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Impact Of Income Tax For The Financial Year 2016-17

Sunday, April 10th, 2016 Amritesh one response

 INCOME TAX LIABILITY FOR THE FINANCIAL YEAR 2016-17 (For Individuals Below 60 years)

  Income up to Rs 2,50,000/- is exempted from Tax.
 *Tax Rebate U/S 87A raised to Rs 5,000 from Rs 2,000 for Individuals with Net Income below Rs 5,00,000/-.
Assumed Maximum Deduction availed under Various Sections:
** Deduction is available on Investment up to Rs 1,50,000/-  U/S 80C.
     Deduction is available on Investment up to Rs 50,000/- in National Pension  Scheme U/S 80 CCD (1b).
     Deduction is also available on Health Insurance paid for self, spouse, dependent children up to Rs 25,000/- U/S 80 D.
*** Education Cess of 3% is levied on Income Tax payable.
**** Surcharge of 15% is applicable on Income over Rs 100,00,000/-.
Note:Only Deductions directly applicable to Individuals have been taken into account. Some other deductions are also applicable which will be discussed in the next post.

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Amritesh is an experienced professional in the field of HR, Finance and Compliance. He is currently working in the IT Industry with an US based firm. He took up Blogging as a hobby which eventually turned into passion. He primarily focuses on topics related to Personal Finance, HR, Compliance and Technology.

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