Income Tax Software 2016-17 Slab Rates- TS / AP Teachers IT Calculator

Income Tax Software 2016-17 Slab Rates- TS / AP Teachers IT Calculator

AP Teachers Income Tax Software 2016-17,  TS Teachers Income Tax Software for Teachers, Income tax Slab rates Employees Income Tax Calculation Financial year 2016-17, Income Tax Assessment year 2017-18,  80c Saving limit FY 2016-17 - AY 2017-18 AP Retirement Employees Income Tax Calculation Housing Loan Principal Amount Exemption and Housing Loan Interest Deduction and with CPS Employees Additional Benefit 80 CCD (1B). Income Tax Software 2016-17 Developed by C. Ramanjaneyulu. Teachers Income tax calculation Software 2016-17

AP / TS Employees Income Tax Assessment calculate Steps
Rates of income tax for the Financial year 2016-2017 - Assessment Year 2017-2018

No change in the Income Tax Slabs rate and exemption limit for Individual  Person in Assessment Year 2017-18 and Financial year 2016-17.There is no change in the rate of Education Cess and Secondary 2%  & Higher Education Cess 1% on . Official Income Tax of India Indusual Income Tax.Housing Laon Principal Amount Exemption and Housing Loan Intrest Deduction Income Tax 2015-16 .Educational Loan and Two Children Tuition fee Reimbursement No tax. I prepared One Model Income Tax Calculation 2015-16 financial year.

Income Tax Slabs for the Individual (Below 60 Years Age) for the Assessment Year 2016-2017

S. No.	Income Tax Slab	Income Tax Rate Payable
1.	Rs. 0 to 250,000	No Income Tax
2.	Rs. 250,001 to 500,000	10%
3.	Rs. 500,001 to 1,000,000	20%
4.	Rs. 1,000,001 and above	30%

Income Tax Slabs for the Senior Citizen (60 to 80 Years Age) for the Assessment Year 2017-2018 

Sl No.	Income Tax Slab	Income Tax Rate Payable
1.	Rs. 0 to 300,000	No Income Tax
2.	Rs. 300,001 to 500,000	10%
3.	Rs. 500,001 to 1,000,000	20%
4.	Rs. 1,000,001 and above	30%

80C & 80CCE- Maximum Exemption up to  Rs.150000 

Investments up to Rs.1.5 lac in PF, VPF, PPF, Employee contribution in NPS,Insurance Premium, Housing loan principal repayment, NSC, ELSS, long term bank Fixed Deposit, Post Office Term Deposit, etc. are deductible from the taxable income. There is no limit on individual items, (for example) all 1 lac can be invested in NSC or PPF etc.

1. Provident Fund (PF) & Voluntary Provident Fund (VPF) 
2. Postal Life Insurance ( PLI ) 
3. APGLI / TGLI 
4. Life Insurance Premiums 
5. Unit linked Insurance Plan 
6. Public Provident Fund (PPF) 
7. National Savings Certificate (NSC) 
8. Home Loan Principal Repayment & Stamp Duty and Registration 
9. Tuition fees for Two children 
10. Equity Linked Savings Scheme (ELSS) 
11. 5-Yr bank fixed deposits (FDs) 
12. Pension Funds or Pension Policies – Section 80CCC 
13. Infrastructure Bonds 
14. NABARD rural bonds 
15. Senior Citizen Savings Scheme 2004 (SCSS )

80CCD :The Finance Act, 2011 provides that contribution made by the Central Government or any other employer to NPS (up to 10 per cent of the salary of the employee in the previous year)shall be excluded while computing the limit of Rs1,50,000.The contribution by the employee to the NPS will be subject to the limit of Rs1,00,000.

80CCG : Rajiv Gandhi Equity Savings Scheme is a new exemption available for investment in stock markets (direct equity). Avaialble only for those with gross income less than 12 lacs and only for first time investors in stock market. Exemption available at 50% ( Rs.25,000/)of investment subject to maximum of Rs.50,000/- invested. Investments are locked-in for three years

80D Medical Insurance Premium (such as Mediclaim & Critical illness Cover)& Health Check up Upto Rs5000, premium is exempt up to Rs30,000/ per year (Rs.20,000/- for self,spouse and children ) (Rs30000/- for Parents. If the premium includes for a dependent who is (Senior Citizen) above 60 years of age, an extra Rs5,000//- can be claimed.

80DD Deduction in respect of medical treatment of handicapped dependents is limited to Rs.50,000/- per year if the disability is less than 80% and Rs1,00,000/- per year if the disability is more than 80%

80DDB Deduction in respect of medical treatment for specified ailments or diseases for the assesse or dependent can be claimed up to Rs40,000/- per year. If the person being treated is a senior citizen, the exemption can go up toRs60,000/-. but any amount received under Medical Insurance Policy will be reduced from the amount of deduction allowed. The Diseases and ailments specified under rule 11DD are.  (1) neurological diseases being demetia, dystonia musculorum deformans, motor neuron disease, ataxia, chorea, hemiballismus, aphasia and parkisons disease, (2) cancer, (3) AIDS, (4)Chronic renal failure, (5) hemophilia, and (6) thalassaemia.

80E Interest repayment on education loan (taken for higher education from a university of self & dependents) is completely tax exempt

80G Donations given for certain charities are tax exempt. Some(NGO,Trust etc.) are exempt to the tune of 50%, whereas Govt funds are 100%.

80GG If you are not getting  HRA, but living in rented house, an exemption is available. This will be calculated as minimum of (25% of total income or rent paid - 10% of total income or Rs24,000/- per year)

80U who suffers from not less than 40 per cent of any disability is eligible for deduction to the extent of Rs. 50,000/- and in case of severe disability to the extent of Rs. 100,000/-

80TTA introduced through Finance Act, 2012. Section 80TTA provides a deduction of up to Rs10,000 on your income from interest on saving bank accounts

* Government of India Official Income Tax Calculator 2016-17 Download 
* Income Tax Department 2016-17 Tax Preparation Guidelines Download