Download Automatic Master of Form 16 Part A&B for the Financial Year 2015-16 and Assessment Year 2016-17 [ This Excel Based Utility can prepare at a time 50 employees Form 16 Part A&B for F.Y.2015-16 as per the new Finance Budget 2015-16]
As per the new Finance Budget 2015, has some changes in some Tax Section and hike the limit of some Section under chapter VIA, the main changes is given below :-
Section
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Brief Information about the Chapter VIA Section as per Budget 15
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80C
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Amount paid or deposited towards life insurance, contribution to Provident Fund set up by the Government, recognized Provident Fund, contribution by the assessee to an approved superannuation fund, subscription to National Savings Certificates, tuition fees, payment/ repayment for purposes of purchase or construction of a residential house and many other investments. For full list, please refer to section 80C of the Income-tax Act. ( The aggregate amount of deduction under section 80C, 80CCC and 80CCD(1) shall not exceed Rs. 1,50,000/- )
Include One another Item as Sukanya Samriddhi Account Max Rs.1.5 Lakh
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80CCC
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Deduction in respect of 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.
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80CCD(1)
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Deduction for contribution in pension scheme notified by the Government to the extent of 10% of salary in case of employees and 10% of total income in case of others.
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80CCD(2)
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Contribution by employer in pension scheme notified by the Government to the extent of 10% of salary.
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80D
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Deduction in respect of Medical Insurance Premium for Self and family members.( Maximum Deduction available Rs. 25,000/- for Senior Citizens and Rs. 25,000/- for others. )
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Deduction in respect of Medical Insurance Premium for Parents (Father or mother or both).( Maximum Deduction available Rs. 30,000/- for Senior Citizens parents and Rs. 30,000/- in other cases. )
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80DDB
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Deduction to the extent of Rs. 80,000/- or the amount actually paid, whichever is less for expenditure actually incurred on self or dependent relative for medical treatment of specified disease or ailment.
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80U
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Deduction in case of a person with disability. ( Maximum Deduction: General disability - Rs. 75,000/-, Severe disability - Rs. 1,25,000/-. )
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Other tax deduction Under Chapter VI A is the same as previous Financial Year, there have no changes. Like U/s 80TTA, 87A
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