All in One TDS on Salary for Non-Govt employees for FY 2015-16 with Income Tax Deductions 2015 : Budget 2015 / 2016

Download Income Tax Calculator All in One TDS on Salary for Non-Govt Employees for the Financial Year 2015-16 and Ass Yr 2016-17. [ This Excel Utility can prepare at a time Tax Compute Sheet + Individual Salary Structure + Individual Salary Sheet + Automatic HRA Calculation + Automatic Form 16 Part A&B and Form 16 Part B + 12 BA for FY 2015-16]

Budget 2015 has been introduced in Parliament. The Finance Minister has kept the Personal Income Tax rates unchanged for the Financial Year 2015 /2016 (Assessment Year 2016-2017).

He has to introduce or extend the Tax Deduction limits Under few Sections of the Income Tax Act.

Let us understand all the important sections and new introduce with respect to ‘Income Tax Deductions 2015′. This list will help you in planning your taxes.

Income Tax Deductions 2015

Section 80C

The maximum tax exemption limit under Section 80C has been retained as Rs 1.5 Lakh only. The various investment avenues under this section are;

  • PPF (Public Provident Fund)
  • EPF (Employees’ Provident Fund)
  • Five year Bank or Post office Tax saving Deposits
  • NSC (National Savings Certificates)
  • ELSS Mutual Funds (Equity Linked Savings Schemes)
  • Kid’s Tuition Fees
  • SCSS (Post office Senior Citizen Savings Scheme)
  • Principal repayment of Home Loan
  • NPS (National Pension System)
  • Life Insurance Premium
  • Sukanya Samriddhi Account Deposit Scheme

Section 80CCC

Contribution to annuity plan of LIC (Life Insurance Corporation of India) or any other Life Insurance Company for receiving pension from the fund is considered for tax benefit. The maximum allowable Tax deduction under this section is Rs 1.5 Lakh.

Section 80CCD

Employee can contribute to Government notified Pension Schemes (like National Pension Scheme – NPS). The contributions can be upto 10% of the salary (or) Gross Income and Rs 50,000 additional tax benefit u/s 80CCD (1b) is proposed in Budget 2015. In FY 2014-2015, the maximum tax exemption allowed under Section 80CCD is Rs 1 Lakh only. In Financial Year 2015-2016 or Assessment Year (2016-2017), this will be Rs 1.5 Lakh (u/s 80 CCD 1 ) and additional exemption of Rs 50,000 u/s 80CCD (1b) will be allowed. ( To claim this deduction, the employee has to contribute to Govt recognized Pension schemes like NPS)

(10% of salary is applicable for salaried individuals and Gross income is applicable for non-slaried. The definition of Salary is only ‘Dearness Allowance.’ If your employer also contributes to Pension Scheme, the whole contribution amount (10% of salary) can be claimed as tax deduction under Section 80CCD (2). The ceiling limit of 1.5 Lakh u/s 80CCD is not applicable on employer’s contribution.)

Section 80D

Deduction u/s 80D on health insurance premium will be Rs 25,000, increased from Rs 15000. For Senior Citizens it has been increased to Rs 30,000 from the existing Rs 20,000. For very senior citizen above the age of 80 years who are not eligible to take health insurance, deduction is allowed for Rs 30,000 toward medical expenditure.

Section 80DDB

An individual (less than 60 years of age) can claim upto Rs 40,000 for the treatment of specified critical ailments. This can also be claimed on behalf of the dependents. The tax deduction limit under this section for Senior Citizens is proposed as Rs 60,000 and for very Senior Citizens (above 80 years) the limit is Rs 80,000

Section 24 (B)

You can claim upto Rs 2 Lakh as tax deduction on the home loan interest payment. If your property is a let-out one then the entire interest amount can be claimed as tax deduction.

Section 80U

You can claim up to Rs 75,000 (increased from the existing Rs 50,000) for spending  who have up to 80% disability. It is also been Introduce  to increase the limit of deduction from Rs 1 lakh to Rs 1.25 lakh in case of above 80% severe disability.

The other sections are – Section 80E (tax deduction benefit on the interest payment of an education loan), Section 80 G (Donations), Section 80GG (when HRA is not paid by the company but you incur rental expenses) and 100% TAX DEDUCTION on contributions made to SWACHH BHARAT & CLEAN GANGA initiatives have also been proposed.

The above ‘Income Tax Deductions 2015′ are applicable for Financial year 2015-2016 (or Assessment Year 2016-2017).


Check All Salary Deductions for A.Y.2016-17 As per Finance Budget 2015 with automated All in One TDS on Salary for Non-Govt Employees for FY 2015-16 and AY 2016-17

Download Automated All in One TDS on Salary for Non-Govt employees for FY 2015-16 & AY 2016-17 [ This Excel Utility can prepare at a time Tax Compute sheet + Automated HRA Calculation + Automated Form 16 Part A&B and Part B + Form 12 BA]

Brief the tax section with deduction

Traveling Allowance/Conveyance Allowance:-

Raised up to Rs. 1600/- P.M. and Phy. disable persons Rs. 3200/- P.M.

Entertainment  Allowance: 

The first deduction which you claim from salary is Entertainment Allowance. Entertainment allowance received is first included in the employee’s income and then a deduction is allowed in case of government employees, for a sum equal to 1/5th of salary (excluding all allowances, benefits and other perquisites) or Rs. 5,000, whichever is less.

Professional Tax: 

Tax on employment by whatever name called, levied by a State under Article 80C  276 of the Constitution shall be allowed as a deduction. [Sec. 16(iii)]

Payment of Medical Insurance Premiam (Mediclaim) or contribution to Central Government Health Scheme. [Sec. 80D]: 

 Deductible upto a maximum of Rs. 25,000 (Rs. 30,000 in case the person insured is a senior citizen).

Expenditure on medical Treatment etc. and deposit for maintenance of handicapped dependents. [Sec. 80DD]: 

A deduction is allowed to compensate for any expenditure incurred by an assesses, during a year, for the medical treatment (including nursing), training and rehabilitation of one or more handicapped relatives wholly dependent on him, and for amount deposited in an approved scheme of LIC or UTI, for the benefit of a handicapped dependent. A fixed deduction of Rs. 50,000 is allowable, in aggregate for any or both the purpose specified above, irrespective of the actual amount of expenditure incurred.

Expenditure  or Medical Treatment of assess/dependant relative [Sec. 80DDB]:

 Deduction for the amount of expenditure incurred or Rs. 40,000, whichever is less, is allowable for any year during which expenditure is actually incurred for the medical treatment of specified diseases or ailments for the assesses himself or a dependent relative. If the patient is a senior citizen the deduction allowable shall be the expenditure incurred or Rs. 80,000 whichever is less. Besides, any amount received under a medical insurance policy shall be reduced from the amount of deduction allowable.

Interest on Loan taken for Higher Education. [Sec. 80E]: 

Any amount paid by way of interest on a loan taken from any financial institution or any approved charitable institution for the purpose of pursing his higher education, is deduction without any limit.

Interest on Loan taken for first residential house. [Sec. 80EE]:

 Deduction is allowable for interest on housing loan from a bank/housing finance company, for allowable is Rs. 1, 00,000, subject to specified conditions. The deduction is allowable for A.Y. 2014-15 and A.Y. 2015-16 only.]

Donation for Charitable Purposes [Sec. 80G]: 

There are a number of donations in respect of which deduction is permissible under Sec. 80G. Deduction @ 50% is available for donation to Jawaharlal Nehru Memorial Fund, Prime Minister Drought Relief Fund, [National Children’s Fund] Indira Gandhi Memorial Trust or Rajiv Gandhi Foundation etc. 100% deduction is allowed for donations to National Defense Fund, Prime Minister’s National Relief Fund, [National Children’s Fund,]National Foundation for Communal Harmony, Chief Minister’s/Lt. Governor’s Relief Fund etc. Deduction is granted subject to the prescribed maximum ceiling and on furnishing of appropriate certificate from the done organization.

Donation of a sum exceeding Rs. 10,000 shall be eligible for deduction, only if it paid by a mode other than cash.

Expenditure on Rent. [Sec. 80GG]: 

Rent paid by an assesses not owning a house and not in receipt of house rent allowance u/s 10(13A) for residential accommodation whether furnished or unfurnished, is deductible subject to the prescribed ceilings. [w.e.f 1-4-2014, for A.Y. 2014-15]

Donations to specified institutions/associations for Research or for Rural Development [Sec. 80GGA]:

 Donation of a sum exceeding Rs. 10,000 shall be eligible for deduction, only if it paid by a mode other than cash.

Physical Disability [Sec. 80U]:

 Rs. 75,000 for disability and Rs. 1, 25,000 for severe disability.  

Download Automated All in One TDS on Salary for Non-Govt employees for FY 2015-16 & AY 2016-17 [ This Excel Utility can prepare at a time Tax Compute sheet + Automated HRA Calculation + Automated Form 16 Part A&B and Part B + Form 12 BA]

Main Changes in Income Tax Rule from April 2017, With Automated All in One TDS on Salary for both of Government & Non-Government Employees F.Y.2017-18

Due to Demonetization and government drive against black money, a lot of Income Tax rules are either amended or changed with change in financial bills. Here are the list of major Income tax rules which are changed and implemented by next financial years are :

Download Automated All in One TDS on Salary for Govt. &Non-Govt. Employees for F.Y.2017-18.[ This Excel Utility can prepare at a time Individual Tax Computed Sheet + Individual Salary Sheet + Individual Salary Structure + Automated H.R.A. Exemption Calculation U/s 10(13A) + Automated Arrears Relief Calculator with Form 10 E up to date version + Automated Form 16 Part A&B and Form 16 Part B for F.Y. 2017-18 ]

Change in Income Tax Slabs for F.Y.2017-18 as per Finance Budget 2017

Tax Slab for F.Y.17-18

Govt-Non Govt Page 1

Govt Non Govt Page 2

Govt-Non Govt Page 3

Arrears Relief Page 1

Automated All in One TDS on Salary for Govt. and Non-Govt Employees for F.Y.2017-18 and A.Y. 2018-19, Plus Income Tax Benefits on Joint Home Loan ?

All in One for Govt and Non – Govt employees For AY 2018-19 [ This Excel Utility can prepare at a time Tax Compute Sheet + Individual Salary Sheet + Individual Salary Structure as per Govt & Non-Govt Salary pattern + Automated H.R.A. Exemption Calculation + Automated Arrears Relief Calculation with Form 10E up to F.Y.2017-18 + Automated Form 16 Part A&B and Form 16 Part B for F.Y. 2017-18 as per the New Income Tax Slab ]

Govt-Non Govt Page 1Govt Non Govt Page 2Bihar Tax ComputeMaster Form 16 A&B Page 3Arrears Relief Page 1Arrears Relief Page 2Form 16 Part B

Income Tax Benefits to Own a House After Budget 2017,Plus Automated All in One TDS on Salary for Central and State employees for F.Y. 2017-18

Here are some of the exclusive income tax benefits to own a house as per the Finance Budget 2017-18

1 – House Loan Deduction under Section 80C

The very first tax benefit that comes to your mind is the house loan deduction. When you purchase a house for residential purpose and avail a loan for the same, the IT department gives you a deduction of INR 1, 50, 000 (upper cap) for loan repayment. This means that if you are paying a monthly installment of INR 10, 000 per month towards house loan, you would be getting a deduction of INR 1, 20, 000 while computing your payable tax. However, do make a note that the residential property should not be sold before 5 years from the date of possession, else the benefits would be reversed.

2 – Deduction for payment of Registration Chargers and Stamp Duty

Apart from availing deduction for repayment of house loan, the IT Department also lets you claim a deduction in respect of expenses such as registration charges, stamp duty, etc. This benefit is only available in the year of acquisition. The amount would be claimed under Section 80C and the upper cap would remain at INR 1, 50, 000.

3 – Deduction for interest paid on house loan [Section 24(b)]

Another opportunity lies in Section 24(b). Section 80C lets you grab a deduction in respect of repayment of house loan and Section 24(b) lets you claim a deduction for the interest paid on house loan. Unlike Section 80C, even if you sell your house within 5 years of its acquisition, there would be no tax reversal. An available deduction is INR 2, 00, 000.

4 – Benefit granted in Budget 2017

In the latest budget, the Finance Minister of India announced that an additional deduction of INR 50, 000 would be available to new house owners. Section 80EE would offer the additional deduction provided the cost of a house is not greater than INR 50, 00, 000 and the loan sanctioned amount is not more than INR 35, 00, 000. The deduction is only available if the loan is availed from a house finance company or a financial institute.

(Central and All State Govt employees)All in One TDS for A.Y 2018-2019[ This Excel Based Utility can prepare both of Central & State Govt employees Tax Computed Sheet + Individual Salary Sheet + Individual Salary Structure as per the Central & State Govt Employees Salary Pattern + Automatic Calculate the H.R.A. Exemption + Automatic Form 16 Part A&B and Form 16 Part B for F.Y.2017-18]Cental & State Page 1Cental & State Salary StructureGovt-Non Govt Page 3

Best Banks To Take Home Loans In 2017, with All in One TDS on Salary for Central and State Employees for F.Y.2016-17

If you are planning to build your own dream house and confused as to which banks to get the best quote or which kind of loan you must opt for, we give you a list of best home loan providers you could approach in India in 2017 for your home loans. Here are a list of banks and housing finance companies that offer you the best interest and processing fees on home loans.
State Bank of India SBI charges an interest rate which varies from 9.10 per cent to 9.30 per cent, whereas the processing fee is zero and loan amount one will be getting varied. If your property is valued up to Rs 30 Lakhs you can get 90 percent of the property value as loan. On the other hand, if it is up to Rs 75 lakhs, you get 80 per cent and above Rs. 75 lakh it is 75 percent of the property value.

Download All in One Income Tax Preparation Excel Based Software for Central Govt employees & All State Govt Employees for the F.Y.2016-17 [ This Excel Utility can prepare at a time Individual Tax Compute Sheet + Individual Salary Sheet + Individual Salary Structure for Central & All State Employees + Automatic H.R.A. Exemption + Automatic Form 16 Part A&B and Form 16 Part B for F.Y.2016-17]

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How Salaried Person can maximize tax saving?With Automatic All in One TDS on Salary for W.B.Govt employees for F.Y.2016-17

Tax saving and Tax Planning are important aspects for the salaried person. As it allows you to save more money. If as a salaried person you are earning Rs 10 Lac per year, you have very little scope to avoid tax. At the most, you can invest in tax saving scheme and get a tax benefit of few thousand rupees.

In any case, you have to pay income taxes, but with little tax planning, you can optimize your tax outgo. So, here is Tax Saving Tips for a Salaried person to maximize tax saving.

Income Tax Exemption for Salaried Person

The first thing you should do as a salaried person is to take maximum advantage of available tax exempted allowance/reimbursements. In order to take this benefit, you must be aware of such allowances. So, here is a detail of all applicable tax exempted allowances.

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Section 80GG – Exemption in respect of house rent paid, who have not get H.R.A., With Automated Master of Form 16 Part B for F.Y.2016-17

Latest Amended U/s  80GG have raised the limit from 2000/- to Rs. 5000/- as per Finance Bill 2016-17

  • Only individual and HUF are allowed exemption under this section.
  • Only rent paid for purpose of residence of assessee himself is considered under this section.
  • If an individual is a salaried employee and receives House Rent Allowance(HRA) at any time during the previous year, he is not eligible for deduction.
  • The individual, his spouse or minor child (including step or adopted child) or HUF of which he is a member must not own a residential accommodation at a place where he ordinarily resides or performs duties of his office or employment or carries on his business or profession.
  • Also if the assessee (only assessee not any other person mentioned above) owns a residential accommodation at any other place but claims it as a self-occupied property under head House Property, the exemption is not available under this section.
  • Declaration of form 10BA is required to be filed.

Calculation of deduction:-

The amount deductible is least of the following:-

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Home Loan And Tax Benefits For F.Y 2016-17, With Automatic All in One Tax Preparation Excel Based Software for F.Y.2016-17

Home loan is a blessing in disguise as it will help us achieve our desire of owning a home and help us save tax along with it. The maximum tax benefit for repayment of principle which can be availed under 80C is Rs 1.5 lakh. The tax exemption on the interest paid on home loans is now capped at Rs 2 lakh.

Do you know that there is the higher advantage of owning multiple homes and availing loan for the same? Yes, individuals can claim a tax deduction for interest component part in case of the second home also.

Here are some home loan Exemption from the Income Tax to the borrowers;

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