Income Tax Circular No. 20/2015 dated 02.12.2015 provides detailed instructions and guidelines for all provisions of income tax act which are applicable to Salaried Employees
Income Tax Act allows tax payers to deduct up to Rs.2 lakh towards the interest paid on housing loan from the Gross total income. When declaring Annual Rental Value which will be added with Gross total income, there will not be any ceiling as far as deduction of interest paid on the loan availed for buying the house property is concerned.
Section 89 of Income Tax Act provides for Relief of Tax for the salary income received as arrears by distribution of the same to relevant previous years
This is the Login version of GConnect Income Tax Calculator for the Year 2015-16 (Assessment Year 2016-17) incorporating all the changes made in Budget 2015 as far as Income Tax is concerned. There is no need for entering all the values of income and deductions at the same time for calculating Income Tax in this version.
This is the instant version of the GConnect Income Tax Calculator tool. We would come up with Income Tax Calculator 2015-16 with save option soon. In the mean time use this tool to find out your Income Tax liability and plan for saving taxes in advance.
Last date for filing Income Tax Return was revised already from 31st July 2015 to 31th Aug 2015 and then to 7th September 2015. Now, the present circular conveys that ITRs which are due by 30th September will have to be filed in time and that no further extension of last date will be provided
With the available common exemptions and deductions that are applicable to a Salaried Employee, Gross Total Income of up to Rs.6,94,200/- can be income tax free
Income Tax 2015-16 (Assessment Year 2015-16) – Provisions relating to Direct Taxes in Finance Bill 2015
Income Tax 2015-16 – Changes relevant to Salaried Employees in Budget 2015
Additional Income Tax Exemption under Section 80 CCD (1) for contribution in NPS announced in Budget 2015-16
No Change in Income Tax Exemption Limit increased – Income Tax Structure 2015-16 announced