Computation of income from salary for assessment year 2016-17 pdf

Calculate 234a interest according to the provisions of incometax act, 1961 and. The finance act 2016, added new rate of income tax surcharge for the financial year 201617. It is essential to gather all the details required to file your income tax returns before computing your taxable income on salary. This return form should not be used by an individual or a hindu undivided family whose total income for the assessment year 2016 17 includes income from business or profession. The tentative income and income tax it payable for the financial year 20162017 is to be calculated in respect of all gazetted and nongazetted officials of this department. For example, the year of assessment 201819 covers the 12 months from 1. The tax surcharge rate is different for different categories of tax payers. Tax planning tips for salaried employees for 201617 tax planning for the salaried employees is a matter of planning and discipline. Compute h is income under the head salary for the assessment year 2018 19. Sections 15 basis of charge section 16 deductions from salary income section 17 definition and different forms of salary perquisites and profit in lieu of salary inclusive of allowances exclusive of valuation of perquisites unit ii. Itr1, for individuals having income from salaries, one house property. Income tax calculator for financial year 2016 17 assessment year 201718.

For assessment year 201617 a income tax in the case of an employee male or female below the age of sixty years and having gross salary income of. Notes no deduction is allowed in respect of repair, insurance and ground rent etc. Itr forms for ay 201617 paper filing format has been announced. Salaries tax computation inland revenue department. The finance act 2016, added new rate of income tax surcharge for the financial year 2016 17. Effect of income computation disclosure standards on profit to be reported itr. Instructions for sahaj income tax return ay 201617 general. Enter the totals of advance tax and selfassessment tax in sl no. Based on goa university final yea b com syllabus of accounting major ii. Format for computation of income under income tax act. Place date sign here 16 if the return has been prepared by a tax return preparer trp give further details as below. X, aged 45 years, submitted the details of his income and investment for financial year 201415, as under. Find your annual salary tax in india using this income tax calculator 2016 17. Income tax calculation for assessment year 201819 youtube.

Computation of income from salaries for b com students assessment year 201617 based on b. Examples used are for illustration purpose in order to simplify the. Incometax slab rates for individual for fy 201516 ay. Normal rates of tax applicable to all individuals who are less than 60 years of age. You will then have to calculate your total taxable income, followed by the calculation of final tax refundable or payable. Tax payable is calculated at progressive rates on your net chargeable income or at standard rate on your net income before. Income from salary salary xxxxx allowances received taxable allowances xxxxx taxable value of perquisite xxxxx gross salary xxxxx less. 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. Value of all places of residence provided by employer or associated corporation. Income tax calculator for financial year 201516 assessment year 2016 17 in excel format attached is the income tax calculator with flexi allocation kit for the fy 20152016. Assessment year means the period of 12 months commencing on april 1, every year. This income tax calculator for ay 201617 helps the employees to easily find out the total tax.

Ay is assessment year latest income tax slab rates for fy 201617. Income tax calculator for financial year 201516 assessment year 201617 in excel format. Income tax at a glance among direct taxes, income tax is the main source of revenue. How to file itr for fy 201617 and all the links you need although the last date to file itr for individuals is july 31, it helps to start work on your income tax. Income from house property profit and gains of business or profession shortterm capital gains total income 1. Today we are providing complete notes on income under head salary. Icds are applicable for the purpose of computation of income under which head. Definitions, concept of income, previous year, assessment year, distinction between capital and revenue receipts and expenditure, residential status basis of charge and scope of total income 2. Income tax calculator cum flexi allocation kit, for the use of salaried employees of govt and private sector prepared on the basis of proposed changes in income tax act,1961 by union budget 2016 17. Calculation of income tax for salaried employees bnn lakshmaji rao, assistant accounts officer. Income tax calculator for financial year 201617 assessment year 201718.

All income of a taxassessee has to be categorized as one of the above. The salary remuneration interest paid to partners would also not be allowed to be claimed as a deduction. This return form should not be used by an individual or a hindu undivided family whose total income for the assessment year 201617 includes income from business or profession. Income tax surcharge rate for fy 201617 and computation. Computation of income from salaries for assessment year 2016 17 1. Computation of income from salaries for b com students assessment year 2016 17 based on b. Several other amendments have also been introduced in section 44ad in finance act 2016 and these would be applicable from financial year 201617 onwards.

Taxability of prepaid sodexo coupons under salary income. Income tax calculator for financial year 201516 assessment year 201617 in excel format attached is the income tax calculator with flexi allocation kit for the fy 20152016. Provisional salaries tax for a year is usually based on the income less allowances of the preceding year. By law, businesses and individuals must file an income tax return every year to determine whether they owe any taxes or are eligible for a tax refund. Amendments introduced in section 44ad vide finance act 2016. Calculate his income tax liability for financial year 201415 assessment year 201516. For the purpose of computation of total income and charging tax thereon, sources of income can be. Deduction under section 16 professional tax xxxxx entertainment allowance xxxxx. 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. An income tax is a tax that governments impose on financial income generated by all entities within their jurisdiction. Legislation o the income tax act is amended to form the legislative framework.

Computation of income from salaries for assessment year 201617 1. Where an employee has paid a donation from his salary and the amount has been deducted from his salary by the employer himself, deduction under. Tax planning for the salaried employees for fy 201617. Income tax 201617 deductions allowed from the salary. Simple income tax calculator cum flexi allocation kit, for the use of salaried employees of govt and private sector, basis the latest budget proposals. Income tax is the main source of fund where the government use it. Computation of income from salaries for assessment year 201516. Could you please whether the following calculation is correct. Various examples of calculation of income tax learn. In previous article we have given what is taxable income and pan card changes w. As per the finance act, 2015, income tax is required to be deducted under section 192 of the act from income chargeable under the head salaries for the financial year 201516 i. Income tax 201617 deductions allowed from the salary income as per finance act 2016 eligible deductions to salaried income under chapter 16 and chapter via of income tax act income tax department has issued a circular on 02. In this connection, a proforma inviting details of other income to be added to salary income and savings etc. Collect your salary slips and form 16 for the financial year.

A year of assessment runs from 1 april to 31 march of the following year. Various examples of calculation of income tax learn accounts. Difference between assessment year ay and financial year fy. Deductions for such donations can only be claimed at the time of filing of income tax returns. Income tax calculation for individual assessment year 201819.

Every person who is responsible for paying any income chargeable under the head salaries shall deduct income tax on the estimated income of the assessee under the head salaries for the financial year 201617. Income tax statement 201617 computation of salary income for the financial year 201617 assessment year 201718 sli balance 123 deduct. The easiest way to calculate your tax liability is through an online income tax calculator. Professional tax net salary income 34 pan card number. Details of tax deducted at source from salary as per form 16 issued by. Computation of income from salaries for assessment year 201617. Salaries tax personal assessment allowances, deductions and. Income tax statement 2016 17 computation of salary income for the financial year 2016 17 assessment year 201718 sli balance 123 deduct. Senior citizen individual resident who is of the age of 60 years or more but below the age of 80 years at any time during the previous year. How to calculate taxable income on salary bankbazaar. Computation of income from salaries for assessment year. Income tax slabs income tax rates and deductions for fy 2017.

Computation of total income ca ipcc tax superprofs. Compute income from salaries for the assessment year 201819. Income tax calculator for ay 201718 fy 201617 taxguru. Know your income tax slab based payout, tax breaks without bothering how to calculate income tax.