Procedures for ITR e-filing 2015-16

Acche Din - Are you a salaried employee??- Save Rs.10,000 of your income taxes

Budget this year popped late. However the slab rate changes apply to who of year's salary for you.

Read on to save. Share with your HR department and teams to take the benefits. I am sure many have missed out on this even at this juncture and you can save for many along with you. 

An official circular is issued now dt. 10th Dec. Better late than never.

Amendment was in the tax slab.

Although there is no change in the existing tax rate yet new Government had increased the minimum limit from Rs. 2,00,000 to Rs. 2,50,000. There were no changes in the tax slab from last 2 years.

So definitely, this is one of the very important announcements in new finance bill. Following are the tax slabs of Assessment Year 2014-15 & 2015-16.

Table 1: Tax Slabs

Tax Slabs 2014-15		Tax Slabs 2015-16
Income	Tax Rate	Income	Tax Rate
Upto Rs. 2 Lacs	0	Upto Rs. 2.5 Lacs	0
Rs. 2 Lacs to Rs. 5 Lacs	10%	Rs. 2.5 Lacs to Rs. 5 Lacs	10%
Rs. 5 Lacs to Rs. 10 lacs	20%	Rs. 5 Lacs to Rs. 10 lacs	20%
Above Rs. 10 Lacs	30%	Above Rs. 10 Lacs	30%

For senior citizen with Age group of 60 years or above but less than 80 years than their minimum tax limit is Rs. 300,000 instead of Rs. 250,000.

 On the other hand, senior citizen with age of 80 years or more than they do not need to pay tax of initial income of Rs. 500,000.

 Amendment is under section 80C and 80CCC.

Earlier, the maximum qualifying investments for deduction from total income was Rs. 1, 00,000 (even more amount was investment in specified schemes) which was raised to Rs. 1, 50,000. 

 So if no loan is taken by the employee to construct or renovate the house & having total salary income Rs. 5 lacs  than his total taxable income will decline by Rs. 50,000 (after availing this deduction) which is 12.5 % of earlier base income.

 The above conclusion can be examined with below table:-

(A) Person Having Income Rs. 5 lacs with no house loan

Table 2 Before Budget 2014 ( NO House loan is there)		Table 3 After Budget 2014 ( NO House loan is there)
Gross Salary	Rs. 500000	Gross Salary	Rs. 500000
less deduction U/S 80C +80CCC	Rs. -100000	less deduction U/S 80 + 80CCC	Rs.-150000
Taxable salary	Rs. 400000	Taxable salary	Rs. 350000
Loss from HP (due to interest on loan   taken for construction or renovation of house)	0	Loss from HP (due to interest on loan   taken for construction or renovation of house)	0
Net Taxable income	Rs. 400000	Net Taxable income	Rs. 350000

Now tax liability can be calculated as below:-

Table 4 Tax Liability before Budget 2014 ( NO House loan is there)			Table 5 Tax Liability before Budget 2014 ( NO House loan is there)
	Tax Rate	Tax		Tax Rate	Tax
Upto 2 lacs	0	0	Upto 2.5 lacs	0	0
Next 2 Lacs	10%	Rs. 20000	Next 1 Lac	10%	Rs. 10000
Total Tax before surcharge		Rs. 20000	Total Tax before surcharge		Rs.10000
Surcharge	3%	Rs. 600	Surcharge	3%	Rs. 300
Total Tax		Rs. 20600	Total Tax		Rs.10300
			Less: Rebate **		Rs. 2000
			Net Tax		Rs. 8300

  Table 6 Net change in Total tax Structure having gross income Rs. 5 lacs.

Total Tax liability before budget	Rs. 20600
Total Tax liability after budget	Rs.-10300
Net Benefit	Rs. 10300

Rebate u/s 87A of Rs 2000 will also be admissible if the person income does not exceed Rs. 500000.

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