Click here to download the All in One TDS on Salary for Only Non-Govt Employees for the Financial Year 2016-17( Tax Compute + HRA Exemption + Individual Salary Sheet + Salary Structure + Form 16 Part B + Form 16 Part A&B) for FY 2016-17
Before you calculate your tax liabilities, remember to analyze the various sections of tax deductions under the Income Tax Act as tax planning does not end with Section 80C.
Click here to download the All in One TDS on Salary for Govt & Non-Govt Employees for the Financial Year 2016-17( Tax Compute + HRA Exemption + Individual Salary Sheet + Salary Structure + Form 16 Part B + Form 16 Part A&B) for FY 2016-17
80D:
Tax deduction under section 80D qualifies for Medi claim policies. The premium, which is paid for a medical insurance policy for self and family members to protect them from sudden medical expenses, comes under this section. The maximum amount allowed for exemption annually for self, spouse, and dependent parents/children is Rs. 25,000. In the case of a senior citizen, the maximum amount extends up to Rs.30,000. If you are paying the premium for your parents (whether dependent or not), the Total deduction will be Rs. 55 thousand in the F.Y.2016-17
Tax deduction under section 80D qualifies for Medi claim policies. The premium, which is paid for a medical insurance policy for self and family members to protect them from sudden medical expenses, comes under this section. The maximum amount allowed for exemption annually for self, spouse, and dependent parents/children is Rs. 25,000. In the case of a senior citizen, the maximum amount extends up to Rs.30,000. If you are paying the premium for your parents (whether dependent or not), the Total deduction will be Rs. 55 thousand in the F.Y.2016-17
80DD:
According to the Income Tax Act, if you are paying a premium to LIC or any other insurance company (approved by the Income Tax board) for the medical treatment of a dependent physically disabled person, you can avail exemption under the section 80DD. Here, the dependent should be none other than your spouse, children, parents or sibling. If the person is suffering from 40 per cent of any disability, a fixed sum of Rs. 50,000 can be claimed in a year. Similarly, if the disability is 80 per cent, the fixed sum goes up to Rs. 1,00,000 per year. For initiating the process of deduction you need to submit the medical certificate issued by a medical authority along with the return of income.
According to the Income Tax Act, if you are paying a premium to LIC or any other insurance company (approved by the Income Tax board) for the medical treatment of a dependent physically disabled person, you can avail exemption under the section 80DD. Here, the dependent should be none other than your spouse, children, parents or sibling. If the person is suffering from 40 per cent of any disability, a fixed sum of Rs. 50,000 can be claimed in a year. Similarly, if the disability is 80 per cent, the fixed sum goes up to Rs. 1,00,000 per year. For initiating the process of deduction you need to submit the medical certificate issued by a medical authority along with the return of income.
80DDB:
If you have incurred expenses for the medical treatment of self or your dependents, you can claim a deduction of up to Rs. 40,000 or the actual amount paid, whichever is less, under the section 80DDB. For a senior citizen, the maximum exempted amount is Rs. 80,000, or the amount actually paid for medical expenses. To claim a deduction under this section, you need to submit a medical certificate from a doctor working in a government hospital.
If you have incurred expenses for the medical treatment of self or your dependents, you can claim a deduction of up to Rs. 40,000 or the actual amount paid, whichever is less, under the section 80DDB. For a senior citizen, the maximum exempted amount is Rs. 80,000, or the amount actually paid for medical expenses. To claim a deduction under this section, you need to submit a medical certificate from a doctor working in a government hospital.
80E:
The interest paid on loan taken for pursuing higher education of self or any dependent is exempted from tax under section 80E. An education loan can be taken for a wife, children, and minors for whom you are the legal guardian. This deduction is applicable for a period of eight years or till the interest is paid, whichever is earlier. The deduction is only approved for higher studies, which means a full-time graduate or postgraduate courses in engineering, management or applied sciences, pure sciences including mathematics or statistics. However, from 2011 onwards, the scope of this exemption has been extended to cover all fields of studies including vocational studies pursued after completing the senior secondary examination or equivalent. No exemption is applicable for part-time courses.
The interest paid on loan taken for pursuing higher education of self or any dependent is exempted from tax under section 80E. An education loan can be taken for a wife, children, and minors for whom you are the legal guardian. This deduction is applicable for a period of eight years or till the interest is paid, whichever is earlier. The deduction is only approved for higher studies, which means a full-time graduate or postgraduate courses in engineering, management or applied sciences, pure sciences including mathematics or statistics. However, from 2011 onwards, the scope of this exemption has been extended to cover all fields of studies including vocational studies pursued after completing the senior secondary examination or equivalent. No exemption is applicable for part-time courses.
80EE :
The Interest paid after 1/4/2016 this section can get extra benefits or relief from House Building Loan Interest up to Rs. 1.5 Lakh, this Section has already introduced from the Financial Year 2016-17 and subsequent Financial year also. This Section is separate from the Income Tax Section 24B
80G:
One often donates on philanthropic grounds to help the destitute. Such an amount can be donated to trusts, charitable institutions and approved educational institutions, and qualifies for deduction under Section 80G. The exemptions can be up to 50 per cent or 100 per cent of the donations made. Funds in which the donations are eligible for tax exemptions to include the National Defense Fund, Prime Minister Drought Relief Fund, National Foundation for Communal Harmony, National Children's Fund, Prime Minister's National Relief Fund, etc.
One often donates on philanthropic grounds to help the destitute. Such an amount can be donated to trusts, charitable institutions and approved educational institutions, and qualifies for deduction under Section 80G. The exemptions can be up to 50 per cent or 100 per cent of the donations made. Funds in which the donations are eligible for tax exemptions to include the National Defense Fund, Prime Minister Drought Relief Fund, National Foundation for Communal Harmony, National Children's Fund, Prime Minister's National Relief Fund, etc.
80GG:
If a salaried or self-employed person staying in a rented house does not receive any kind of HRA, they can claim a deduction under this section. However, you cannot avail any such benefit if you, your spouse and/or your child owns any residential accommodation in India or abroad. You can claim the least of the following under Section 80GG: 25 percent of the total income, or Rs. 5000 per month or excess of rent paid over 10 percent of total income.
If a salaried or self-employed person staying in a rented house does not receive any kind of HRA, they can claim a deduction under this section. However, you cannot avail any such benefit if you, your spouse and/or your child owns any residential accommodation in India or abroad. You can claim the least of the following under Section 80GG: 25 percent of the total income, or Rs. 5000 per month or excess of rent paid over 10 percent of total income.
80U:
A resident of India suffering from any kind of specified disability is eligible to claim tax deduction under this section. In order to enjoy this opportunity, one should be suffering from not less than 40 percent of the following diseases: blindness, low vision, mental illness, mental retardation, hearing impairment. The deduction provided is flat Rs. 75,000, irrespective of the expense incurred. If the disability is severe, the deduction can be up to Rs. 1.25 lakh. One needs to provide a copy of all the certificates issued by a medical authority in order to avail this benefit.
80 TTA :-
By this section you can get Income Tax relief from your Savings Bank Interest Max Rs. 10 Thousand, who’s Taxable Income, not more than 5 Lakhs or above.
Hence, there are several sections apart from 80C that can help an individual benefit from tax exemptions. It is time to start looking beyond 80C for tax savings.
87A :- Tax Rebate enhance from the F.Y.2016-17 Rs. 5 thousand, who's taxable income less than 5 Lakh.
87A :- Tax Rebate enhance from the F.Y.2016-17 Rs. 5 thousand, who's taxable income less than 5 Lakh.
Click here to download the All in One TDS on Salary for Only West BengalGovt Employees for the Financial Year 2014-15( Tax Compute + HRA Exemption + Individual Salary Sheet + Salary Structure + Form 16 Part B + Form 16 Part A&B) for FY 2014-15
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