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INCOME TAX MODEL CALCULATION 2015-16 & SOFTWARE

Income Tax Model Calculation  Financial Year 2015-16 (A. Y. 2016-17). Income Tax 2015-16 Model Tax Calculation Financial Year 2015-16 

Details of income Tax Calculation for the salaried for the Financial Year 2015-16, Assessment Year 2016-17

I) Income Tax Slabs
For Men & women employees
Upto Rs. 2.5 Lakhs Nil

From Rs. 2.5 to 5 Lakhs@ 10%

From Rs. 5 to 10 Lakhs @20%

Above Rs. 10 Lakhs @30%

For senior citizens above 60 yrs.

Upto Rs. 3 Lakhs Nil

From Rs. 3 to 5 Lakhs @ 10%

From Rs. 5 to 10 Lakhs@20%

Above Rs. 10 Lakhs @30%

II) Surcharge & Cessess :
i) Surcharge @ 0% will be levied below Rs. 1 crore
ii) Education Cess @ 3% on I.T. paid.
III) 100% Exemption from Income :
  1. HRA as per formula u/s 10, (without counting D.A.)
  2.  Con-veyance allowance u/s 10 Rs. 3,200/- p.m. 
  3.  Medical Reim-bursement, 
  4. P.T. u/s 16, 
  5.  Housing Loan interest upto Rs.1.5 Lakh u/s 24 (borrowed after 1-4-99) / interest upto Rs. 2 Lakh u/s 24 (if borrowed after 1-4-2014) 
  6.  Interest on Education loan taken for self or dependents (spouse, son, daughter, brother) u/s 80E, 
  7.  contributuin to CMRF/PMRF/U/s 80G,
  8.  P.P.F. Interest, (ix) Retirement benefits.
  9. LTC, (xi) LPGsubsidy

IV) Deductions allowed under chapter VIA from Income :
  1. Health Insurance premium of self & Dependents upto Rs.25,000/ p.a. U/s 80D ( Rs. 30,000/- in case of senior citi-zens
  2.  Expenses of Medical Treatment of Handicapped Depen dent upto Rs. 75,000/ 80DD (for disability 80% or more deduction in Rs.1,25,000/)
  3.  Expenses of Medical Treatment for cancer, Heart, Nuero, AIDS, chronic Renal failure, Haemophilia for self or dependent upto Rs. 40,000/- U/s 80DDB (Form 10-1 need no be enclosed from the Govt. Civil Surgeon from Fy 15-16) Rs.60,000/- for senior citizen (DDOs CAN NOT ALLOW IT)
  4. Physically Handicapped assessee (proper certificate should be enclosed) upto Rs. 75,000/- (for more than 80% disability Rs. 1,25,,000/-) may be exempted from income U/s 80U.
V) TOTAL DEDUCTIONS UPTO 1.5 LAKH ONLY
i) Amount deposited for getting pension scheme upto Rs.1,50,000/- U/s 80CC (Ex. LIC, Pension Fund)
ii) Premium to Contributory pension scheme upto 10% of the salary U/s 80CCD
iii) U/s 80C SAVINGS (Total Rs. 1.5 Lakh only)LIC + PF +APGLI + NABARD BONDS + TAX SAVINGS Bonds + FIXED DEPOSITS FOR MORE THAN 5 YEARS + HOUSING LOAN PRINCIPLE + GIS + PLI + ICICI BONDS + IDBI BONDS +TUITION FEES OF TWO CHILDREN (limited to 1.5 Lakh)+ Sukanya Samrudhi Yojana (Maximum 1.5 lakhs) MAY BE deducted FROM INCOME UPTO Rs. 1.5 Lakh (savings, U/s
80CC+80CCD+80C should be less than Rs. 1,50,001/- only.
VI)NEW SECTION 80 CCG FROM FINANCIAL YEAR 2014-15:
Maximum savings @ Rs. 25,000/- ( on 50% of Rs. 50,000/-investment) for savings under Rajiv Gandhi equity share U/s 80CCG from this financial Year . Hence the limit of 80C + 80CC + 80CCD + 80CCG = 1.75 lakhs).
VII) u/s 80EE :- 
deduction of an amount maximum Rs.1 lakh is allowable in respect of interest payable on home loan if it sanctioned in fy.2013-14 not exceeding Rs. 25 lakhs and the interest claimed for deduction under this section cannot claimed u/s 24.
Income Tax Model Calculation  Financial Year 2015-16 (A. Y. 2016-17).
Details of income Tax Calculation for the salaried for the Financial Year 2015-16, Assessment Year 2016-17

Pay Rs. 8,36,400

D.A. Rs. 3,58,500

H.R.A. Rs. 1,28,000
Total Rs. 13,22,900
C.C.A. Rs. -----

Total Rs. 13,22,900
H.R.A. (as per formula) (-) Rs. 92,000
P.T. (-) Rs. 2,400
Housing loan interest (-) Rs. NIL
CMRF/PMRF (-) Rs. NIL
PH allowance (-) Rs. NIL
Medical Reimbursement (-) Rs. NIL
EWF/SWF (-) Rs. 70
Interest on educational loan U/s 80E (-) Rs. 42,500
Health insurance premium U/s 80D (-) Rs. 13,400
Total (-) Rs. 1,50,370
Gross Income Rs. 11,72,530
Deductions under chapter VI A
1) U/s 80CC NIL
2) U/s 80CCD NIL
3) U/s 80U NIL
4) U/s 80C
a) Housing loan principle NIL
b) P.F. 63,000
c) GIS 720
d) APGLI 12,000
e) LIC 38,460
f) PLI 5,400
g) NSC Bonds 12,000
h) PPF 12,000
i) Tuition Fees (2 children) 32,000
 limited to (-) 1,50,000
5) U/s 80CCG (RGESS) NIL
Net Income Chargeable under Head salaries
(Gross Income - Total deductions allowed) Rs. 10,22,530 Net Income Chargeable under Head salaries
(Gross Income - Total deductions allowed) Rs. 10,22,530 Total 1,75,580
NOTE:
1. IT to be paid through IT Department challan/salary deductions
2. TDS e-filing may be made from any Registered IT Practitioner by DDOs
3. TAN & PAN should be taken by DDO. Any Returns to be filed with reference to TAN & PAN
4. Every employee should take PAN Cards (MANDATORY)
5. ALL employees NEED to file IT returns in SAHAJ FORM ONLY IF NET INCOME EXCEEDS 5 LAKHS
6. Every employee should submit FORM - 16 along with calculation sheet to DDO in 1/2016 so as to enable him to make arrangements for TDS before 2/2016
7. Salary includes Pay, DA, HRA, IR, CCA, PH allowance, Addl. FP increments, arrears, surrender leave taken as per the acquittancefrom 03/2015 to 2/2016 and also PRC & Notional/AAS/DA/HRA/ STEP UP arrears etc.
8. It is the responsibility of the DDO to deduct the TDS at average rate of Income Tax as applicable before disbursing the salary. To enable e-filing of TDS returns, a free TDS return preparation software is available on sites  & Income Tax department


Income Tax software for 2015-16 

Income tax slab rates for 2014-15 and 2015-16 are same.

Income tax calculator for 2010-11 AY to 2016-17 AY (by the Income Tax department)

Income tax software for FY 2015-16 download

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