Kindly note that the Total Deduction under section 80C, 80CCC and 80CCD(1) together cannot exceed Rs 1,50,000 for the financial year 2016-17. The additional tax deduction of Rs 50,000 u/s 80CCD (1b) is over and above this Rs 1.5 Lakh limit. Deduction u/s 80D on health insurance premium is Rs 25,000.
How is Section 17 salary calculated?
As per section 17(1), salary includes the following amounts received by an employee from his employer, during the previous year. Any payment received by an employee in respect of any period of leave not availed of by him; (Leave encasement or salary in lieu of leave).
What is the income tax slab for FY 2016 17?
For Individuals Below 60 Years Of Age
| Income Level | Tax Rate |
|---|---|
| Rs. 2,50,000 | Nil |
| Rs. 2,50,001 – Rs. 500,000 | 10% |
| Rs. 500,001 – Rs. 10,00,000 | 20% |
| Above Rs. 10,00,000 | 30% |
What is section 17 in income tax?
– (1) The following amounts due to an assessee in the previous year shall be chargeable to income- tax under the head” Interest on securities”,- (i) interest on any security of the Central or State Government; (ii) interest on debentures or other securities for money issued by or on behalf of a local authority or a …
What is salary u/s 17 3?
Section 17(3) gives an inclusive definition of “Profits in lieu of salary”. As the name suggests, these payments are received by the employee in lieu of or in addition to salary or wages.
What are the tax rates for 2016-17 and 2017-18?
For the Assessment Year 2016-17 and 2017-18, a local authority is taxable at 30%. d) Surcharge: The amount of income-tax shall be increased by a surcharge at the rate of 12% of such tax, where total income exceeds one crore rupees.
Are there any tax deductions for 2016-17 tax year?
Income Tax 2016-17 – Deduction in respect of contribution to pension scheme of Central Government (Section 80CCD):
What makes up gross salary under Section 17 ( 1 )?
Gross Salary under Section 17(1) As per section 17(1), salary includes the following amounts received by an employee from his employer, during the previous year. Wages. Any advance of salary. Any fees, commission, perquisites or profits in lieu of or in addition to any salary or wages
When was the 2016 / 17 tax calculator published?
The 2016/17 Tax Calculator was published on the 10th July 2015 with tax variables based on George Osborne’s Summer Budget 2015 speech on the 7th July 2015.
