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Rebate education loan income tax
Gift from relatives vs non relatives: Gifts from relatives would be non-taxable with no limits attached.
In Hand monthly salary without reimbursements: Some of the employees get reimbursements components separately in a different payment other than salary, So this figure shows in hand salary w/o reimbursement components like medical, telephone, internet bills, driver salary etc.In case of Government service employees, it would be fully non taxable.100,000 in case disability is severe.The maximum allowable Tax deduction under this section is.5 Lakh.Section 80 TTA Deduction from gross total income of an individual or HUF, up to a maximum.And no rebate will be applicable for taxpayers having income above.If its not followed one may be charged interest penalty u/s 234C.Income tax exemption for HRA will be least of following: The actual amount of HRA received as a part of salary.Loan amount should be less than Rs 35 Lakh.Where place of origin of journey and destination, or part thereof, are not connected by rail and journey is performed by any other transport; then (i) If a recognised public transport system exists between such places the first class or deluxe class fare of such transport.These investments allowed for exemption under section 80C: elss, nSC, PPF, scss 5 year tax saving bank Fixed Deposit or 5 year post office Term Deposit.
The 10 of salary limit is applicable for salaried individuals and Gross income is applicable for non-salaried.
Bank/Fixed deposit/Post Office/NSC/scss interest: Interest earned on bank account, fixed deposits, post office, debt mutual funds/fixed maturity plans(kept less than one year) would be added to taxable income and taxed as per slab rates.
The tax deduction limit under this section for Senior Citizens is Rs 60,000 and for very Senior Citizens (above 80 years) the limit is Rs 80,000.I believe that the above list is useful for your Tax Planning purposes. .Do not invest in unwanted life insurance polices or in any other financial products just to save taxes.FY 2016-17 (AY 2017-18) : Income Tax Calculator for financial year 2016-17 (136.5 KiB, 33,354 hits fY 2015-16 buy adobe photoshop cs6 student discount (AY 2016-17) : Income Tax Calculator for financial year 2015-16 (263.0 KiB, 49,956 hits) FY 2014-15 (AY 2015-16) : Income Tax Calculator for financial year 2014-15 (136.0.The cost of buying wrong financial products may outweigh the cost of taxes.Following amount would be non-taxable: Where journey is performed by rail; railway-fare in first AC class by shortest route to destination.Income Tax Deductions FY 2016-17, section 80c, the maximum tax exemption limit under Section 80C has been retained as.5 Lakh only.