All in One TDS on Salary for Central Govt employee for F.Y.2015-16 with Major Changes in Income Tax by the Budget for F.Y 2015-16 for Salaried persons.

Download the All in One Income Tax Preparation Excel Based Software for Only Central Govt Employees for Financial Year 2015-16 [ This Excel Utility can prepare at a time your Tax Compute Sheet + Individual Salary Sheet + Individual Salary Structure as per Central Govt Salary Pattern + Automatic HRA Calculation + Automated Form 16 Part A&B and Form 16 Part B for F.Y.2015-16 with the all modified section by the Finance Budget 2015-16]

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Major Changes in Income Tax by the Budget for F.Y 2015-16 as given below

       Popular  Income Tax                            Section Existing Provisions for FY 2014-15

AY 2015-16

Changes as per Budget for FY 2015-16

 AY 2016-17

Surcharge on taxable income exceeding Rs. 1 Crore for Individuals, Senior Citizens, Very Senior Citizens, HUFs, AOPs, BOIs, artificial juridical persons, firms, cooperative societies and local authorities 10% of Income Tax 12% of Income Tax
Comparison of Benefits under various IT Sections
Exempted amount of transport allowance Rs. 800/- per month Rs. 1,600/- per month & for Phy.Disable Persons Rs.3200/- P.M.
Section 80D – Deduction for Health  Insurance premium Rs. 15,000/- Rs. 25,000/-
Section 80D – Deduction for Health  Insurance premium for Senior Citizens Rs. 20,000/- Rs. 30,000/-
Investment in Sukanya Samriddhi Scheme 1.5 Lakh Eligible for deduction u/s 80C and any payment from the scheme shall not be liable to tax.
Section 80DDB – Deduction in case of very senior citizens on expenditure on account of specified diseases Rs. 60,000/- Rs. 80,000/-
Section 80DD – Maintenance, including medical treatment of a dependent who is a person with disability Rs. 50,000/- Rs. 75,000/-
Section 80DD – Maintenance, including medical treatment of a dependent who is a person with severe disability Rs. 1,00,000/- Rs. 1,25,000/-
Section 80U – Person with disability 50% to 80% Rs. 50,000/- Rs. 75,000/-
Section 80U – Person with severe disability,above 80% Rs. 1,00,000/- Rs. 1,25,000/-
Section 80CCC – Contribution to provident fund of LIC or IRDA approved insurer Rs. 1,00,000/- Rs. 1,50,000/-
Section 80CCD – Contribution by the employee to National Pension Scheme (NPS) Rs. 1,00,000/- Rs. 1,50,000/-

Now under Section 80CCD, a deduction of upto Rs. 50,000  is allowed over and above the limit of Rs. 1.50 lakh under Section 80C  in respect of contributions made to NPS is also allowed.   Thus, now the total deduction that can be claimed under Section 80C+Section 80CCD = Rs 2 lakh.

In case any employer contributes to the NPS scheme on behalf of the employee and the benefit of the same would be availed by the employee, the employee would also be allowed a deduction under Section 80CCD(2) for the amount of contribution made by the employer.

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