Income Tax Software FY 2016-17, AY 2017-18, IT Assessment Software FY 2016-17 for Salaried employees AP and TS,IT Software for Govt Teachers Online Software Income Tax Act, Income Tax Rates and Slabs FY 204-15 AY 2017-18, Income Tax online assesment, Income Tax Calculation Software Slab rates of income tax FY 2014-15, rates of tax, normal Rates of tax, Finance Act amendments )
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Income Tax Slabs FY 2016-17 AY 2017-18
| Individual resident (Age below 60 Yrs.) | For resident senior citizen (60 Years and Above) | For super senior citizen (80 years and Above) | For any other person excluding companies and co-operative societies | Income Tax rates |
|---|---|---|---|---|
| Up to Rs 2,50,000/- | Up to Rs 3,00,000/- | Up to Rs 5,00,000/- | Up to Rs 2,50,000/- | NIL |
| Rs 2,50,001–5,00,000/- | Rs 3,00,001–5,00,000/- | - | Rs 2,50,001–5,00,000/- | 10% |
| Rs 5,00,001–10,00,000/- | Rs 5,00,001–10,00,000/- | Rs 5,00,001–10,00,000/- | Rs 5,00,001–10,00,000/- | 20% |
| Above Rs 10,00,000/- | Above Rs 10,00,000/- | Above Rs 10,00,000/- | Above Rs 10,00,000/- | 30% |
80C Tax Exemption Provisions Income Tax Act
- Tuition Fee- Two Children Max Rs150,000
- National Savings Certificates (NSC) Max Rs150,000 -
- Repayment of Home Loan Principle Max Rs 150,000
- LIC Insurance Premium- Annual Max Rs 150,000
- Unit linked Insurance Plan Max Rs 150,000
- Public Provident Fund Max Rs 150,000 80C
- ULIP Max Rs 150,000
- PLI 150,000 Max Rs 150,000
- Equity linked Savings Schemes (ELSS) Max Rs 150,000
- 5-Years fixed deposits with bank/post office Max Rs 150,000
IT Act Section 80C
Section 80C , entitles an employee to deductions for the whole of amounts paid or deposited in the current financial year in the following schemes, subject to a limit of Rs.1,50,000/-Read more
In section 80C of the Income-tax Act, in sub-section (1), for the words one lakh rupees, the Amendment of words one hundred and fifty thousand rupees shall be substituted with effect from the 1st day of section 80C. April, 2015
IT Act Section 80CCC
Life Insurance Corporation of India or any other approved insurer for receiving pension from the Fund referred to in clause (23AAB) of section 10, he shall, in accordance with, and subject to the provisions of this section, be allowed a deduction in the computation of his total income, of the whole of the amount paid or as does not exceed the amount of 1 lakh rupees in the previous year. Read more about EPF/VPF, PPF, NSC POTD, SCSS, 80CCD, ELSS, ULIP
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