Thursday, January 1, 2015

Income Tax Slabs for FY 2014-15 ,AY 2015-16 software ( calculator ) prepared by C.Ramanjaneyulu for Telangana , Andrapradesh Employees and Others

JOIN for Update Income Tax 2014-15 Software informaion @FOLLOW KURNOOLBADI Send to 51115
Every Individual Less than of the age 60years
S.No. Income in 2014-15 Tax
1 Upto Rs. 2,50,000/- No Tax ( Nil )
2 Between Rs.2,50,001 to 5,00,000 10% Income in excess of Rs.2,50,000
3 Between Rs.5,00,001 to 10,00,000 Rs.30,000+ 20% of income in excess of Rs.5,00,000 lakhs
4 Above Rs.10,00,000 Rs.1,30,000+30% of income in excess of Rs.1,00,000

Every Individual upto 60years to Less than of the age 80years
S.No. Income in 2014-15 Tax
1 Upto Rs. 3,00,000/- No Tax ( Nil )
2 Between Rs.3,00,001 to 5,00,000 10% Income in excess of Rs.3,00,000
3 Between Rs.5,00,001 to 10,00,000 Rs.30,000+ 20% of income in excess of Rs.5,00,000 lakhs
4 Above Rs.10,00,000 Rs.1,30,000+30% of income in excess of Rs.1,00,000

KNOW MORE about DEDUCTION under Section 80-C and chapter VIA

1. Section 80C : of the Income Tax Act allows certain investments and expenditure to be deduct from total income. One must plan investments well and spread it out across the various instruments specified under this section to avail maximum tax benefit. There are no sub-limits and is irrespective of how much you earn and under which tax bracket you fall. Most of the Income Tax payee try to save tax by saving under Section 80C of the Income Tax Act. However, it is important to know the Section in total. so that one can make best use of the options available for deduction under income tax Act. One important point to note that one can not only save tax by undertaking the specified

2. Provident Fund (PF) & Voluntary Provident Fund (VPF): PF is automatically deducted from your salary. your contribution [12% of Basic] (i.e., employee’s contribution) is counted towards section 80C investments. You also have the option to contribute additional amounts through voluntary contributions (VPF). Current rate of interest is 8.5% per annum (p.a.) and is tax-free.

3. (a) Life Insurance Premiums: Any amount that you pay towards life insurance premium in Life Insurance Corporation (LIC) or any other Insurance CO.for yourself, your spouse or your children can also be included in Section 80C deduction. If you are paying premium for more than one insurance policy, all the premiums will be included. also premium paid for ULIP will also be treated as Premium paid for Life Insurance Policies. ( b) Unit linked Insurance Plan : ULIP stands for Unit linked Saving Schemes. ULIPs cover Life insurance with benefits of equity investments.They have attracted the attention of investors and tax-savers not only because they help us save tax but they also perform well to give decent returns in the long-term. IMP : Total Amount Received at Maturity, Survival Benefits, , Withdrawl in Insurance Policies is Tax Free and fully exempteed u/s 10(10D).

4. Equity Linked Savings Scheme (ELSS): There are some mutual fund (MF) schemes specially created for offering you tax savings, and these are called Equity Linked Savings Scheme, or ELSS. The investments that you make in ELSS are eligible for deduction under Sec 80C.

5. (a) 5-Yr bank fixed deposits (FDs): Tax-saving fixed deposits (FDs) of scheduled banks with tenure of 5 years are also entitled for section 80C deduction. (b) 5-Yr post office time deposit (POTD) scheme: POTDs are similar to bank fixed deposits. Although available for varying time duration like one year, two year, three year and five year, only 5-Yr post-office time deposit (POTD) – which currently offers 7.5 per cent rate of interest –qualifies for tax saving under section 80C. Effective rate works out to be 7.71% per annum (p.a.) as the rate of interest is compounded quarterly but paid annually. The Interest is entirely taxable.

6.Pension Funds or Pension Policies – Section 80CCC: This section – Sec 80CCC – stipulates that an investment in pension funds is eligible for deduction from your income. Section 80CCC investment limit is clubbed with the limit of Section 80C – it means that the total deduction available for 80CCC and 80C is Rs 1.5 Lakh.This also means that your investment in pension funds upto Rs.1.5 Lakh can be claimed as deduction u/s 80CCC. However, as mentioned earlier, the total deduction u/s 80C and 80CCC can not exceed Rs.1.5 Lakh.

7. (a) Infrastructure Bonds: These are also popularly called Infra Bonds. These are issued by infrastructure companies, and not the government. The amount that you invest in these bonds can also be included in Sec 80C deductions. (b) NABARD rural bonds: There are two types of Bonds issued by NABARD (National Bank for Agriculture and Rural Development): NABARD Rural Bonds and Bhavishya Nirman Bonds (BNB). Out of these two, only NABARD Rural Bonds qualify under section 80C.

8. Tuition Fees : Any sum paid as tuition fees to any university/college/educational institution in India for full time education. Nowadays most of income tax payee have to incur quite high payments towards the education fees of their children . The expenditure incurred on education fees is eligible for a deduction under Income Tax Act, So, if you are incurring expenditure towards education fee of your children, please check whether these are eligible for deduction under the IT Act.

>>Click here for More Tax Deduction rules

*Note- ( u/s87A- A rebate upto Rs 2000/- for assessee with Income range of 2,50,001 to Rs. 5,00,000 )

* Income Tax Software 2015-16 Download