tax benefits for salaried employees 2015-16

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tax benefits for salaried employees 2015-16

 

 

 

 

1 Tax slab for the assessment year 2015 16 for. 1.1 Individuals aged below 60 years.LTA is paid to the employee as part of his/her for his/her travel within the country, with or without family.Salaried individuals should reap maximum benefits of tax savings under this section. Employees are often confused about the taxability/ tax benefits of owning a car Vs. Leasing a car from your company.Due date for filing income tax return for AY 2015-16. NPS subscribers have to self-certify a FATCA Summary of Benefit Coverage (SBCs) FY 2015-16 and FY 2016-17. Life and Accident.Visit the Summary of Agency Increases FY16 where you will be directed to a table on the employee gateway to see if you will receive the increase. Although salary still is taxable, an employee may benefit from greater overall allowances and use of the tax rate bands.The essential guide for individuals in Luxembourg 2015 Issue. 57. 16 Annex 1 Computation of income tax. Tax planning for the salaried employees is a matter of planning and discipline.The contributions can be upto 10 of the salary (or) Gross Income and Rs 50,000 additional tax benefit u/s 80CCD (1b) was proposed in Budget 2015. The Excel Sheet prepared only for calculation of Income Tax 2015-16 for Salaried employees 3rd February 2016 From India, Cuttack.Income Tax 2015-16 Calculation.xls (395.

0 KB, 892 views). Benefits for Salaried Employees. Health and Welfare Benefits. You can choose to contribute to either or both salary redirection accounts: Health Care Account: Up to 7,000 in before- tax dollars to use for certain medical, dental, and vision expenses not covered by your plans Dependent Care 80CCD. Deposit made by an employee in his pension account to the extent of 10 of his salary.This has been introduced vide Finance Act 2014 wef A.Y. 2015-16. It may be noted that the aggregate amount of deductions under sections 80CRelated posts: Tips of tax planning for Salaried Person. There are no. of ways being within the purview of the Indian income tax act for salaried individual to save taxes.Category: Income Tax Salary.

When you use this entire amount from the assessment year 2015-16, you can enjoy tax saving benefit. Savings in the following areas will attract 80C tax benefit for salaried individualsRemember that tax planning and savings can bring great benefits to salaried employees. 5. Self-employed National Insurance contribution rates 2015-16.8. Child Benefit and Guardians Allowance. 9. Tax-free Savings Accounts.3 Upper Secondary Threshold (UST) introduced from April 2015 for employees under the age of 21. You can plan your tax for A.Y.2015-16 easily.Below are some of the easy and effective tax planning tips for salaried employees that can help the salaried class to plan taxes for the financial year 2015-2016. Hi, Im going to join a new company and my annual salary is 16lacand I have freedom to decide my tax exemption component I want to know all the possible Tax exemption component and they upper limit.If you have not taken any loan, you cant claim tax benefit for home loan. The salaried income you and your employees receive is subject to Income Tax, which is deducted from you gross salary payment during payroll.Relevant earnings are calculated by taking your salary plus benefits less your personal allowance.

For the 2015/16 tax year, as long as this does not There are certain tax saving tips for salaried employees that should hold them in good stead.Tip 4. Move to the second rung options. ULIP, Pension Plans and NPS qualify for tax benefits. Download Income Tax Calculator All in One TDS on Salary for Non-Govt Employees for the Financial Year 2015-16 and Ass Yr 2016-17.(10 of salary is applicable for salaried individuals and Gross income is applicable for non- salaried. Employees Benefits.Monday, March 30th, 2015 Amritesh 175 responses. Professional tax is a tax levied by the various State Governments of India on salaried individuals, working in government or non-government entities, or in practice of any profession, including Chartered Accountants, Doctors The Income Tax Act allows various Income Tax Exemptions for Salaried Employees which are very effective in saving taxes. A salaried employee would be required to intimate his employer that he is claiming these income tax exemptions available for Salaried Employees and then the Employer Worldwide Personal Tax Guide. Income tax, social security and immigration 201516. Preface.Employed persons are subject to income tax on remuneration and all benefits received from employment. Download All in One TDS on Salary for Govt and Non Govt Employees for F.Y. 2015-16 [This Excel Utility can prepare at a time Tax Calculation Sheet Salary Structure Automatic HRA Exemption Calculation Form 16 Part AB and Part B for A.Y.2016-17 ]. To achieve this goal it gives the benefit of tax deductions under section 80C.Hi, I am a salaried employee a doctor aged 30years, joined work on 30 july 2015 before that I was a student my pay for this financial year isWhat is saving bank interest deduction allowed for FY 2014-15(AY:2015-16 )? The general perception when it comes to salaried employees is that there isnt much scope for saving tax.1600 per month wef FY 2015-16. Earlier up to Financial Year 2014-15 the limit was Rs. Less income tax (201516 rates).Reportable fringe benefits facts for employees. TD 2013/20 Fringe benefits tax: when an employer reimburses an amount of expenditure incurred by an employee to a third party, under a salary sacrifice (or similar) arrangement with that employee where that FBR has made it mandatory for all salaried employees (government and private) having taxable income to file their income tax returns from the tax year 2015.IPS LCD capacitive touchscreen, 16M colors. Camera. 21 MP, f/2.0, 27 mm, phase detection autofocus, dual-LED (dual tone) flash. But very few announcements were made by new government which could provide relief to salaried class people. The first and the most important amendment was in the taxAlthough other subsequent slabs remains the same. Following are the tax slabs of Assessment Year 2014-15 2015-16. 2.5 lakh for the financial year 2015-16 available to Salaried Employees, maximum additional income tax exemption for income up to Rs.4,44,200 can be availed. Maximum Amount that can be saved / deducted to avail this income tax exemption benefit are tabulated below. So, a salaried employee Income Tax Additional Rs.50000 Tax Benefit for NPS(CPS) Employees DSC wise SGTs Salary for IT GetThis rebate is available for A.Y. 2015-16 and subsequent assessment years." Income Tax 2017-18 Assessment 2018-2019.1- Income tax circular by IT department for salaried- Get Circular. In this article you an find complete details for how to Planning for Tax Savaing for Salaried Employees like 5 Tax Planning Strategies, Tax Planning U/s.Lets discuss few of the most popular strategies for FY 2015-16 to save taxes. 5 Tax Planning Strategies. CBDT has notified Income Tax Return (ITR) forms for AY 2015-16. As usual, there are many forms are released.Income from other sources (mostly interest earned on bank account or deposit). I am a salaried employee. Website:www.incometaxindia.gov.i n Personal Income Tax for the Financial Year 2014-15 / Assessment Year 2015-16.Form-16. v Employer- PAN,TAN,BIN,CIN v Employee, PAN v Assessment year u/s -2(9) v Previous year u/s -3 v Period of the return v Address of CIT. These are the sum total of all the exemptions allowable for Salaried Employees. However there are many Deductions, Tax Benefits Taxvishal. May 7, 2015 at 3:16 pm Reply. i am getting Rs 2900 in my salary as telephone reimbursement.can i claim it for tax exemption by showing my mobile bill. The tax rates for salaried employees (below 60 years of age) for FY 2015- 16 shall be the same as those for FY 2014-15.The benefit available for expenses incurred for preventive health checkup continues (maximum of Rs 5,000). This falls within the overall limit of Rs 25,000 or Rs 30,000 (as the Similarly, salaried employees staying in rented apartments can claim. exemption Income Tax Benefits from House Property and Loan, Medical premia upto a maximum Income Tax Rate Chart for Financial year 2015-16, 2014-15 2013-14. 5 Important things to know while filing Income tax returns for a salaried employees.The due date of filing return for the previous year 2014-15 having assessment year 2015-16 is 31st Aug 2015. Jan 16th, 2018 We Offer Some Basic Tax Advice For Salaried Employees.Fringe Benefits | Workplace Info. Feb 22th, 2018 A Fringe Benefit Is Generally Defined As A Benefit Not Being Salary, Wage Or Other Cash Remuneration, Derived From Employment. Download the All in One TDS on Salary for Central Govt Employees for F.Y. 2015-16 [ This Excel Based Utility can prepare at a time Tax Compute Sheet Individual Salary Structure Individual Salary Sheet AutomaticIt is also limited to 10 of salary or 10 gross income (if not salaried ). Tax rates 2015/16 Listen. Analyse. Apply.Employees contributions for private use reduce the taxable benefit pound for pound. Fuel benefit for company cars is calculated by applying the relevant car CO2 emissions percentage to a pre-set figure which is 22,100 for 2015/16 (2014/15: 21,700). Interestingly, the tax data analysisviewed that 16 of personal income- tax collection comes from the salaried employees and pensioners.1.5 lakhs will continue eligible for tax exemptions since FY 2015-16 .BudgetA taxpayer can plan these deductions from the beginning of the FY to avail benefit. Tax slabs for FY 2015-16 or AY 2016-17. It focuses on Income Tax for Salaried Employee, exemptions ex HRA,LTA ,Medical bills,proofs for 80C investment.To claim the tax benefit under Section 80GG, you must pay rent for the house you live in, and not get HRA for even a part of the year. Chapter VI deduction allowed for the salaried employee, which can be approved by employer included. Provision for House loan benefit is also provided.9,INCOME TAX RETURN 2015-16,65,INCOME TAX RETURN AY 18-19,2,income tax return due date,18,INCOME TAX RETURN EXEMPTION,6 10 2015/16 australia salary employment outlook. How survey respondents would use a bigger budget allocation. Team building activities Team development Marketing Increase headcount Technology Salary benefits Other. Online e-filing of income tax returns for salaried employees fy 2014-15 ay 2015-16. Common Questions: How to file income tax return without form 16 , I am a salaried employee. How to correct return after e-filing income tax return. Wrong Assessment Year while filing income tax online? Grand Success of Income Tax Employees Strike held on 8.10.2015 JCA Circular. CBDT Extended the due date of filing return of income for AY 2015-16 from 31st July 2015 to 31st August 2015. Benefits to Middle Class Tax Payers in the Budget 2015-16. Income Tax Act allows many income tax exemptions for salaried employees which are very effective in saving taxes.Any other Fringe benefits are given by the employer to an employee: Free meals provided during working hours and value exceeds Rs.50 per day. Example (say for the tax year 2015/16). An employee has a salary of 7,000, a bonus of 1,000 and benefits valued at 1,400 (total 9,400). This employee is not a lower-paid employee. In this instance all benefits and expense payments will be taxed in the normal way. DA will form part of salary, if the same enters into computation of retirement benefits.IT 2015-16 Changes Relevant to Salaried Employees. Income Tax 2016-17 (Assessment Year 2017-18) Rate, Exemptions, Deductions and Rebate for Salaried Employees.Tax For Salaried Employees (long assessment memorandum) 07/2014 3 4. Mr. Smith (aged 50) is married and has one child, aged 16.paid by Big Ltd for Mr. Smiths benefit, the amount included in Mr Smiths gross income as a taxable fringe benefit for the year of assessment 2014/2015 will be a Salaried employee can easily calculate their Tax liability and generate Form 16. This is the final updated Tax Calculation utility for every salaried employee for the Asstt. Year 2015 -16 with Form 16, monthwise salary statement, tax calculation sheet. If you are salaried employee in an organization, then you will get the salary after deducting tax by the employer.July 28, 2015 at 10:16 am. What is i have not claimed HRA dedcution earlier and same has not been accounted in Form 16? Can I still get a benefit of HRA while filing retrun? pleasse help 2015-16 BIK Rate.The use of tax-efficient benefits to reward employees is an obvious avenue for employers. Business advantages include employee retention, increased morale and wellbeing and increasing an employers reputation.

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