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#AP TS Employees Income Tax Software 2015-16

#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

AP& Telangana Income Tax 2015-16 IT Calculation Financial Year 2015-16

#AP& Telangana Income Tax 2015-16 IT Calculation Financial Year 2015-16 Income Tax Model Calculation  Financial Year 2015-16 (A. Y. 2016-17).  Income Tax 2015-16 Model Tax Calculation Software Financial Year 2015-16  AP & TELANGANA 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 : HRA as per formula u/s 10, (without counting D.A.)  Con-veyance allowance u/s 10 Rs. 3,200/- p.m.   Medical Reim-bursement,  P.T. u/s 16,   Housing Lo