Friday, July 31, 2015

income tax calculation sheet for salaried individuals FY 2015-16 AY 2016-17

How to calculate income tax on salary in India 2015-2016 free | Income tax calculation sheet for salaried individuals FY 2015-16 AY 2016-17| Income Tax Calculator for FY 2015-16 and AY 2016-17

Individual Male, Female and Senior Citizen Tax payers , Income Tax Calculation for Men and Women and Salaried Employees and people
  • Calculate your Taxable Income by taking into account income from all sources viz. Salary and Allowances, House Property, Capital Gains, Income from other sources, Agriculture Income etc. You can also include income chargeable at Special Rate for computing the Taxable Income.
  • Calculate deductions available from the Taxable Income under various Sections of Income Tax Act
  • Calculate Income Tax and Education Cess Payable with slab-wise details of Income and Income Tax payable.
  • Calculate Income net of Income Tax Liability

Income Tax and Taxable Income Calculator for AY 2016-17 (FY 2015-16)

First of you have to know the latest income tax slabs for 2012-2013.

    RATES FOR TAX CALCULATION  ( In case of Male )
 1UPTO 2,00,000   NIL
 2FROM 2,00,001 TO 5,00,000   10%
 3FROM 5,00,001 TO 10,00,000   20%
 4FROM 10,00,001 ONWARDS     30%
 5E. CESS IN TAX AMOUNT IS     03%

Tax Calcu. for MALE -Tax free Amt. Rs.200000 FY:2012-2013
X = Gross Total income (Regular)
Y = LESS: Deductions U/Chapter IV-A (80C Etc.,)
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Z = Net Total income after 80C deduction-To be taxed @ slab rates
=======
000,000 = TAX @ 0% Income Exempt from Tax on 200,000
000,000 = Tax @10% between 2 to 5.0 lakhs on 000,000
000,000 = Tax @20% between 5 to 10Lakhs on 000,000
000,000 = Tax @30% on >10 lakhs on Rs. 000,000
-------------
000,000 = Tax Payable on Net Income X
K = ADD: Education cess @ 3% on tax. 000,000
-------------
K = Net Total Tax Payable.
======= 
Sample income Tax Calculation Sheet: Demonstration

Thursday, July 30, 2015

Income tax efiling assessment year FY 2014-15 (AY) 2015-16

Income tax efiling assessment year FY 2014-15  (AY) 2015-16

The Central Board of Direct Taxes extended the due date for income tax efiling returns from 31-July-2015 to 31-August-2015 for the for Assessment Year 2015-16.

Please refer this link for How to File Income Tax Returns Online

The https://incometaxindiaefiling.gov.in/eFiling/Portal/StaticPDF/Order_under_section_119.pdf

Related Terms
Due date for filing income tax return for AY 2015-16
ITR Forms for Assessment Year 2015-2016
e-Filing Home Page, Income Tax Department, Government of India



Friday, September 26, 2014

Documents required for claiming tax deduction under section 80dd fy 2014-15

Documents or Proofs required for claiming tax deduction under section 80dd  fy 2014-15 ay 2015-16

One has to submit the required documents as proofs for claiming Income tax exemption or tax deduction under section 80dd. Know more about Tax Exemption on  80DD Maintenance Medical treatment of Handicapped dependents fy 2014-15 

Below are document to be submitted.

Documents or Proofs required for claiming tax deduction under section 80dd fy 2014-15 ay 2015-16

  • Photocopy of certificate (Form - 10 IA)issued by the competent medical authority in a Government Hospital specifying the % of disability

  • Self-declaration mentioning amount spent on treatment, training or rehabilitation of the handicapped dependent or receipt of the amount paid to LIC/UTI for the policy

  • Where condition of disability requires reassessment, fresh certificate to be obtained after its expiry to continue claiming the deduction
Maintenance /Medical treatment of Handicapped dependents proofs or documents

Documents or Proofs required for claiming tax deduction under section 80dd

Documents or Proofs required for claiming tax deduction under section 80dd


Below documents or proofs are disallowed


Form 10 IA will not be considered, if the expiry date is on or before 31-Mar-2015


80DD Maintenance Medical treatment of Handicapped dependents fy 2014-15

80DD Maintenance Medical treatment of Handicapped dependents fy 2014-15

Previously Asked Questions


  • What is the deduction slab under section 80dd fy 2014-15 ay 2015-16?
  • Section 80DD for cataract surgery?
  • My daughter is suffering from Cerebral Palsy with spastic diplegia (70% in all four limbs).deduction u/s 80-DD?
  • My salary is 500000 Per annum. I would like to know how much would be my tax liability after all the deductions. ?
  • Can my husband get a Tax rebate on my medical expenses? If yes, where can I find the form online?
  • Deduction under sec 80DD document proof and slab?
  • What is the deduction slab under section 80ddg?
  • Can i claim Tax rebate under section 80DD this financial year 2014-15 assessment year 2015-16?
  • Were kids tougher back in the 1970s when we just had slabs of cement under the monkey bars?
  • Term Deposit made with any scheduled Bank -Is it eligible for IT deductions under Section 80 C or 80 CCC?

What is the deduction slab under section 80dd | Income tax exemption under section 80dd | Deduction u/s. 80DD for expenses on medical treatment of senior citizen 80ddb

No benefit if disability is < 40%
Rs.50000/- if disability is > 40% & <=80% Rs.100000/- if disability is >80%"
80DD Maintenance Medical treatment of Handicapped dependents fy 2014-15
80DD Maintenance Medical treatment of Handicapped dependents fy 2014-15




Proofs documents required for claiming housing loan interest exemption fy 2014-15

Proofs documents required for claiming housing loan interest exemption fy 2014-15

Questions Asked:

  1. Proofs or documents required for deduction of home loan interest
  2. Procedure: How to Claim Tax Benefits on Home Loans in same city
  3. How to claim income tax deduction on interest on home loan - Document required

Below are list of proofs or documents which are required to submitted for claiming Tax exemption on house Loan Interest Under Section 24 income tax act 1961

  • Provisional certificate pertaining to current financial year  2014-15 (Apr ’2014 – Mar ’2015) with breakup of interest and principle from the Housing Finance Company / Bank.  The Possession letter / Completion certificate from the Builder or Municipal Authority is required as part of mandatory document along with the provisional loan certificate.
  • In case of Joint loan, declaration specifying the % of benefit claimed by the individual
  • Housing loan interest deduction through payroll will be considered. No proof required
  • Possession Letter from Builder  or through self declaration from the employee is mandatory as per IT circular no 8/2012, dated 5th October 2012
documents to be submitted for claiming housing loan interest exemption
documents to be submitted for claiming housing loan interest exemption

Frequently asked questions(FAQs) on preparing and filing Income Tax Returns

Frequently asked questions (FAQs) on preparing and filing Income Tax Returns
Below are top most Frequently asked questions asked on How to File income tax Returns in India

  • Is filing the Income Tax Return compulsory?
  • Which ITR from to be used to file income Tax Return ?
  • How to file income tax return without form 16 from my company?
  • Frequently Asked Questions: FAQs  The benefits of filing income tax return
  • FAQ's: Who needs to pay Income Tax India?
  • What are the instructions to send ITR-V to CPC?
  • How to e-file Income tax Return 
  • returning non resident indians NRI returns filing?
  • What Is PAN? 2. Why Is It Necessary To Have PAN?
  • Do eFiling Income Tax Return for Me
  • Online Income Tax Return e-Filing in India, Online Tax
  • I want to ask about income tax return?
  • Do i need to file income tax return?
  • Filing Income Tax Return Electronically?
  • Should I file my income tax returns?
  • Last date file income tax returns?
  • Income tax return file every year?
  • What mean by 'income tax return filing'?
  • Did enyone file there tax return on feb  2014 and get a due date yet?
  • I filed my 2014 tax return on Jan. 30,2014 and it was accepted Jan. 30,2014 but i haven't?

Income tax exemptions on home loan interest amount fy 2014-15 ay 2015-16


Income tax exemptions on home loan interest amount fy 2014-15 ay 2015-16
General Questions Asked

  • How much can I claim for exemption out of interest and principal amount of home loan or proper loan.
  • Housing Loan Interest Tax exemption query?
  • What is the tax exemption, if one buys two flats in the same financial year 2014-15 and assessment year 2015-16
  • Income tax benefit to two home loans before possession?
  • what is home loan interest tax exemption limit is it limited to 2 lakhs?

Section 80EE Deduction on Interest on Home Loan,Tax Benefit on Home Loan: Section 24, 80EE & 80C,Tax savings for Home loan interest under Section 24 B

  1. Capped to a maximum of Rs.200000/- only i.e. Total amount allowed for a property  is Rs.200000/-.
  2. Loan taken before 01/04/1999, interest restricted to Rs.30000/-
  3. Housing Loan interest taken for renovation/repairs restricted to Rs.30000/-
  4. If property is not occupied within 3 years of loan sanction date, benefit is restricted to Rs.30000/-
  5. Pre-EMI interest (EMI paid before occupation of the house) is deductible in 5 equal installments starting from the year when the construction is completed or property is acquired.
TAX BENEFIT Capped to a maximum of Rs.200000/- only i.e. Total amount allowed for a property  is Rs.200000/-. Loan taken before 01/04/1999, interest restricted to Rs.30000/- Housing Loan interest taken for renovation/repairs restricted to Rs.30000/- If property is not occupied within 3 years of loan sanction date, benefit is restricted to Rs.30000/- Pre-EMI interest (EMI paid before occupation of the house) is deductible in 5 equal installments starting from the year when the construction is completed or property is acquired.
Home Loan Interest Amount Tax Exemption fy 2014-15