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Thursday, May 19, 2016

INCOME TAX Exemption Updates. ... (For FY:16-17)

  • 80 C:- Max limit
    150000/- (MF-ELSS, MF-Pension Plans, Life Ins Premium, One time investment in LI-Immediate Assured Pension Plans, NSC, etc.)
  • 80CCD:-50000/- (NPS)
  • 80CCG:- 25000/- or 50% of your investment which every is less
  • 80D:-25000/-( Mediclaim Policy for self spouse, children)
    30000/- for dependent parents u/s-80D. Medical reimbursement :- 15000/- US 17(2)
  • 80DDB:- Medical expense occurred on dependent for specified illment
  • 80TTA:- Up to 10000/- for Interest saving bank account
  • Gift tax :- Exempted upto 50000/-. Above 50k full amount taxable (FY) from other than Blood relation.. Gift from Blood relation is 100%Exempted...
  • Transport allowance :- 19200/- (FY)
    C.E.A. :- 2400/- (FY)
  • HRA :- as per the calculation
  • 24(b) :- 200000/- (home loan interest)
  • 80G :- full amount in few selected organisation. This exemption is 50%
  • 80GGB. :- 100% exemption for political parties
  • 80EE :- unlimited (interest on education loan)....

Have a Great 2016-2017 Financial Year......!!

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