#AP TS Employees Income Tax Software 2015-16 . AP TS Employees Income Tax Software Financial Year 2015-16 Financial Year 2015-16 Assessment Year 2016-17 AP TS Employees Income Tax Software 2015-16 Income Tax 2015-16 Information: AP TEACHERS, TS TEACHERS INCOME TAX Finance Act 2014 has made following changes relating to determination of Income Tax payable by Salaried Employees: 1. Taxable Income eligible for full exemption from income tax increased from Rs. 2 lakh to Rs. 2.5 lakh 2. Additional deduction of Rs. 50,000 under Section 80 C, CCC, CCD(1): Deduction allowed under Section 80C, 80CCC, and Section 80 CCD(1) for savings/investments, premium for annuity / pension fund and employee contribution to NPS respectively has been increased to Rs. 1.5 lakh from Rs. 1 lakh (Section 80CCE Limit) 3. Income Tax exemption on Interest paidon housing loan under Section 24 of the Income Tax Act increased from Rs. 1.5 lakh to Rs. 2 lakh 4. In addition to above three new changes, Income
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