section 80c of income tax act for ay 2015-16

 

 

 

 

Section 80CCC of Income Tax Act 1961 deals with the tax deduction for amount paid during the financial year in respect of contributions towards certain specified Pension Plans by an individual assesses. CBDT has notified Income Tax Return (ITR) forms for AY 2015-16.Every individual whose total income before allowing deductions under Chapter VI-A of the Income-tax Act, exceeds the maximum amount which is not chargeable to income tax is obligated to furnish his return of income. Wealth Tax Has been Abolished in the Budget for 2015-16. Changes that were effected from earlier year ie the FY 2014-15 (AY 2015-16). Investment limit under section 80C of the Income-Tax Act raised from Rs.1 lakh to Rs. Section 80C, Income-tax Act, 1961-2015. B.—Deductions in respect of certain payments.7th Pay Commission Children Education Allowance Order Certain Grey Areas in the OM dated 16.08.2017. Section 80C, 1,50,000 deduction can avail only on the AY 2015-16, ie, earn the income from 1st april 2014 to 31st march 2015.view more ». Browse by Category. Income Tax. Audit. Students. AY is Assessment Year). Latest Income tax Rates for FY 2015-16.Payments (Interest maturity amounts) on Sukanya Samriddhi Account Deposit Scheme is exempted from Income Tax Under Section 80c. Wealth Tax Has been Abolished in the Budget for 2015-16. Changes that were effected from earlier years, i.e the FY 2014-15 ( AY 2015-16).

Investment limit under section 80C of the Income-Tax Act raised from Rs.1 lakh to Rs. Section 80C of the Income Tax Act allows certain investments and expenditure to be tax-exempt. The total limit under this section is Rs 1 lakh. Included under this heading are many small savings schemes like NSC, PPF and other pension plans. The Income Tax Act, 1960 allows you to save tax by investing your income. Depending on where you invest , the maximum amount, section of Income tax act which governs it changes For example Related Articles: Income Tax for AY 2015-16: Tax slabs, ITR Forms. September 16, 2014 at 3:13 pm Reply. Yes tution fee comes in section 80 C deductions.Income Tax for Pensioners on Pension Amount.

Section 80DD of Income tax act. Section 80TTA of income tax act. Most popular Articles. Income Tax Exemption on Housing Loan (143). Learn the essentials of Section 80C on Income Tax Act. Check various deductions under Section 80C.An additional exclusive tax benefit of Rs.50,000/- u/s 80CCD (1B) per assessment year (applicable from FY 2015-16/AY 2016-17) for NPS investments. Section 80D of the Income Tax Act, 1961 provides tax benefits on the Health Insurance policies.Starting from the financial year 2015-16, the maximum limit of deduction was increased from INR 1,00,000 to INR 1,50,000. For AY 2015-16 and AY 2016-17 the basic income tax exemption limit for the both is as under: Senior Citizen Rs.(a) Deduction in respect of Senior Citizen Saving Scheme [ Section 80C ] Under section 80C a deduction up to Rs. According to section 80C of income tax act, a maximum amount of Rs. 1, 00,000 can be availed under section 80C, 80CCC or 80CCD(1). So, if youNitin Arora January 16, 2015 at 9:45 pm. my kids are studying in a school which is not recognized with any authority . Can i claim deduction under 80 c. Tax slab for the assessment year 2015 16 for. Individuals aged below 60 years. Taxable income.Life Insurance policies are also a tax saving option under Section 80C. The premium paid under life insurance is exempted from tax. Fixed Deposit. Income Tax Act 2017-18, AY 2018-19, IT Calculation-Salaried Employees.Gaikwad Rama Rao 1 January 2015 at 16:12. Please designe Income Tax Software that will be use full all government employees not only Teachers. Author: admin Category: Personal Income Tax 7 Dec 16. Section 80 C of Income Tax Act, 1961 specifies qualifying investments/ payments eligible to be considered for deduction from gross income. Claim 1.5 Lakh deduction under section 80C of Income-tax Act, 1961-2016 for AY 2017-18 in respect of certain payments made in previous year 2016-17.In other words, you may claim deduction up to 1.5 Lakh u/s 80C from financial year 2014-15 relating to assessment year 2015-16. I would request you to clarify whether the amount paid by her towards that policy can be claimed as deduction from my income under Section 80C clause (i) of the Income Tax Act for the financial year 2015-16 (AY 2016-17) This is in addition to deduction of Rs 2,00,000 allowed under section 24 of the income tax act for a self-occupied house property.For financial year 2015-16 for very senior citizens Rs 80,000 is the maximum deduction that can be claimed. Investment limit under section 80D of the Income-tax Act raised from 15,000 to 25,000 for individual other than senior citizen and the limitThe following tax benefits have been envisaged in the Sukanya Samriddhi Account scheme: Page 2. Direct taxes. Union budget 2015-16. dr. mcr hrd institute,hyd. Laws applicable: Income tax act,196170,000 admitted during 2014-15 AY.Proposed to increase the above amount by Rs.25,000 for the FY 2015-16. Under section 80 E. It is high time now to invest and get the benefit defined under Chapter VI-A: section 80C to 80U of income tax act.Section 80 CCD (1B). This section is new and announced in Budget 2015-16. Income-tax deduction from salaries. During the financial year 2015-16 assessment year 2016-2016. Under section 192 of the income-tax act, 1961. This is in addition to deduction of Rs 2,00,000 allowed under section 24 of the Income Tax Act for a self-occupied house property. . Medical Insurance Parents more than 60 years old or (from FY 2015-16) uninsured parents more than 80 years old, Rs. Income tax filing for ay 2015-16. hi sir my friend have to file file for ay 2015 16 he have tds credit of 11000 he can file now his salary and other income is 416000 deduction us 80c is 94000 net refund is 6500 i try to file online there is asking are you filing u s ses 119 2 b 92 cd option is yes or no. ncome Tax Slab AY 2015-16 Income Slabs Tax Rates Less than Rs.All about section 80E of Income Tax Act, 1961. Salary TDS Calculator in Excel for AY 2019-20 FY 2018-2019. Complete Coverage of Input Tax Credit in Simplified Language. Understanding 80c deductions of the Income tax act. What is Section 80C?For Example:Assuming you earned a gross total income of 10,00,000 as taxable income in P.Y. 2015-16 (Assessment Year will be 2016-17 when you will estimate and pay the tax on this income). Introduction: Under Income tax act Section 80C is important section and need to be known by every tax payer. The reason behind this knowledge about this section will save you income tax secure your future also through savings. 16,232 Views. 0 comment. The Central Government have approved Jeevan Akshay-VI Plan of the Life Insurance Corporation of India as an annuity plan eligible for deduction under clause (xii) of sub-section (2) of section 80C of the Income Tax Act, 1961. To reduce their tax burden, tax payers can claim deduction of up to Rs. 1.50 lakh under Section 80C.income tax slab AY 2016-17 financial year slab for 2015-16 assessment year 2016-17 Income tax slabs. Income-tax deduction from salaries. During the financial year 2015-16 assessment year 2016-2016. Under section 192 of the income-tax act, 1961. Filing of Income Tax Returns in India May 1, 2015. Tax Exemption under Section 80C May 15, 2015.How to e-File ITR without Form-16? View All ? Different Sub-Sections of Section 139 of Income Tax Act 1961. Section 139(1) -- Mandatory and Voluntary Returns.FORM 16B. From financial year 2015-16 onwards, an additional deduction of Rs.The disabilities for which the deductions under Section 80DD Section 80U are allowed have also been defined in the income tax act. Under Section 80C of the Income Tax Act of 1961, a taxpayer is allowed certain deductions that allow him to lower his tax liability against his taxable income. These deductions are as per Budget 2016 and are applicable for AY 2014-15, AY 2015-16, AY 2016-17, and AY 2017-18. A quick summary of Section 80CCD of Income tax Act 1961.15. VAT Lecture 1 - AY 2017-18 Indirect Taxes | by CA Raj K Agrawal - Duration: 2:37:41.Depreciation Allowance under Income Tax Act Assessment Year 2015-16 for CA IPCC Video Classes - Duration: 39:59. Chapter VIA deductions specified in sections 80C to 80U of Income-tax Act to be allowed while computing taxable income for Financial years 2016-17 onwards.Chapter VIA (Sections 80C to 80U) Deductions for AY 2017-18. 12. with effect from assessment year 2015-16. 13. Where deduction is claimed under this section, deduction in relation to same amount cannot be claimed under section 80C.what is section 10(10d) of income tax act. All Air (Prevention And Control of Pollution) Act, 1981 Apprentices Act, 1961 Arbitration And Conciliation Act, 1996 Banking Cash Transaction Tax Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 Central Boards of Revenue Act This is in addition to deduction of Rs 2,00,000 allowed under section 24 of the Income Tax Act for a self-occupied house property.This is a fixed deduction and not based on bills or expenses. For financial year 2015-16 The deduction limit of Rs 50,000 has been raised to Rs 75,000 and Rs 1,00 FAQ on Medical Insurance Premium deduction available under section 80D of Income Tax Act, 1961.Santosh July 16, 2015 at 12:51 pm. Contributions made to certain relief funds and charitable institutions can be claimed as a deduction under Section 80G of the Income Tax Act.I have a doubt. I am a Govt employee. My gross salary for FY 2015-16 is 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.This rebate is available for A.Y. 2015-16 and subsequent assessment years." Calculate Income Tax, Educational Cess, Surcharge, Eligible Deductions, taxable Income, Slab-wise Income of Individuals and HUFs for 2014-15 (AY 2015-16).Allowances Exempt under Section 10 ( Not to be added to Total Income from Salary chargeable to Income Tax ). 5.00 lakh continues this year also under Section 87A of IT Act. A brief on all eligible IT exemptions applicable for the year 2014-15 is as followsHow to Pay Less Income Tax Post-Budget 2017 and Beyond. IT 2015-16 Changes Relevant to Salaried Employees. The Income tax deduction can be claimed only if the loan has been taken from specified financial institutions or your employer a public limited company.The total limit of Deduction u/s 80C is Rs.

150000/- from AY 2014-15. Under this section of Chapter VIA, a number of small deductions are Income Tax 2015-16 Information: Finance Act 2014 has made following changes relating to determination of Income Tax payable by1 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. Further section 139 of the Income tax also provide the person who are required to file the compulsory return of Income tax .than maximum amount which is not chargeable under Income Tax Act ie Rs 2,50,000 for Ay 2015-16. IT Slabs for FY 2014-15 AY 2015-16. To know Options where you can save tax U/s 80C Click here to know more Tax saving options beyond 80C Click here.No relaxation in tax paying for Women. As per the section 4 of the income tax act, Tax should be paid in annual income.

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