Tag: income tax

Income tax slab for FY 2015-16 ( AY- 2016-17)

Financial year 2015-16 is coming. Here, I have presented income tax slab for fy 2015-16 and ay 2016-17 as per budget 2015. I hope this income tax rate chart will be helpful to you. Income tax slab for fy 2015-16 – income tax rates : Income tax slab for individual ( age below 60 years), HUF, AOP, BOI, artificial juridical person ( for male and female) :   Net incomeIncome tax rate Up to Rs. 2,50,000NIl Rs. 2,50,001 to Rs. 5,00,00010%* Rs. 5,00,001 to Rs. 10,00,00020% More than Rs. 10,00,00030% Income tax slab for individual – senior citizen( age 60 years or more but less than 80 years) :   Net incomeIncome tax rate Up to Rs. 3,00,000NIl Rs. 3,00,001 to Rs. 5,00,00010%* Rs. 5,00,001 to Rs. 10,00,00020% More than Rs. 10,00,00030%   Income tax slab for individual – super senior citizen ( Age 80 years or more) :   Net incomeTax rate Up to Rs. 5,00,000Nil Rs. 5,00,001 to Rs. 10,00,00020% more than Rs. 10,00,00030%   * Rebate u/s 87A is available to person having income less than Rs. 5,00,000 during the financial year. The rebate amount is Rs. 2,000. So first calculate the tax and reduce Rs. 2,000 from it.The rebate u/s 87A is available to tax and not to income.   Education cess:  Education cess at 3% is appliacable on income tax calculated from the above...

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Income tax deduction 2014-15 (A.Y. 2015-16)

There is change in  limit of income tax deduction 2014-15 (A.Y.2015-16) with introduction of budget 2015. I have prepared chart for it. Through it you can get details of new deduction limit under section 80C, 80D etc. Chart for income tax deduction 2014-15 ( A.Y. 2015-16) Deduction limit changes in budget 2015-16 SectionDeductionBefore budget 2015-16After budget 2015-16Other conditions to avail deduction 80CInvestment in Sukanya Samriddhi Account scheme is eligible for deduction.Interest and withdrawan are exempt.EEE (exempt-exempt-exempt) scheme. The account can be opened on the name of girl child in post office. 80CCDContribution to pension planMaximum limit Rs. 1,50,000Maximum limit...

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Deduction under section 80D: The Ultimate guide

Deduction under section 80D is available for mediclaim insurance paid during the previous year. It is covered under chapter VI of income tax act. Who can use deduction under section 80D? Only individual and HUF can use section 80D deduction.   Whose insurance should be taken to get benefit of deduction of mediclaim insurance? Individual: individual can take medical insurance for himself, spouse, dependent parents or dependent children. HUF : HUF can take medical insurance for any member of HUF. Maximum limit of deduction u/s section 80D: Deduction 80D is available over and above the deduction under section 80C...

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income from house property calculation

  Income tax has five heads of income. Have you rental income ? It is covered under income from House property. Learn from this article income from house property computation from let out property and self occupied property and about deduction. Definition of income from house property: Income from building or land appurtenant thereto is taxable under the head income from house property. Two types of  house property income: Income from let out property Income from self occupied property. Income from house property calculation : with example Income tax on income from let out property: Let out property means...

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Revised return of income tax under section 139 (5)

If you make any mistake in filling income tax return u/s 139 (1), no worry. You can file revised return u/s 139 (5). Income tax department has tried to increase tax compliance by giving facility of return u/s 139 (5). Procedure to file revised return: Procedure for filling  return is same as filling original income tax return. You have to only enter 15 digits acknowledgement number of original return. You can file acknowledgement number from ITR V receipt. Also select section 139 (5) to file return. Correct the mistake and file the return. Time limit for filling return u/s...

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