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Automated Income Tax Calculator for Central Govt employees + Arrears Relief Calculator for F.Y. 2016-17, With Deductions Allowable under various sections of Chapter VIA of Income Tax Act as per Budget 2016

Income Tax Calculator for Central Govt employees for Financial Year 2016-17 & Assessment Year 2017-18 as per Finance Budget 2016

Deductions under Section 80C (Available to Individuals / HUFs)
For investments in specified schemes, saving instruments etc.

The aggregate of total deduction available under sections 80C, 80CCC and 80CCD is limited to whole of the amount paid or deposited subject to a maximum of Rs. 1,50,000/-
Section 87A :- Tax Rebate Max Rs. 5000/- who’s Taxable Income less than 5 lakh. 

Automated Arrears Relief Calculator with Form 10E From the F.Y.2000-01 to F.Y. 2016-17 [ Up to date Version]


 

Section 80CCC (Available to Individuals)
Deduction in respect of Premium Paid for Annuity Plan of LIC or Other Insurer

Payment of premium for annuity plan of LIC or any other insurer Deduction is available upto a maximum of Rs. 150,000/-.
The premium must be deposited to keep in force a contract for an annuity plan of the LIC or any other insurer for receiving pension from the fund.
Note: The limit for maximum deduction available under Sections 80C, 80CCC and 80CCD(1) (combined together) is Rs. 1,50,000/-.

Section 80CCD (1) (Available to Individuals):-


Deduction in respect of Contribution to Pension Account (by Assessee}

Deduction available for the amount paid or deposited in a pension scheme notified or as may be notified by the Central Government subject to a maximum of :
(a) 10% of salary in the previous year in the case of an employee
(b) 10% of gross total income in any other case.
The maximum deduction allowable under the secion is Rs. 1.00 lac. Rs. 1.50 lacs w.e.f. 01.04.2015 in case of contribution to New Pension Scheme (NPS).

Section 80CCD (2) (Available to Individuals) 


Deduction in respect of Contribution to Pension Account (by Employer}

Deduction available for the amount paid or deposited by the employer of the assessee in a pension scheme notified or as may be notified by the Central Government subject to a maximum of 10% of salary in the financial year.

Section 80CCD(1B) (Available to Individuals)
Additional Contribution to New Pension Scheme (NPS)

A deduction of upto Rs. 50,000 is available over and above the limit of Rs. 1.50 lakh in respect of contributions made to NPS under Section 80CCD(1B).

Section 80CCG (Available to specified Resident Individuals)

50 per cent of amount invested by resident individuals, whose gross total income does not exceed Rs. 12 lakhs, in listed shares or listed units in accordance with notified scheme for a lock-in period of 3 years (Subject to certain conditions). Maximum deduction : Rs. 25,000/-.

Section 80D (Available to Individuals / HUFs) 
Deduction in respect of Medical Insurance

Deduction is available upto Rs. 30,000/- (enhanced from Rs. 20,000 w.e.f. 01.04.2015) for senior citizens and upto Rs. 25,000/- (enhanced from Rs. 15,000 w.e.f. 01.04.2015) in other cases for insurance of self, spouse and dependent children. Additionally, a deduction for insurance of parents (father or mother or both) is available to the extent of Rs. 30,000/- (enhanced from Rs. 20,000 w.e.f. 01.04.2015) if parents are senior Citizen and Rs. 25,000/- (enhanced from Rs. 15,000 w.e.f. 01.04.2015) in other cases. Therefore, the maximum deduction available under this section is to the extent of Rs. 60,000/- in case of individuals and Rs. 30,000/- in case of HUFs. From AY 2013-14, within the existing limit a deduction of upto Rs. 5,000 for preventive health check-up is available.

Section 80DD (Available to Resident Individuals / HUFs)
Deduction available to 
resident 
Individual and HUF in respect of Rehabilitation of Handicapped Dependent Relative

Deduction of Rs. 75,000/- (enhanced from Rs. 50,000 w.e.f. 01.04.2015) in respect of
1.                         Expenditure incurred on medical treatment, (including nursing), training and rehabilitation of handicapped dependent relative.
2.                         Payment or deposit to specified scheme for maintenance of dependent handicapped relative.
Further, if the defendant is a person with severe disability a deduction of Rs. 125,000/- (enhanced from Rs. 1,00,000 w.e.f. 01.04.2015) shall be available under this section. The handicapped dependent should be a dependent relative suffering from a permanent disability (including blindness) or mentally retarded, as certified by a specified physician or psychiatrist. Note: A person with ‘severe disability’ means a person with 80% or more of one or more disabilities as outlined in section 56(4) of the ‘Persons with disabilities (Equal opportunities, protection of rights and full participation)’ Act.

Section 80DDB (Available to Individuals / HUFs)
Deduction allowed to 
resident 
Individual and HUF in respect of Medical Expenditure on Self or Dependent Relative

A deduction to the extent of Rs. 40,000/- (Rs. 60,000 in case of senior citizen) or the amount actually paid, whichever is less is available for expenditure actually incurred by resident assessee on himself or dependent relative for medical treatment of specified disease or ailment. The diseases have been specified in Rule 11DD. A certificate in form 10 I is to be furnished by the assessee from any Registered Doctor.

Section 80E (Available to Individuals)
Deduction in respect of Interest on Loan for Higher Studies

Deduction in respect of interest on loan taken for pursuing higher education (subject to certain conditions) (maximum period : 8 years).

Section 80EE (Available to Individuals) 
Deduction in respect of Interest on Residential House Property

The deduction under this sub-section is available w.e.f. AY 2017-18. The maximum deduction available is Rs. 1.5 lac. In a case where the interest payable for the financial year 2016-17
The deduction under sub-section (1) shall be subject to the following conditions :
i.                               the loan has been sanctioned by the financial institution during the period beginning on the 1st day of April, 2016 and ending on the 31st day of March, 2016;
ii.                               the amount of loan sanctioned for acquisition of the residential house property does not exceed twenty-five lakh rupees;
iii.                               the value of the residential house property does not exceed forty lakh rupees;
iv.                               the assessee does not own any residential house property on the date of sanction of the loan.
If deduction for Housing Loan Interest is availed under this section, no deduction can be availed for such interest under any other provisions of the Act for the same or any other assessment year.

Section 80G (Available to all assessees)
Deduction in respect of Various Donations

The various donations specified in Sec. 80G are eligible for deduction upto either 100% or 50% with or without restriction as provided in Sec. 80G

Section 80GG (Available to Individuals not receiving any house rent allowance)
Deduction in respect of House Rent Paid

Deduction available is the least of
1.                         Rent paid less 10% of total income
2.                         Rs. 2000/- ( Rs. 5000/- )* per month i.e. Maximum Deduction available is 24,000/- ( 60,000/- )*
* Increased w.e.f. 01/04/2016 (i.e. for AY 2017-18 )
3.                         25% of total income, provided
·                                               Assessee or his spouse or minor child should not own residential accommodation at the place of employment.
·                                               He should not be in receipt of house rent allowance.
·                                               He should not have self occupied residential premises in any other place.

Section 80 TTA (Available to Resident Individuals/HUFs)
Deduction from gross total income in respect of any Income by way of Interest on Savings account

Deduction from gross total income of an individual or HUF, upto a maximum of Rs. 10,000/-, in respect of interest on deposits in savings account ( not time deposits ) with a bank, co-operative society or post office, is allowable w.e.f. 01.04.2012 (Assessment Year 2013-14).

Section 80U (Available to Resident Individuals)
Deduction in respect of Person suffering from Physical Disability

Deduction of Rs. 75,000/- (enhanced from Rs. 50,000 w.e.f. 01.04.2015) to a resident individual who suffers from a physical disability(including blindness) or mental retardation. Further, if the individual is a person with severe disability, deduction of Rs. 125,000/- (enhanced from Rs. 1,00,000 w.e.f. 01.04.2015)shall be available u/s 80U. Certificate should be obtained from a Govt. Doctor. The relevant rule is Rule 11D.

Deductions Allowable under Section 24 of Income Tax Act :

Where a housing property has been acquired / constructed / repaired / renewed with borrowed capital, the amount of interest payable yearly on such capital is allowed as deduction under Section 24 of Income Tax Act, subject to the limits stated below. Penal interest on housing loan is not eligible for deduction. If a fresh loan has been raised to repay the original loan and the new loan has been used only for the purpose of repaying the original loan then, the interest accrued on such fresh loan is allowed for deduction.
1.                         If the property is acquired or constructed with the capital borrowed on or after 01-04-1999 and such acquisition or construction is completed within 3 years of the end of the financial year in which capital was borrowed then the actual interest payable is allowed as deduction subject to a maximum Rs. 2,00,000/- (Rs. 1,50,000/- up to 31.03.2015).
2.                         In other case interest up to maximum Rs. 30,000/- is deductible.
3.                         The ceiling of Rs.2,00,000/- (Rs. 1,50,000 upto 31.03.2015) or Rs. 30,000/- is only in case the property is self occupied. There is no limit on deduction of interest if the property is let out.

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