Thursday, 5 March 2015

Impact Of Income Tax For The Financial Year 2015-16

(For Individuals Below 60 years)

Tax After Deductions Under **(Sec 80C,80CCD,80D)
Up to Rs 2,50,000/-
Rs 3,00,000/-
              Rs 3090/-
Rs 4,00,000/-
Rs 13,390/-
          Rs 5,00,000/-
Rs 23,690/-
Rs 2575/-
          Rs 7,50,000/-
              Rs 77,250/-
   Rs 30,900/-
  Rs 10,00,000/-
  Rs 128,750/-
   Rs 82,400/-
  Rs 20,00,000/-
   Rs 4,37,750/-
      Rs 3,68,225/-
    Rs 100,00,000/-
     Rs 29,09,750/-
        Rs 28,40,225/-

*Income up to Rs 2,50,000/- is exempted from Tax.

** Deduction is available on Investment up to Rs 1,50,000/-  U/S 80C.

     Deduction is available on Investment up to Rs 50,000/- in National Pension  Scheme U/S 80 CCD.

     Deduction is also available on Health Insurance paid for self, spouse, dependent children up to Rs 25,000/- U/S 80 D.

*** Education Cess of 3% is levied on Income Tax payable.

**** Surcharge of 12% is applicable on Income over Rs 100,00,000/-.

**** For Individuals above 60 years and below 80 years Income Tax exemption is up to Rs 3,00,000/-.

         Benefits U/S 80 D is Rs 30,000/- for Individuals above 60 years of age.

Check out the Link below for Income Tax Slabs and Rates for Financial Year 2015-16

Income Tax Slabs And Rate For The Financial Year 2015-16

Tax Deductions Under Various Sections For Financial Year 2015-16

Note: Only Deductions directly applicable to Individuals have been taken into account. Some other deductions are also applicable which will be discussed in the next post.

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