Thursday, 19 January 2017

INCOME TAX SOFTWARES -2016-17

KSS PRASAD IT FY 2016-17 SOFTWARE          PUTTAS IT FY 2016-17 SOFTWARE


   Income Tax 2016-17 Information
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 paid on 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.
 For individuals below the age of 60 and HUF:
Income Tax Slabs
Income Tax Rates
Rs.0 to  Rs.2,50,000.
-NIL-
 Rs.2,50,001 to Rs.5,00,000.
10% of the amount by which it exceeds Rs.2,50,000.
 Rs.5,00,001 to  Rs.10,00,000.
20% of the amount by which it exceeds Rs.5,00,000.
Total income greater than Rs.10,00,000.
30% of the amount by which it exceeds Rs.10,00,000.

For all individuals above the age of 60 – Senior Citizens
Income Tax Slabs
Income Tax Rates
Total income less than Rs.3,00,000.
-NIL-
Rs.3,00,001 to Rs.5,00,000.
10% of the amount by which it exceeds Rs.3,00,000.
Rs.5,00,001 to  Rs.10,00,000.
20% of the amount by which it exceeds Rs.5,00,000.
Total income greater than Rs.10,00,000.
30% of the amount by which it exceeds Rs.10,00,000.

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.
  • Provident Fund (PF) & Voluntary Provident Fund (VPF) 
  • Postal Life Insurance ( PLI ) 
  • APGLI / TGLI 
  • Life Insurance Premiums 
  • Unit linked Insurance Plan 
  • Public Provident Fund (PPF) 
  • National Savings Certificate (NSC) 
  • Home Loan Principal Repayment & Stamp Duty and Registration 
  • Tuition 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 bonds 
  • 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.20,000/- for self,spouse and children ) (Rs30000/- 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



  1. CPS Teachers and Employees clarification of Income Tax Additional Benefit of Saving in 80 CCD ( 1B) as per Vide F No. PR CCIT/Tech/67/2015-16 Dated 12.2.2016 Income Tax Department has given clarification regarding CPS Deductions under 80 CCD (IB) and for CPS (NPS) Employees. The Important Clarifications useful when the CPS Deductions exceeds Rs.50000/- and also when the Total Deductions exceeds 1,50,000/- excluding CPS Deductions.
  2. Employees have savings Rs. 1,50,000 under80C excluding CPS Deductions, Then the Employee can show their CPS Deductions, under 80 CCD(IB), which is over the 1,50,000 Limit. This is useful for the Senior Employees whose Total Savings excluding CPS Deductions under 80C are more than 1.50 Lakhs.
  3. If the Employee have less than 1.5 Lakh savings in 80C and exceeds 50,000 towards CPS (NPS), then the Employee can split their CPS Amount to 80CCD(1) and 80CCD(IB).
  4. CPS Employees income tax 2016 -17 Clarification of 80CCD 1B Copy Download

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