium in Life Insurance Corporation (LIC) or any other Insurance CO.for yourself, your spouse or your children can also be included in Section 80C deduction. If you are paying premium for more than one insurance policy, all the premiums will be included. also premium paid for ULIP will also be treated as Premium paid for Life Insurance Policies. ( b) Unit linked Insurance Plan : ULIP stands for Unit linked Saving Schemes. ULIPs cover Life insurance with benefits of equity investments.They have attracted the attention of investors and tax-savers not only because they help us save tax but they also perform well to give decent returns in the long-term. IMP : Total Amount Received at Maturity, Survival Benefits, , Withdrawl in Insurance Policies is Tax Free and fully exempteed u/s 10(10D).

4. Equity Linked Savings Scheme (ELSS): There are some mutual fund (MF) schemes specially created for offering you tax savings, and these are called Equity Linked Savings Scheme, or ELSS. The investments that you make in ELSS are eligible for deduction under Sec 80C.

5. (a) 5-Yr bank fixed deposits (FDs): Tax-saving fixed deposits (FDs) of scheduled banks with tenure of 5 years are also entitled for section 80C deduction. (b) 5-Yr post office time deposit (POTD) scheme: POTDs are similar to bank fixed deposits. Although available for varying time duration like one year, two year, three year and five year, only 5-Yr post-office time deposit (POTD) – which currently offers 7.5 per cent rate of interest –qualifies for tax saving under section 80C. Effective rate works out to be 7.71% per annum (p.a.) as the rate of interest is compounded quarterly but paid annually. The Interest is entirely taxable.

6.Pension Funds or Pension Policies – Section 80CCC: This section – Sec 80CCC – stipulates that an investment in pension funds is eligible for deduction from your income. Section 80CCC investment limit is clubbed with the limit of Section 80C – it means that the total deduction available for 80CCC and 80C is Rs 1.5 Lakh.This also means that your investment in pension funds upto Rs.1.5 Lakh can be claimed as deduction u/s 80CCC. However, as mentioned earlier, the total deduction u/s 80C and 80CCC can not exceed Rs.1.5 Lakh.

7. (a) Infrastructure Bonds: These are also popularly called Infra Bonds. These are issued by infrastructure companies, and not the government. The amount that you invest in these bonds can also be included in Sec 80C deductions. (b) NABARD rural bonds: There are two types of Bonds issued by NABARD (National Bank for Agriculture and Rural Development): NABARD Rural Bonds and Bhavishya Nirman Bonds (BNB). Out of these two, only NABARD Rural Bonds qualify under section 80C.

8. Tuition Fees : Any sum paid as tuition fees to any university/college/educational institution in India for full time education. Nowadays most of income tax payee have to incur quite high payments towards the education fees of their children . The expenditure incurred on education fees is eligible for a deduction under Income Tax Act, So, if you are incurring expenditure towards education fee of your children, please check whether these are eligible for deduction under the IT Act.


>>Click here for More Tax Deduction rules

*Note- ( u/s87A- A rebate upto Rs 2000/- for assessee with Income range of 2,50,001 to Rs. 5,00,000 )




http://www.teachersbadi.in/

Updated On February 09, 2015

Income Tax Software 2014-15 for AP and Telangana

S.NoSoftware
Name
Financial
Year
Assessment
Year
Prepared
By
Download
here
Updated
on
1Income Tax Software2014-152015-2016Putta SrinivasReddyDownloadNew
2Income Tax Software2014-152015-2016B. Srinivasa CharyDownloadNew
3Income Tax Software2014-152015-2016KSS PrasadDownload
4Income Tax Software2014-152015-2016KSS PrasadDownloadNew
5Income Tax Software for AP 2014-152015-2016Vijay KumarDownload
6Income Tax Software for TS2014-152015-2016Vijay KumarDownload
6Income Tax Software for Those who are staying in Govt. Quarters2014-152015-2016Vijay KumarDownload
6Income Tax Software for Agency Areas2014-152015-2016Vijay KumarDownload
7Income Tax Software 2014-152015-2016
Ramanjaneyulu
Download
8Income Tax Software  2013-142014-2015
Download







Income Tax 2014-15 click here (karnulbadi)



N Srinivasa Rao ZPHS Isukapudi
Income Tax 2014-15.xlsx

 Download

apteacher.net/IT/Income-tax-online-calculation-assessment-software-fy-2014-15-ay-2015-16.php


KSS PRASAD INCOMETAX SOFTWARE 2014-15 REVISED 16.12.2014

 

INCOMETAX DEPT GUIDELINES VIDE CIRCULAR NO 17

 



N Srinivasa Rao IT s




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