If you have not been able to submit proof of certain exemptions or deductions such as hra allowance or section 80c or 80d deductions to your employer on time, keep these receipts handy to claim them on your income tax return directly. In case any of the persons specified above is a senior citizen i. The incometax department has provided relief to them by introducing a new section 80tta for deduction of interest on savings account with effect from 1st april 2012. We have not gone through income tax forms in detailed but itr1 and itr2 are. After you complete this application, make a copy of pages 3 through 8 for your records. Under section 80d, the maximum tax exemption limit is rs 1. How to restructure your salary to pay less tax in fy 201617.
The documents may be found under forms and instructions. The tax slabs have remain unchanged but there have been some changes in terms of transport allowance, medical insurance benefits and exemption for physically challenged tax payers. For the fy 201617, the section 80d deduction limit is upto inr 25,000 per financial year for the medical insurance premiums paid for self, spouse and dependent children. Starting with the 201718 award year, the preprinted fafsa booklet version of the fafsa. After the fafsa requirement was first implemented in ay 20172018, louisiana saw an increase in the percentage of students receiving pell and statebased financial aid the following year. The above income tax rates are for general category men women who are below 60 years of age. Free application for federal student aid fafsa and how. Income tax deductions fy 201617 section 80c the maximum tax exemption limit under section 80c has been retained as rs 1. Instructions for sahaj income tax return ay 201617 general instructions these instructions are guidelines for filling the particulars in this return form. Section 80d of income tax 80d deduction for medical. Hi sir, i took two bhima plus units in 2004 and surrendered in 2014, surrender value is 2. However, the 80d deduction limit can increase upto 30,000 if either you or your spouse is a senior citizen 60 years of age or above. This tax deduction is available over and above the deduction of rs. Which itr form to fill for fy 201617 and tips on how to fill it the government has mandated quoting of aadhaar enrolment number while filing.
In this article you may find complete details for how you can avail the benefit of deduction us 80c by investing in the govt schemes. Assessment year for which this return form is applicable. A site for easy to use online tax and other calculators, forms compiled in excel and fillable pdf formats with without autocalculation formulas and information. In case of single premium health insurance policies having cover of more than one year, the aforesaid deduction shall be allowed from the assessment year 201920 on proportionate basis for the number of years for which health insurance cover is provided. Income tax calculator for fy 201617 ay 201718 education cess of 3% surcharge of 15% on rs 1 crore plus income earners tax credit of rs 5,000 for income up to rs 5 lakhs us 87a there are no separate slab for male and female below is the list of all tax saving sections available for individuals in. Act from the gross total income of the assessees having income from salaries. Annual unduplicated undergraduate headcount ay 200910 ay 201415 ay 201516 ay 201617 ay 201718 ay 201819. Last year income tax department has released the final income tax return form in last week of june,due to which income tax return due date has extended and lately due date in audit cases was also extended after the court interference. The chart given below describes the deductions allowable. You use the fafsa to apply for federal student aid, such as grants, workstudy, and loans. Hdfc life provides the latest income tax rates in india for different age groups and tax benefits offered by various life insurance policies, for the current financial year 201617 save tax with hdfc lifes various online insurance products.
If you filed a 201617 fafsa and received an award letter from your school, dont assume that next years financial aid award will be the same. Section 80d deduction for mediclaim insurance premium. Mediclaim premium paid for self, spouse or dependant children. The chart given below describes the deductions allowable under chapter via of the i. Us 80ddb, deduction can be claimed by any individual in respect of any expenses. Importance the first step to understand the workings of income tax in india is to be aware of the taxation slabs released each financial year by the indian government and various deductions defined under different sections of the income tax act, 1961. Cbdt has released new income tax return form for assessment year 201617. In addition, most states and colleges use information from the fafsa to award nonfederal aid. In order to get tax benefits under section 80d, only the tax payer, and no third party, must pay health insurance premiums. If applicants estimate income, they will need to log back in to the fafsa once their 2015 taxes are complete and correct any information that needs to be corrected. Income tax exemptions benefits rebates for fy 201617 ay 201718. Section nature of deduction remarks 80ccc payment of premium for annuity plan of lic or any other insurer deduction is available upto a maximum of rs.
We ask you to complete the fafsa annually because the factors used to calculate your aid could change each year. The department of education ed posted a draft of the 201617 paper free application for federal student aid fafsa and other related documents e. Section 80c limit,80ccd, 80d,24b,80e,80g,80ee,87a,80tta. The ku priority date for filing the 20162017 fafsa is march 1, 2016. The interest is market linked and changes every quarter. Free application for federal student aid fafsa is the first step in the financial aid process. However, considering the genuine hardship faced by middleclass taxpayers. Planning involves making a set of decisions at the start of the finan cial year and discipline comes in when you are required to adhere to the plan come what may.
Tax planning for the salaried employees for fy 201617. Apply for financial aid by completing the 201617 free application for federal student aid fafsa at fafsa. An overview of the ppy toolkit may 26, 2016 question answer. Section 80ddb provides for deduction to individuals and hufs for medical expenses incurred for treatment of specified diseases or ailments and should be deducted from the gross total income while computing taxable income of the assessee. Things like your year in school, family income, and cost of attendance at your.
The 201617 fafsa will ask for 2015 income information. Income tax calculator for fy 201516 ay 201617 excel based the union budget for 2015 was presented today by arun jaitely. Download itr1 sahaj form for ay 201617 for salaried. Then mail the original of pages 3 through 8 in the attached envelope or send it to. January 9, 2017 resource english spanish forms and worksheets 201718 fafsa on the web worksheet pdf print available pdf print available 201718 free application for federal student aid fafsa pdf note. On the other hand, the maximum tax exemption limit under section 80d is rs 65,000. Taxpayers can enjoy this benefit on interest earned on. Home income tax examples of income tax calculation during f. Section 80d deduction for health insurance premium ay 201617. Ay is assessment year latest income tax rates for fy 201516. No income tax deduction under section 80c,80d if return. Section 80d provides for tax deduction from the total taxable income for the payment by any mode other than cash of medical insurance premium paid by an individual or a huf.
Instructions for sahaj income tax return ay 201617. Deduction of interest on savings bank account us 80tta. Y 201819, mediclaim deduction for senior citizen, how to reduce tax liablity, section 80d income tax. March 1 to 15, 2016 u taxmanns corporate professionals today u vol.
In case of any doubt, please refer to relevant provisions of the incometax act, 1961 and the incometax rules, 1962. For financial year 201617 ay 201718 itr can be filed till 31 july 2017 however,in case of business,where audit is compulsory,due date is 30 september 2017 however,return can be filed late till 31 march 2018 if return filed late also,still deduction under section 80c, 80d can be claimed now for financial year 201718 ay 201819. How to restructure your salary to pay less tax in fy 201617 with the appraisal season round the corner, its time to optimise your ctc in accordance with the latest tax rules to reduce your tax outgo. The income tax department never asks for your pin numbers, passwords or similar access information for credit cards, banks or other financial accounts through email the income tax department appeals to taxpayers not to respond to such emails and not to share information relating to their credit card, bank and other financial accounts.
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