The income tax act 1961 is the law that governs the provisions for our income tax. Attached is the income tax calculator with flexi allocation kit for the fy 2015 2016. The various investment avenues or expenses that can be claimed as tax. Section nature of deduction remarks 80ccc payment of premium for annuity plan of lic or any other insurer deduction is available upto a maximum of rs. 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. A refundable tax credit means you get a refund, even if its more than what you owe. Edition based on provisions applicable for ay 2016 17 2. Income tax slabs income tax rates and deductions for fy 2017. Income tax return filing for ay 201617 fy 201516 can.
We have not gone through income tax forms in detailed. Learn income tax deductions for itr fy 2016 17 for. The income tax deduction reduces your gross total income means the income on which tax has to be paid. Therefore, any amount deposited under any scheme taken for the differently abled dependent will be entitled to income tax exemption. Deductions under this chapter cannot be claimed against long term capital gains, short term capital gains. Chapter vi a deductions for fy 201516 ay 201617 for individuals. Excel income tax calculator ay 201617 to compute income tax on all heads of income including special tax rates income and agricultural income. Instructions to form itr2 ay 201617 page 1 of 10 instructions for filling out form itr2 these instructions are guidelines for filling the particulars in this return form. You can also search home loan interest deduction in income tax ay 201617 on the internet. The income tax rates are usually revised every year during the budget. Under section 80c, the maximum tax exemption limit is rs 1. Incometax slab rates for individual for fy 201516 ay.
Comparison of income tax slabs for fy 201718 and fy 201617. Chapter vi a deductions for fy 201516 ay 201617 for individuals section eligible assessee particulars remarks. Get income tax slab rates and income tax deductions in india for assessment year ay 201617. The income tax act, 1961, and the income tax rules, 1962, obligates citizens to file returns with the income tax department at the end of every financial. For this purpose, sukanya samriddhi account scheme has been notified vide notification no. The constitution of india schedule vii union list entry 82 has given the power to the. Income tax final statement for the financial year 201617assessment year 201718ghs muttom blog. Whatever you earn in any previous year are grossly added under the five different heads of income as specified under section 14 of the incometax act, 1961 which results the gross total income gti. For the assessment year 2016 17, a partnership firm including llp is taxable at 30%. It depends upon applicable tax rates as per the total taxable income and status of assessees. You may also calculate your interest by looking out for home loan tax benefit calculator. Hence this provision continues for ay 201617 as well.
Apr 15, 2020 a deduction from an income tax point of view is the investmentexpenditure that helps in reducing the tax payable. Act from the gross total income of the assessees having income from salaries. Subscription to any notified security or notified deposit scheme of the central government. For financial year 201617 department has merged the different itr and numbering of itr has been changed and after read more. Income tax calculator for fy 201516 ay 201617 excel based the union budget for 2015 was presented today by arun jaitely. First time tax payers on home loans get an additional exemption of rs.
This deduction is primarily for those who need to get treatment. Discuss income tax benefits on home loan interest in fy 2016 17 in detail. 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. Amount may be paid or deposited any time during the previous year, but the deduction shall be available on so much of the aggregate of sums as do not exceed the total income chargeable to tax during the previous year. Tax deductions and tax credits are tools available to policymakers to. March 1 to 15, 2016 u taxmanns corporate professionals today u vol. Income tax exemptions for salaried employees fy 201920. Income tax deduction 80tta ay 201718 tax deductions ay 201617. 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. Normal rates of tax applicable to all individuals who are less than 60 years of age. Though aarav can still file income tax return for fy 201516. Hdfc life provides the latest income tax slab rates and deductions in india for tax payers. Chapter vi a deductions and tax slab rates for fy 20152016 ay 2016 2017 for individuals.
Jun 27, 2017 in this video you will learn what are the deductions under income tax act for a salaried person which help you to calculate your income tax return fy 2016 17 year end march 2017 ay 201718. Senior citizen individual resident who is of the age of 60 years or more but below the age of 80 years at any time during the previous year. The chart given below describes the deductions allowable under chapter via of the i. 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. Subtract tax deductions from your income before you figure the amount of tax you owe. Deductions of about rs 1, 00,000 can be claimed if the dependent is suffering from any severe disability. Ppf public provident fundepf employees provident fund five year bank or. Now you can scroll down below n download income tax calculator for ay 201617 in excel format. 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. From fy 201718 ay 1819, the surcharge for individuals is applicable as follows. We can know more about online income tax return filingfy 201516 ay 201617 watch this video to know more about income tax return filing. In case if your tax liability is less than rs 5,000 for fy 201617, the rebate us 87a will be restricted up to income tax liability only. Systematic approach to incometax, service tax and vat.
Chapter vi a deductions and tax slab rates for fy 2015. Here is a list of income tax deductions for ay 201819 as per various sections of the income tax act, 1961. Income tax department has issued the income tax return for fy 201617 i. However, this loss cannot be carried forward to next year using this form. 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. Itr v acknowledgement ay 201617 income tax department. 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. Various deductions that are allowed to a taxpayer under section 80c, section 80d etc. Income tax 201617 deductions allowed from the salary. Income tax benefits in fy 201617 on home loan interest. Download income tax calculator for ay 201617, hi friends download latest income tax calculator for ay 201617. India itr easy way to file income tax return in india. Income tax rates for financial year 201617 taxmann.
Attached is the income tax calculator with flexi allocation kit for the fy 20152016. Income tax deductions fy 201617 ay 201718 most important. Chapter vi a deductions and tax slab rates for fy 20152016. The amount of rebate is 100 per cent of incometax or rs. Apr 04, 2016 the first question falls in your mind is what is your tax slab for fy 201516. Jun 11, 2016 chapter vi a deductions for fy 201516 ay 2016 17 for individuals section eligible assessee particulars remarks. Income tax calculator for financial year 201516 assessment year 201617 in excel format. Here is a primer on income tax slab rates for ay 2016 17. Section 80c deductions latest income tax deductions.
Income tax exemptions benefits rebates for fy 2016 17 ay 201718. Surcharge on total income in fy 201617 ay 1718, the surcharge for individuals is applicable for those who have total income over rs. Income tax deductions 201617 under various sections for tax planning. Here are income tax deductions taking effect of amendments as per finance budget 2016 presented by mr arun jaitely. 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. Here is the list of exemptions and deductions that a taxpayer will have to give up. The first question falls in your mind is what is your tax slab for fy 201516. Download income tax slabs for individual, huf, company, aop, foreign company with surcharge details. Download itr1 sahaj form for ay 201617 for salaried. 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. Rates for deduction of incometax at source from salaries, computation of advance tax and charging of incometax in special cases during the. These are very important deductions which you should not ignore.
Which income tax return filing forms for ay 201617 is to use. All of us go through the same dilemma of finding out which is the most appropriate method of reducing our income tax liability. 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. The chart given below describes the deductions allowable. Eligible assessees can claim these deductions under the income tax act. But the tax slabs have not been changed for the last few years. Deductions under section 80c total income signature rebate under section 87a tax after rebate. Benjamin franklin once rightly opined in this world nothing can said to be certain, except death and taxes. Here is a primer on income tax slab rates for ay 201617. We are tax consultants based in delhi and provide itr filing services, company registration, pan, tds, service tax, esi, epf registration and returns. Income tax deductions fy 2016 17 section 80c the maximum tax exemption limit under section 80c has been retained as rs 1.
Simple income tax calculator cum flexi allocation kit, for the use of salaried employees of govt and private sector, basis the latest budget proposals. Section 80ddb includes tax deductions for specified diseases for individuals and huf. Hence this provision continues for ay 2016 17 as well. List of income tax deductions for individuals 201920 aubsp.
Whatever you earn in any previous year are grossly added under the five different heads of income as specified under section 14 of the income tax act, 1961 which results the gross total income gti. If you are earning below rs 5 lakh, you can save an additional rs 3,000 in taxes. Following are the income tax slab rates and deductions for different categories of. Jun 12, 2017 income tax deductions for fy 2016 17 ay 201718. Indian finance minister, shri arun jaitley has tabled today, the union general budget 201617 in the parliament.
An assessee, whose income is taxable at higher rates will have more tax savings i. 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. The sums paid or deposited need not be out of income chargeable to tax of the previous year. Part c deductions and taxable total income refer to. However, the surcharge shall be subject to marginal relief where income exceeds one crore rupees, the total amount. This calculator is exclusively designed for bank employees based on the 10th bipartite settlement with additional calculation of income tax on arrears. 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. The impact of deductions available under various sections of income tax act is not same for all. 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.
The maximum tax exemption limit under section 80c has been retained as rs 1. Ay is assessment year latest income tax slab rates for fy 2016 17. It is deductible from incometax before calculating education cess. Which income tax return filing forms for ay 2016 17 is to use. Download income tax slab for ay 201617 in pdf, download latest income tax slab rates for fy 201516 or income tax slab rates for ay 201617. To reduce their tax burden, tax payers can claim deduction of up to rs.
Deductions under chapter vi a section 80c, 80d, 80e. Cbdt has released new income tax return form for assessment year 201617. In below chart, i explained it for your simplification. Instructions for sahaj income tax return ay 201617 general. Edition based on provisions applicable for ay 201617 2. This income tax calculator is prepared by rohit goyal. Systematic approach to income tax, service tax and vat. Jul 27, 2016 here are income tax deductions taking effect of amendments as per finance budget 2016 presented by mr arun jaitely. Income tax exemptions benefits rebates for fy 201617 ay 201718. Apr 26, 2016 income tax calculator for financial year 201516 assessment year 2016 17 in excel format. Deductions allowable to tax payer income tax department. Bharat law ravi gupta house, t195, mangolpuri industrial area, phase i, new delhi110 083. In case of any doubt, please refer to relevant provisions of the income tax act, 1961 and the income tax rules, 1962.
Deductions under chapter vi a of income tax act for fy. 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. Surcharge shall not exceed the amount of income that exceeds rs. Jan 29, 2016 tax planning tools in india for ay 2016 17,chapter via deductions for ay 2016 17,tution fee,home loan,sukanya samridhi account, income tax saving scheme. Finance bill 2015 is silent on the section 87a, which was introduced by finance bill 20 with effect from ay 201415 and provides a rebate of rs. A deduction from an income tax point of view is the investmentexpenditure that helps in reducing the tax payable. Below are the income tax slab rates for fy 201617 or ay 2017 18. Tax deductions like 80c, 80d etc would be claimed keeping in mind those available in the fy 201516. Sahajincome tax return form for salaried persons the sahaj itr1 form is an essential income tax return form for indian citizens filing their tax returns with the income tax department. May 28, 2018 income tax deductions 201617 under various sections for tax planning. For the assessment year 201617, a partnership firm including llp is taxable at 30%. Edition based on provisions applicable for ay 2016 17 3.
Section 80c limit,80ccd,80d,24b,80e,80g,80ee,87a,80tta. Incometax slab rates for individual for fy 201516 ay 201617. Therefore, the process of electronically filing your income tax returns is known as efiling of returns. Get income tax slab rates and income tax deductions in india for assessment year ay 2016 17. Know income tax deductions for salaried employees 201819 and 201920 or income tax exemptions for salaried employees for assessment year 202021. Tax rebate under section 87a has been raised from rs 2,000 to rs 5,000 for fy 201617 ay 201718. For the assessment year 201617, individuals earning an income up to. Deductions under chapter vi a of income tax act for fy 2019.
In this video we have explained the benefits of deductions from section 80 c to 80. Income tax deductions fy 201617 section 80c the maximum tax exemption limit under section 80c has been retained as rs 1. A nonrefundable tax credit means you get a refund only up to the amount you owe. Section 80a of the income tax act specifies that the amount of such deductions shall not exceed the amount of gross taxable income of the assessee. Income tax deduction sections 80c to 80u for fy 201819 and 201920. Income tax benefits in fy 201617 n home loan interest.