Income Tax Software Financial Year 2015-16 Assessment Year 2016-17
Income Tax 2015-16 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 lakh2. 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
"Finance Act 2013 provided relief in the form of rebate to individual taxpayers, resident in India, who are in 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 annum
Updated On October 10th, 2015
Income Tax Software 2015-16 for AP and Telangana
| S.No | Software Name | Financial Year | Assessment Year | Prepared By | Download here | Updated on |
|---|---|---|---|---|---|---|
| 1 | Income Tax Software | 2015-16 | 2016-17 | Putta SrinivasReddy | Download | New |
| 2 | Income Tax Software | 2015-16 | 2016-17 | B. Srinivasa Chary | Download | New |
| 3 | Income Tax Software | 2015-16 | 2016-17 | KSS Prasad | Download | |
| 4 | Income Tax Software | 2015-16 | 2016-17 | KSS Prasad | Download | New |
| 5 | Income Tax Software for AP | 2015-16 | 2016-17 | Vijay Kumar | Download | New |
| 6 | Income Tax Software for TS | 2015-16 | 2016-17 | Vijay Kumar | Download | New |
| 6 | Income Tax Software for Those who are staying in Govt. Quarters | 2015-16 | 2016-17 | Vijay Kumar | Download | |
| 6 | Income Tax Software for Agency Areas | 2015-16 | 2016-17 | Vijay Kumar | Download | |
| 7 | Income Tax Software | 2015-16 | 2016-17 | Ramanjaneyulu | Download | |
| 8 | Income Tax Software | 2013-14 | 2014-2015 | Download |
Income Tax Software 2014-15 for AP and Telangana
| S.No | Software Name | Financial Year | Assessment Year | Prepared By | Download here | Updated on |
|---|---|---|---|---|---|---|
| 1 | Income Tax Software | 2014-15 | 2015-2016 | Putta SrinivasReddy | Download | New |
| 2 | Income Tax Software | 2014-15 | 2015-2016 | B. Srinivasa Chary | Download | New |
| 3 | Income Tax Software | 2014-15 | 2015-2016 | KSS Prasad | Download | |
| 4 | Income Tax Software | 2014-15 | 2015-2016 | KSS Prasad | Download | New |
| 5 | Income Tax Software for AP | 2014-15 | 2015-2016 | Vijay Kumar | Download | |
| 6 | Income Tax Software for TS | 2014-15 | 2015-2016 | Vijay Kumar | Download | |
| 6 | Income Tax Software for Those who are staying in Govt. Quarters | 2014-15 | 2015-2016 | Vijay Kumar | Download | |
| 6 | Income Tax Software for Agency Areas | 2014-15 | 2015-2016 | Vijay Kumar | Download | |
| 7 | Income Tax Software | 2014-15 | 2015-2016 | Ramanjaneyulu | Download | |
| 8 | Income Tax Software | 2013-14 | 2014-2015 | Download |
Income Tax 2014-15 Assessment 2015-2016
RATES OF TAX
A. Normal Rates of tax - Every Individual Less than of the age 60 Years
B. Every Individual up to 60 years to Less than of the age 80 years:
Rates of tax for every individual, resident in India, who is of the age of sixty years or more but less than eighty years at any time during the financial year:
C. In case of every individual being a resident in India, who is of the age of eighty years or more at any time during the financial year:
Income Tax Assessment 2015-2016
Section 80C:
Section 80CCG:
As per the Budget 2012 announcements, a new scheme Rajiv Gandhi Equity Saving Scheme (RGESS) will be launched. Those investors whose annual income is less than Rs. 10 lakh (proposed Rs. 12 lakh from A.Y. 2015-16) can invest in this scheme up to Rs. 50,000 and get a deduction of 50% of the investment. So if you invest Rs. 50,000 (maximum amount eligible for income tax rebate is Rs. 50,000), you can claim a tax deduction of Rs. 25,000 (50% of Rs. 50,000).
Section 80E:
Deduction in respect of Interest on Loan for Higher Studies
Section 80G:
Deduction in respect of Various Donations 100% or 50% without Restrictions.
Section 80GGC:
Deduction in respect of contributions given by any person to political parties
Source:Income Tax of India
More details on IT Calculations - Download Income tax of India Circular
RATES OF TAX
A. Normal Rates of tax - Every Individual Less than of the age 60 Years
| S.No. | Income in 2014-15 | Tax |
|---|---|---|
| 1 | Upto Rs. 2,50,000/- | No Tax ( Nil ) |
| 2 | Between Rs.2,50,001 to 5,00,000 | 10% (Total Income minus Rs.2,50,000) |
| 3 | Between Rs.5,00,001 to 10,00,000 | Rs.25,000+ 20% of (Total income minus Rs.5,00,000 lakhs) |
| 4 | Above Rs.10,00,000 | Rs. 1,25,000/- plus 30 per cent of the amount by which the total income exceeds Rs. 10,00,000/- |
B. Every Individual up to 60 years to Less than of the age 80 years:
Rates of tax for every individual, resident in India, who is of the age of sixty years or more but less than eighty years at any time during the financial year:
| S.No. | Income in 2014-15 | Tax |
|---|---|---|
| 1 | Upto Rs. 3,00,000/- | No Tax ( Nil ) |
| 2 | Between Rs.3,00,001 to 5,00,000 | 10% Income in excess of Rs.3,00,000 |
| 3 | Between Rs.5,00,001 to 10,00,000 | Rs.30,000+ 20% of income in excess of Rs.5,00,000 lakhs |
| 4 | Above Rs.10,00,000 | Rs.1,30,000+30% of income in excess of Rs.1,00,000 |
C. In case of every individual being a resident in India, who is of the age of eighty years or more at any time during the financial year:
| S.No. | Income in 2014-15 | Tax |
|---|---|---|
| 1 | Where the total income does not exceed Rs.5,00,000/- | No Tax ( Nil ) |
| 2 | Where the total income exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000/- | 20 per cent of the amount by which the total income exceeds Rs. 5,00,000/- |
| 3 | Where the total income exceeds Rs. 10,00,000/- | Rs. 1,00,000/- plus 30 per cent of the amount by which the total income exceeds Rs. 10,00,000/- |
Income Tax Assessment 2015-2016
| Net income range | Income-tax rates | Surcharge | Education cess | Secondary and higher education cess |
|---|---|---|---|---|
| Up to Rs.2,50,000 | Nil | Nil | Nil | Nil |
| Rs. 2,50,000 to Rs. 5,00,000 | 10% of (total income minus Rs. 2,50,000) | Nil | 2% of income-tax | 1% of income-tax |
| Rs. 5,00,000 to Rs. 10,00,000 | Rs. 25,000 + 20% of (total income minus Rs. 5,00,000) | Nil | 2% of income-tax | 1% of income-tax |
| Rs. 10,00,000 to Rs. 1,00,00,000 | Rs. 1,25,000 + 30% of (total income minus Rs. 10,00,000) | Nil | 2% of income-tax | 1% of income-tax |
| Above Rs.1,00,00,000 | Rs. 28,25,000 + 30% of (total income minus Rs. 1,00,00,000) | 10% of income-tax | 2% of income-tax and surcharge | 1% of income-tax and surcharge |
Section 80C:
- Life Insurance Premium
- Premium / Subscription for deferred annuity For individual, on life of self, spouse or any child .
- Sum deducted from salary payable to Govt. Servant for securing deferred annuity for self-spouse or child Payment limited to 20% of salary.
- Contribution made under Employee’s Provident Fund Scheme.
- Contribution to PPF For individual, can be in the name of self/spouse, any child & for HUF, it can be in the name of any member of the family.
- Contribution by employee to a Recognised Provident Fund.
- Sum deposited in 10 year/15 year account of Post Office Saving Bank
- Subscription to any notified securities/notified deposits scheme. e.g. NSS
- Subscription to any notified savings certificate, Unit Linked Savings certificates. e.g. NSC VIII issue.
- Contribution to Unit Linked Insurance Plan of a Mutual Fund
- Contribution to fund set up by the National Housing Scheme.
- Housing Loan Principal amount paid
- Tuition fees paid at the time of admission or otherwise to any school, college, university or other educational institution situated within India for the purpose of full time education of any two children. Available in respect of any two children.
Section 80CCG:
As per the Budget 2012 announcements, a new scheme Rajiv Gandhi Equity Saving Scheme (RGESS) will be launched. Those investors whose annual income is less than Rs. 10 lakh (proposed Rs. 12 lakh from A.Y. 2015-16) can invest in this scheme up to Rs. 50,000 and get a deduction of 50% of the investment. So if you invest Rs. 50,000 (maximum amount eligible for income tax rebate is Rs. 50,000), you can claim a tax deduction of Rs. 25,000 (50% of Rs. 50,000).
Section 80E:
Deduction in respect of Interest on Loan for Higher Studies
Section 80G:
Deduction in respect of Various Donations 100% or 50% without Restrictions.
Section 80GGC:
Deduction in respect of contributions given by any person to political parties
Source:Income Tax of India
More details on IT Calculations - Download Income tax of India Circular
