Download All in One Income Tax Preparation Excel Based Software for Govt and Non-Govt employees For F.Y.2015-16 [This Excel Utility can prepare at a time Tax Compute Sheet + HRA Exemption Calculation + Arrears Relief Calculation with Form 10E + Automated Form 16 Part A&B and Form 16 Part B for A.Y.2016-17]
Income Tax 2015-16 – Changes relevant to Salaried Employees in Budget 2015
While Finance Minister termed Budget 2015-16 as a
growth oriented one with due attention to common and poor in India, there were
not much changes as far as Income Tax 2015-16 in respect of salaried employees
are concerned. Personal Income Tax
Rates were untouched and as a result Salaried Class will have to pay same
Income Tax that they paid last year.
However, following changes have been effected
with regard to deductions / exemption
allowed from total income of
Salaried Employees under various Sections Income Tax Act by which quantum of Income Tax payable this
year may get reduced if an employee is eligible for such deduction / exemption.
Sukanaya Samriddhi Scheme made eligible for deduction under Section 80C
Individuals who are subjected to Personal Income
Tax Provisions can now save Sukanaya Samriddhi Scheme, a newly started savings
scheme with a view to encourage savings in the name of girl child’s education
and marriage, for the purpose of claiming deduction under Section 80C
Download Master of Form 16 Part B for Financial Year 2015-16 [ This Excel Utility Can prepare at a time 100 Employees Form 16 Part B for Assessment Year 2016-17 with all Amended Section by the Finance Budget 2015]
Download Master of Form 16 Part B for Financial Year 2015-16 [ This Excel Utility Can prepare at a time 50 Employees Form 16 Part B for Assessment Year 2016-17 with all Amended Section by the Finance Budget 2015]
Additional Income Tax Exemption in respect of Health Insurance Premium under Section 80 D:
Medical expenditure is getting increased day by
day and however awareness towards Health Insurance is very minimal in India.
In order to make Health Insurance Schemes more attractive and to cover entire
health insurance premium paid by an employee for the purpose of deduction under
Section 80 D, limits of Health Insurance Premium for covering individual and a
senior citizen for the purpose of Income Tax Exemption have been increased to
Rs. 25,000 and Rs. 30,000 respectively.
Moreover, as far as very senior citizens (aged 80
years or more) are concerned any payment made on account of medical expenditure
up to Rs. 30,000 would be eligible for deduction under Section 80D.
More Deduction under Section 80DD for very senior citizens (increased from Rs. 50,000 to Rs. 80,000)
While an individual is eligible to deduct up Rs.
50,000 which was spent towards medical expenditure under Section 80DD, budget
2015 has brought out an additional provision under this section to allow
deduction of Rs. 80,000 for very senior citizens.
The condition of producing certificate from a
medical doctor under Section 80DDB has been relaxed and it is enough the tax
payer produces a prescription from a specialist doctor.
Download Master of Form 16 Part A&B for Financial Year 2015-16 [This Excel Utility Can prepare at a time 100 employees Form 16 Part A&B with all amended by the Finance Bill 2015]
Download Master of Form 16 Part A&B for Financial Year 2015-16 [This Excel Utility Can prepare at a time 50 employees Form 16 Part A&B with all amended by the Finance Bill 2015]
Additional Income Tax Exemption for Persons with disability under Section 80U:
In view of the rising cost of medical care and
special needs of a disabled person, it is proposed to amend section 80DD and
section 80U so as to raise the limit of deduction in respect of a person with a
disability from Rs. 50,000 to Rs. 75,000.
It is also proposed to raise the limit of
deduction in respect of a person with severe disability from Rs. 1 lakh to Rs.
1.25 lakhs.
Limit under Section 80CCD and Section 80CCC for contribution in NPS and other pension funds raised
With an agenda to promote social security
measures and to bring the existing provision in line with the recently
increased overall limit of Rs. 150,000, the deduction for contribution to
certain pension funds under section 80CCC has been increased to Rs. 150,000
from present Rs. 100,000.
Also, an additional deduction under section 80CCD
to the extent of Rs. 50,000 has been introduced for contributions under the National Pension Scheme.
Deduction towards Transport Allowance increased from Rs. 800 to Rs. 1600 per month
The long due increment in the monthly travel
allowance has now finally materialized. In order to commensurate with the
increased costs of transportation, it is now proposed to be double the original
transport allowance and it shall stand at Rs. 1,600 per month.
Source: Finance Bill 2015
