Gross salary income includes pay, da, da pay arrears, hra, cca etc. Instructions for sahaj income tax return ay 201617. Following deductions are available to individual and huf under section 80c. In other words, the interest payable for the year is allowed as deduction whether. All of us go through the same dilemma of finding out which is the most appropriate method of reducing our income tax liability. Your income tax exemption guide for the financial year 201617. You can also search for section 80ee of income tax act or section 24 of income tax act to know more about the deductions you are entitled for. Hence this provision continues for ay 2016 17 as well. Download income tax calculator in excel for ay 20172018, download income tax calculator in excel format for fy 20162017. First time tax payers on home loans get an additional exemption of rs. Income tax rate chart income tax slabs as applicable for assessment year 201718 financial year 201617 for individual, huf, aop, boi, partnership firms, llp and companies. Professional tax net salary income 34 pan card number. The corresponding rates for others and more information can be found here.
Such deduction is allowed on accrual basis, not on paid basis. Jul 27, 2016 here are income tax deductions taking effect of amendments as per finance budget 2016 presented by mr arun jaitely. Mar 01, 2016 download income tax calculator ay 201617 in excel income tax calculator for financial year 201516, ay 201617 have been created in excel format for free download. Instructions for sahaj income tax return ay 201617 general instructions these instructions are guidelines for filling the particulars in this return form. Instructions for sahaj income tax return ay 201617 general. Y submits the following information in respect of his property for financial year 2016 17. Income tax at a glance among direct taxes, income tax is the main source of revenue. New itr forms ay 201617 have been notified by the cbdt central board of direct taxes. Normal rates of tax applicable to all individuals who are less than 60. From fy 201718 ay 1819, the surcharge for individuals is applicable as follows. Income tax exemptions benefits rebates for fy 2016 17 ay 201718.
There is no change in the basic tax rate and exemption limit for individual, hindu undivided family, association of person, body of individuals. Download income tax chart 201617 file in pdf format. Income tax 201617 deductions allowed from the salary. Cbdt notifies new incometax return forms for assessment. Income tax rates for ay 201617 fy 201516 for individuals of age upto 60 years are as follows. In case of any doubt, please refer to relevant provisions of the income tax act, 1961 and the income tax rules, 1962. The excel utilities or java utilities for ay 201617 will soon be made available on incometaxindia e. Simple income tax calculator cum flexi allocation kit, for the use of salaried employees of govt and private sector, basis the latest budget proposals. The amount of rebate is 100 per cent of income tax or rs. Income tax slab rates for fy 201617 ay 201718 budget. Incometax slab rates for individual for fy 201617 ay 201718. Income tax slab rates for individual for fy 201617 ay 201718.
The new itr forms in pdf format are now available on income tax departments website. The various investment avenues or expenses that can be claimed as tax. Cbdt notifies new incometax return forms for assessment year 201617 the central board of direct taxes cbdt has notified1 the revised income tax return itr forms for assessment year ay 201617. List of income tax deductions from section 80c to 80u of income tax act for fy 201920 ay 202021. Apr 04, 2016 dear sir, in this ay 2016 17 i had professional income from sales tax practitioner as rs. In this article you may find complete details for how you can avail the benefit of deduction us 80c by investing in the govt schemes. The amount of rebate is 100 per cent of incometax or rs. With effect from assessment year 201617, subsection 1a of section 80ccd which laid down maximum deduction limit of rs. Income tax 201920 section 192 2d all salaried employees to declare deductions and savings under form 12bb download form 12bb as a word, excel or pdf file all employees to file declaration under form 12bb to claim deduction for savings under section 80 c, payment of house loan interest under section 24, and hra exemption under section 10. Rates for deduction of income tax at source from salaries, computation of advance tax and charging of income tax in special cases during the financial year 20162017. For income tax purpose citizens above age of 60 are considered as senior citizens and above age of 80 are considered very senior citizens. Us 80ddb, deduction can be claimed by any individual in respect of any expenses. This calculator is exclusively designed for bank employees based on the 10th bipartite settlement with additional calculation of income tax on arrears.
The income tax deduction under section 80ddb serves as financial help for those who are suffering from a severe disease or are taking care of such dependent family members. The maximum tax exemption limit under section 80c has been retained as rs 1. Benjamin franklin once rightly opined in this world nothing can said to be certain, except death and taxes. Income tax calculator for financial year 201516 assessment year 201617 in excel format. The sugam itr4s form is a presumptive income tax return form and is part of the income tax returns filing process with the income tax department of india. Adjusted total income is computed by increasing total income by any deduction claimed under chapter via sec. Look out for section 80ee for fy 201516 in order to know more about deduction related information and check out interest on housing loan deduction for ay 201718 to know more about it. With effect from assessment year 2016 17, subsection 1a of section 80ccd which laid down maximum deduction limit of rs. Surcharge on total income in fy 201617 ay 1718, the surcharge for individuals is applicable for those who have total income over rs. Tax planning tools in india for ay 201617,chapter via deductions for ay 201617,tution fee,home loan,sukanya samridhi account,income tax saving scheme.
Deduction from incometax to a resident individual, whose total income does not. Section 24b of income tax act allows deduction of interest on home loan from the taxable income. 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. For individuals having income from salaries, one house property, other.
Rates for deduction of incometax at source from salaries, computation of advance tax and charging of incometax in special cases during the. A rebate of income tax is allowed under section 87a in respect of resident individual whose taxable income is up to rs. You can avail tax deduction under this section up to 10% of your salary if you are an employee or 20% of gross total income if selfemployed or rs 1. In case of single premium health insurance policies having cover of more than one year, the aforesaid deduction shall be allowed from the assessment year 201920 on proportionate basis for the number of years for which health insurance cover is provided.
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. Normal rates of tax applicable to all individuals who are less than 60 years of age. Fill up the relevant details to know your tax liability for fy 201617 income tax slabs for fy 201617 ay 201718 education cess of 3% surcharge of 15% on rs 1 crore plus income earners tax credit of rs 5,000 for income up to rs 5 lakhs us 87a there are no separate slab for male and female income tax slab tax up to rs. Ppf public provident fund epf employees provident fund. Salaried employees to declare deductions and savings under. The income tax department refunds the excess money to the bank account. Hi friends here we are providing very simple income tax calculator in excel format, everyone use this sheet very easily. Section 80ccd 1b additional contribution to nps additional tax deduction of up to rs. The various investment avenues or expenses that can be claimed as tax deductions under section 80c are as below. The form is required to be filled out and submitted by those who are eligible to use it under the income tax act, 1961, and the income tax rules, 1962. Further, a new subsection 1b is inserted to provide for additional deduction to the extent of rs. Where the central government makes any contribution to the pension account, deduction of such contribution to the extent of 10% of salary shall be allowed. Caknowledge ca, cs, cma, income tax, gst, banking 2019. Income tax deduction of rs 1,00,000 in case of senior citizens aged 60 years or above and rs 40,000 in other cases are available under this section.
Nonresident individualhuf net income range incometax rates health and education cess up to rs. Attached is the income tax calculator with flexi allocation kit for the fy 20152016. For all indian resident taxpayers, if total income after considering deductions is less than rs 5,00,000, rebate. For the assessment year 201617, a partnership firm including llp is taxable at 30%. Aug 14, 2019 dear subhash the income tax rebate us 87a has been increased from rs 2,000 to rs 5,000 in budget 2016 and would be applicable for financial year 2016 17 or ay 201718. As per rule, every indian who has income prior to deduction of 80c have to file income tax. Individuals with taxable income below rs 5,00,000 are allowed to claim a tax rebate of rs 5,000 on tax payable from fy 201617. Y submits the following information in respect of his property for financial year 201617. Amendment in itr forms part schedule itr form explanation disclosure of taxes. Assessment year for which this return form is applicable. Income tax deduction sections 80c to 80u for fy 201819 and 201920.
Income tax statement 2016 17 computation of salary income for the financial year 2016 17 assessment year 201718 sli balance 123 deduct. The more a taxpayer earns the more he should pay is the basic principle of charging income tax. Simple income tax calculation sheet for fy 201617, ay 201718. Incometax slab rates for individual for fy 201516 ay. Income tax deductions fy 2016 17 section 80c the maximum tax exemption limit under section 80c has been retained as rs 1. Here is a primer on income tax slab rates for ay 201617. Such loan should be taken for purchase or construction or repair or reconstruction of house property. Incometax slab rates for individual for fy 201516 ay 201617 steps to file your indian incometax return quickly with. Nonresident individualhuf net income range income tax rates health and education cess up to rs. Deductions under chapter vi a section 80c, 80d, 80e. Here is a primer on income tax slab rates for ay 2016 17. If you dont have a clue about the income tax laws in our country and youre worried about your taxes, then this is just the article for you. Indian finance minister, shri arun jaitley has tabled today, the union general budget 201617 in the parliament. Cbdt notifies new incometax return forms for assessment year.
Income refer to instructions for limits on amount of deductions as per. Apr 01, 2016 cbdt has released new income tax return form for assessment year 2016 17. Articles explains rates of incometax in respect of income liable to tax, minimum alternative tax rate, securities transaction tax stt, commodities transaction tax ctt and dividend distribution tax ddt rates for financial year 201516 i. Section 80c limit,80ccd,80d,24b,80e,80g,80ee,87a,80tta. But the tax slabs have not been changed for the last few years. 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 201617 save tax with hdfc lifes various online insurance products. Last year income tax department has released the final income tax return form in last week of june,due to which income tax return due date has extended and lately due date in audit cases was also extended after the court interference. Download income tax calculator ay 201617 in excel income tax calculator for financial year 201516, ay 201617 have been created in excel format for free download. Income tax is imposed on the basis of ability to pay.
Section 80ddb provides that if an individual or an huf has incurred medical expenses for treatment of specified disease or ailment, such expense is allowed as deduction, subject to such conditions and capped at such amount as specified, under section 80ddb of income tax act. Income tax calculator for fy 201516 ay 201617 excel based the union budget for 2015 was presented today by arun jaitely. An assessee, whose income is taxable at higher rates will have more tax savings i. For the assessment year 2016 17, a partnership firm including llp is taxable at 30%. The amount of income tax shall be increased by a surcharge at the rate of 12% of such tax, where total income exceeds one crore rupees. To learn more about the income tax slabs ay 1819, click here. Deductions for financial year 201920 including budget amendments in pdf format. Incometax slab rates for individual for fy 201516 ay 201617.
Which income tax return filing forms for ay 201617 is to use. Apr 10, 2018 income tax slab rates for individual for fy 201516 ay 2016 17 steps to file your indian income tax return quickly with revise correct your income tax return. 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 201617. Incometax slab rates for individual for fy 201617 ay 2017. Were going to demystify the tax exemption options that were introduced or extended in fy 201617 ay 201718, so you can plan your taxes better this year.
The chart given below describes the deductions allowable. In fy 2016 17 ay 17 18, the surcharge for individuals is applicable for those who have total income over rs. We provide you the latest income tax rates in india for everyone and tax benefits for the current financial year 201617, to know more about income tax slab. Income tax deduction sections 80c to 80u for fy 201819 and 201920 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 exemptions benefits rebates for fy 201617 ay 201718.
Articles explains rates of income tax in respect of income liable to tax, minimum alternative tax rate, securities transaction tax stt, commodities transaction tax ctt and dividend distribution tax ddt rates for financial year 201516 i. The amount of incometax shall be increased by a surcharge at the rate of 12% of such tax, where total income exceeds one crore rupees. May 28, 2018 income tax deductions 201617 under various sections for tax planning. However, the surcharge shall be subject to marginal relief where income exceeds one crore rupees, the total amount payable as income. Section 80c deductions latest income tax deductions. Deductions under chapter vi a of income tax act for fy 2019. Income tax deduction allowed u s 80c fy 201617 cbdt new circular 7 any subscription made to effect or keep in force a contract for such annuity plan of the life insurance corporation or any other insurer as the central government may, by notification in the official gazette, specify. Income tax deductions 201617 under various sections for tax planning.
The first question falls in your mind is what is your tax slab for fy 201516. Income tax calculator for financial year 201516 assessment year 201617 in excel format attached is the income tax calculator with flexi allocation kit for the fy 20152016. We have not gone through income tax forms in detailed but itr1 and itr2 are more or. How to e file income tax return in incometaxindiaefiling. In below chart, i explained it for your simplification. Section 80ddb provides for deduction to individuals and hufs for medical expenses incurred for treatment of specified diseases or ailments and should be deducted from the gross total income while computing taxable income of the assessee. An individual can claim up to a maximum deduction of rs. Incometax slab rates for individual for fy 201617 ay. Save tax with hdfc lifes various online insurance products. 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. We have not gone through income tax forms in detailed but itr1 and itr2 are. Income tax deduction allowed u s 80c fy 201617 cbdt new.
Download income tac calculation sheet in excel format for ay 20172018 or for fy 201617. Deduction of interest on housing loan section 24b taxadda. Here are income tax deductions taking effect of amendments as per finance budget 2016 presented by mr arun jaitely. Click here to know more about income tax deduction available under section 80c to 80u of the income tax act for ay 201819, ay 201920, ay 201716. List of income tax deductions for individuals 201920 aubsp. Deductions under chapter vi a of income tax act for fy. List of tax deductions under section 80 of income tax. Income tax return filing forms for ay 201617 fy 201516.
It is deductible from incometax before calculating education cess. This modification facilities accommodation of the additional deduction of inr50,000 which is effective from ay 2016 17. Discuss income tax benefits on home loan interest in fy 201617 in detail. Apr 26, 2016 income tax calculator for financial year 201516 assessment year 2016 17 in excel format attached is the income tax calculator with flexi allocation kit for the fy 2015 2016. Below are the income tax slab rates for fy 201617 or ay 2017 18. 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 201617 deductions allowed from the salary income as per finance act 2016 eligible deductions to salaried income under chapter 16 and chapter via of income tax act. Section 80c income tax deduction under section 80c. Surcharge shall not exceed the amount of income that exceeds rs. The impact of deductions available under various sections of income tax act is not same for all. Click here to save tax with hdfc lifes various online insurance products. Deductions allowable to tax payer income tax department. It depends upon applicable tax rates as per the total taxable income and status of assessees.
553 4 462 1513 1466 1091 777 521 275 911 166 399 750 1085 1477 102 1325 10 751 400 1477 575 993 297 1256 226 844 258 483 85 339 655 1122 972 939 34 1267 836 441 1014 850 191 32 363 487 1059 6