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#AP TS Employees Income Tax Software 2015-16

#AP TS Employees Income Tax Software 2015-16 . AP TS Employees Income Tax Software Financial Year 2015-16 Financial Year 2015-16 Assessment Year 2016-17
AP TS Employees Income Tax Software 2015-16 Income Tax 2015-16 Information:
AP TEACHERS, TS TEACHERS INCOME TAX
Finance Act 2014 has made following changes relating to determination of Income Tax payable by Salaried Employees:
1. Taxable Income eligible for full exemption from income tax increased from Rs. 2 lakh to Rs. 2.5 lakh
2. Additional deduction of Rs. 50,000 under Section 80 C, CCC, CCD(1): Deduction allowed under Section 80C, 80CCC, and Section 80 CCD(1) for savings/investments, premium for annuity / pension fund and employee contribution to NPS respectively has been increased to Rs. 1.5 lakh from Rs. 1 lakh (Section 80CCE Limit)
3. Income Tax exemption on Interest paidon housing loan under Section 24 of the Income Tax Act increased from Rs. 1.5 lakh to Rs. 2 lakh
4. In addition to above three new changes, Income Tax Rebate of Rs. 2000 for taxable income up to Rs. 5 lakh continues this year also under Section 87A of Income Tax Act"Finance Act 2013 provided relief in the form of rebate to individual taxpayers, resident in India, who arein lower income bracket, i. e. having total income not exceeding Rs 5,00,000/-. The amount of rebate is Rs 2000/- or the amount of tax payable, whichever is lower. This rebate is available for A.Y. 2015-16 and subsequent assessment years.




"Note: House rent receipt is compulsory when across Rs.36000/ per annumUpdated On October 10th, 2015
I) Income Tax Slabs
For Men & women employees
Upto Rs. 2.5 Lakhs Nil

From Rs. 2.5 to 5 Lakhs@ 10%

From Rs. 5 to 10 Lakhs @20%

Above Rs. 10 Lakhs @30%

For senior citizens above 60 yrs.

Upto Rs. 3 Lakhs Nil

From Rs. 3 to 5 Lakhs @ 10%

From Rs. 5 to 10 Lakhs@20%

Above Rs. 10 Lakhs @30%

II) Surcharge & Cessess :

i) Surcharge @ 0% will be levied below Rs. 1 crore

ii) Education Cess @ 3% on I.T. paid.

III) 100% Exemption from Income :

  1. HRA as per formula u/s 10, (without counting D.A.)
  2.  Con-veyance allowance u/s 10 Rs. 3,200/- p.m. 
  3.  Medical Reim-bursement, 
  4. P.T. u/s 16, 
  5.  Housing Loan interest upto Rs.1.5 Lakh u/s 24 (borrowed after 1-4-99) / interest upto Rs. 2 Lakh u/s 24 (if borrowed after 1-4-2014) 
  6.  Interest on Education loan taken for self or dependents (spouse, son, daughter, brother) u/s 80E, 
  7.  contributuin to CMRF/PMRF/U/s 80G,
  8.  P.P.F. Interest, (ix) Retirement benefits.
  9. LTC, (xi) LPGsubsidy



IV) Deductions allowed under chapter VIA from Income :

  1. Health Insurance premium of self & Dependents upto Rs.25,000/ p.a. U/s 80D ( Rs. 30,000/- in case of senior citi-zens
  2.  Expenses of Medical Treatment of Handicapped Depen dent upto Rs. 75,000/ 80DD (for disability 80% or more deduction in Rs.1,25,000/)
  3.  Expenses of Medical Treatment for cancer, Heart, Nuero, AIDS, chronic Renal failure, Haemophilia for self or dependent upto Rs. 40,000/- U/s 80DDB (Form 10-1 need no be enclosed from the Govt. Civil Surgeon from Fy 15-16) Rs.60,000/- for senior citizen (DDOs CAN NOT ALLOW IT)
  4. Physically Handicapped assessee (proper certificate should be enclosed) upto Rs. 75,000/- (for more than 80% disability Rs. 1,25,,000/-) may be exempted from income U/s 80U.

V) TOTAL DEDUCTIONS UPTO 1.5 LAKH ONLY

i) Amount deposited for getting pension scheme upto Rs.1,50,000/- U/s 80CC (Ex. LIC, Pension Fund)
ii) Premium to Contributory pension scheme upto 10% of the salary U/s 80CCD
iii) U/s 80C SAVINGS (Total Rs. 1.5 Lakh only)LIC + PF +APGLI + NABARD BONDS + TAX SAVINGS Bonds + FIXED DEPOSITS FOR MORE THAN 5 YEARS + HOUSING LOAN PRINCIPLE + GIS + PLI + ICICI BONDS + IDBI BONDS +TUITION FEES OF TWO CHILDREN (limited to 1.5 Lakh)+ Sukanya Samrudhi Yojana (Maximum 1.5 lakhs) MAY BE deducted FROM INCOME UPTO Rs. 1.5 Lakh (savings, U/s
80CC+80CCD+80C should be less than Rs. 1,50,001/- only.

VI)NEW SECTION 80 CCG FROM FINANCIAL YEAR 2014-15:

Maximum savings @ Rs. 25,000/- ( on 50% of Rs. 50,000/-investment) for savings under Rajiv Gandhi equity share U/s 80CCG from this financial Year . Hence the limit of 80C + 80CC + 80CCD + 80CCG = 1.75 lakhs).

VII) u/s 80EE :- 
deduction of an amount maximum Rs.1 lakh is allowable in respect of interest payable on home loan if it sanctioned in fy.2013-14 not exceeding Rs. 25 lakhs and the interest claimed for deduction under this section cannot claimed u/s 24.
Income Tax Model Calculation  Financial Year 2015-16 (A. Y. 2016-17).
Details of income Tax Calculation for the salaried for the Financial Year 2015-16, Assessment Year 2016-17

Pay Rs. 8,36,400

D.A. Rs. 3,58,500

H.R.A. Rs. 1,28,000
Total Rs. 13,22,900
C.C.A. Rs. -----

Total Rs. 13,22,900
H.R.A. (as per formula) (-) Rs. 92,000

P.T. (-) Rs. 2,400

Housing loan interest (-) Rs. NIL

CMRF/PMRF (-) Rs. NIL

PH allowance (-) Rs. NIL

Medical Reimbursement (-) Rs. NIL

EWF/SWF (-) Rs. 70

Interest on educational loan U/s 80E (-) Rs. 42,500

Health insurance premium U/s 80D (-) Rs. 13,400

Total (-) Rs. 1,50,370

Gross Income Rs. 11,72,530

Deductions under chapter VI A

1) U/s 80CC NIL
2) U/s 80CCD NIL
3) U/s 80U NIL
4) U/s 80C

a) Housing loan principle NIL
b) P.F. 63,000
c) GIS 720
d) APGLI 12,000
e) LIC 38,460
f) PLI 5,400
g) NSC Bonds 12,000
h) PPF 12,000
i) Tuition Fees (2 children) 32,000
 limited to (-) 1,50,000

5) U/s 80CCG (RGESS) NIL
Net Income Chargeable under Head salaries
(Gross Income - Total deductions allowed) Rs. 10,22,530 Net Income Chargeable under Head salaries
(Gross Income - Total deductions allowed) Rs. 10,22,530 Total 1,75,580

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