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|Income Slab||Tax Rate|
|Up to Rs.1,50,000 (Male) / Up to Rs 1,80,000 (Female) / Up to 2,25,000 (for resident individual of 65 years or above)||NIL|
|Rs. 1,50,001 to Rs. 3,00,000 (Male)/ Rs 1,80,001 to Rs 3,00,000 (Female)||10%|
|Rs. 3,00,001 to Rs. 5,00,000||20%|
|Rs. 5,00,001 and above||30% *|
* A surcharge of 10 per cent of the total tax liability is applicable where the total income exceeds Rs 10,00,000.
- Education cess is applicable @ 3 per cent on income tax, inclusive of surcharge if there is any..
- Agricultural income is exempt from income-tax.
Get these Calculators given below to calculate your HRA exemption and Income/Loss on House Property :
INCOME TAX EXEMPTIONS:
Proof to be given to Employer
House Rent Allowance (Sec 10(13A)
Least of the following
1. HRA Received
2. Rent paid less 10% of Salary
3. 50% of Salary if residential house is in Mumbai, Chennai, Delhi and Calcutta, 40% of Salary if residential house is in any other city.
Proof of rent paid:
1. Receipts of rent paid
2. Lease agreement with your landlord. (On stamp paper)
Rs.800 per month
No proof is required
Reimbursement for Medical Treatment
Max. Rs. 15,000 per annum for reimbursement of expenses on medical treatment (expense incurred during the current financial year April to March).
Medical expenses bills/ receipts.
Leave Travel Concession
Actual amount spent in connection with proceeding on leave to any place in India. Exemption is available only for 2 journeys in a block of 4 years from 1-1-2006 to 31-12-2010. (Section 10(5) of the Income Tax Act).
Names of persons traveled, Travel ticket.
Important deductions under Chapter VI-A of Income tax Act are:
|Sl.No.||I.T Section||Category||Amount of Deduction|
|1||80C||Aggregate of amount paid/ incurred/invested towards any of the following:||Up to Rs.1, 00,000|
|a. Premium paid towards Life Insurance Policy not exceeding 20% of the total Sum Assured.|
|b. Any annuity or Deferred Annuity Plan|
|c. Contribution towards approved Provident Fund including PPF|
|d. Subscription towards National Saving Certificate|
|e. Contribution to UTIs Retirement Benefit Plan.|
|f.Investment in UTIs Unit Linked Insurance Plan|
|g. Approved Mutual Fund Investment|
|h. Repayment of Housing Loan Principal towards Self-occupied Residential Property|
|i. Payment of Tuition fees towards any two children of the assessee|
|j. Investment in Equity Linked Savings Scheme / approved Infrastructure Bonds|
|k. Investment in Pension Fund / Deposit Scheme of National Housing Bank Under Home Loan Account Scheme|
|l. Fixed Deposit of any Scheduled Bank /Housing Finance Co. for not less than 5 years|
|m. Investment in Equity Shares Debentures of approved Public Finance Instn. or Company|
|2||80 CCC||Premium paid towards IRDA approved Pension Fund||Up to Rs.1, 00,000 (sum of claim under 80 C and 80 CCC shall not exceed Rs. 1,00,000)|
|3.||80CCD||Amount paid/deposited in an approved Pension Scheme of Central Government & matching contribution made by the Employer to the Pension A/c of individual.||Up to10% of Salary|
Up to 10% of Salary
|4.||80 CCE||Aggregate of deduction u/s 80C, 80CCC & 80CCD shall not exceed Rs.1 lakh.||—-|
|5||80 D||a. Medical Insurance Premium paid by any mode other than cash.||Up to Rs. 15,000|
|b. For Senior Citizens||Up to Rs. 20,000|
|6||80DD||a. Any expenditure for Medical, Nursing & Rehabilitation incurred on dependent relative suffering from permanent Physical Disability, Autism, Cerebral Palsy and Multiple disability||Upto Rs.50, 000 if disability is over 40% & Rs.75, 000 if disability is over 80%|
|b. Deposits under LIC, UTI’s Scheme & other IRDA approved Insurers for the benefit of Physically Handicapped dependent|
|7||80 DDB||a. Actual expenditure incurred on medical treatment of self, or dependent relative suffering from terminal diseases like Cancer, AIDS, Renal failure etc.|
b. For Senior Citizens.
|Upto Rs.40, 000|
Upto Rs.60, 000
|8||80E||Interest on repayment of Loan taken from charitable / financial institution for Self, Spouse, Children Higher Education for a maximum of 8 years||Any amount of interest|
|9||80G||a. Donation paid to P.M.Relief fund, National Defence Fund, Funds of Universities or Educational Institution of National Fame, National Trust for welfare of persons with Autism, Cerebral Palsy, Mental retardation and multiple disabilities|
b. Donations to National Children fund, Jawaharlal Lal Nehru memorial fund, P.Ms Drought Relief Fund, Any Charitable / Religious Institutions, Corporation established for promoting interest of the members of a minor community.
|100% of donation|
50% of Donation. In some cases, donation is restricted to 10% of total income
|10||80GG||Deduction in respect of rents paid provided no house is owned by self, spouse or minor child in the place of work and is residing in any of the specified cities||25% of incomeor rent paid in excess of 10% of income or ceiling of 24,000 p.a whichever is less|
|11||80U||Persons suffering from permanent physical Disability and includes Autism, Cerebral Palsy, Multiple Disability, Person with Disability and Severe Disability||Rs.50, 000 if disability is over 40% and Rs.75, 000 if disability is over 80%.|