5 80CCG This newly modified section provides that where the assessee is a new retail investor, and his total income is less than 12 lakh, an amount of Rs.50,000 deposited under Rajiv Gandhi Equity Savings Scheme (RGESS) would enable the investor to deduction of 50% of the amount so invested up to a maximum investment of Rs.50, 000/- from his taxable income under section 80CCG, as part of the Government of India policy to promote new retail investment in capital markets (a person will be entitled to this benefit only once). 50% of the amount invested in shares/units subject to a maximum investment of Rs.50,000/- 6 80D a. Medical Insurance Premium paid by any mode than cash. Up to Rs. 15,000. b. For Senior Citizens Up to Rs. 20,000. 7 80DD a. Any expenditure for Medical, Nursing & Rehabilitation incurred on dependent relative suffering from permanent physical Disability, Autism, Cerebral Palsy and Multiple disability Up to Rs.50,000 if disability is over 40% & Rs.1,00,000 if disability is severe. b. Deposits under LIC, UTI’s Scheme & other IRDA approved Insurers for the benefit of Physically Handicapped dependent 8 80 DDB a. Actual expenditure incurred on medical treatment of self, or dependent family members suffering from terminal diseases like Cancer, AIDS, Renal Failure etc. b. For Senior Citizens. Up to Rs.40,000 Up to Rs.60,000
Rates of Income Tax for AY 2014–2015 (Part III of the First Schedule to the Finance Act 2013) Annual income from all sources (After all exemptions & deductions) (in Rupees) Category of Tax & Higher Cess Citizen below 60 years (born after April 1, 1953) Senior Citizen above 60 years & below 80 years.(born during April 1, 1933 and March 31 , 1953) Super Senior Citizen 80 years and above(born before April 1, 1933) Up to 2,00,000 Nil Nil Nil 3% on tax 2,00,001– 2,50,000 10% of the amount by which total income exceeds 2,00,000 2,50,001- 5,00,000 Rs. 5,000 + 10% of the amount by which total income exceeds 2,50,000 10 per cent of the amount by the total income exceeds Rs.2,50,000 5,00,001- 10,00,000 Rs. 30,000 + 20% of the amount by which total income exceeds 5,00,000 Rs. 25,000/- plus 20 per cent of the amount by which the total income exceeds Rs. 5,00,000/ 20% of the amount by which total income exceeds 5,00,000 10,00,000 Rs. 1,30,000 + 30% of the amount by which total income exceeds 10,00,000 Rs. 1,25,000/- plus 30 per cent of the amount by the total income exceeds Rs. 10,00,000/- Rs. 1,00,000 + 30% of the amount exceeding 10,00,000 If the total income of the individual exceeds Rs crore during FY 2013-14 (AY 2014-15), The amount of income-tax shall be increased by a surcharge @10% of the Income-tax
c)Hostel Expenditure Allowance Rs 7 Balance (5-6) Rs 8 Professional tax or tax on employment paid under section 16(iii) of IT Act Rs 9 Balance (7-8) Rs 10 Income from House Property or if loss (interest payable on Housing Loan under section 24(b) of IT Act 1961) Rs Amount of Housing Loan Availed Rs Date of sanction of housing loan 11 Name of Lender of Housing Loan 12 Income from other sources Interest received on Savings Bank Deposits Interest received on other Deposits Interest received on refund of received from the tax Department during the financial year (2013-14) under section 244A of IT Act Income received than the above Column 12 Total Rs Rs Rs Rs Rs 13 Agricultural Income (for income-tax rate purposes only) Rs 14 Gross Total income (Total 9+10+12) Rs Details of deduction under section 80C available from Gross Total Income 15 Life Insurance Premium (LIC, CGEGIS and GSLI and Unit Linked Insurance Plan, or PLI) Rs Contribution (excluding repayment of loan) towards 15 year Public Provident Fund or Statutory provident or Recognized Provident Fund Rs