Starting with the 201718 award year, the preprinted fafsa booklet version of the fafsa. The tax slabs have remain unchanged but there have been some changes in terms of transport allowance, medical insurance benefits and exemption for physically challenged tax payers. Apply for financial aid by completing the 201617 free application for federal student aid fafsa at fafsa. The incometax department has provided relief to them by introducing a new section 80tta for deduction of interest on savings account with effect from 1st april 2012.
Then mail the original of pages 3 through 8 in the attached envelope or send it to. In case any of the persons specified above is a senior citizen i. March 1 to 15, 2016 u taxmanns corporate professionals today u vol. For the fy 201617, the section 80d deduction limit is upto inr 25,000 per financial year for the medical insurance premiums paid for self, spouse and dependent children. For financial year 201617 ay 201718 itr can be filed till 31 july 2017 however,in case of business,where audit is compulsory,due date is 30 september 2017 however,return can be filed late till 31 march 2018 if return filed late also,still deduction under section 80c, 80d can be claimed now for financial year 201718 ay 201819.
We ask you to complete the fafsa annually because the factors used to calculate your aid could change each year. Download itr1 sahaj form for ay 201617 for salaried employees in pdf. Income tax calculator for fy 201516 ay 201617 excel based the union budget for 2015 was presented today by arun jaitely. A site for easy to use online tax and other calculators, forms compiled in excel and fillable pdf formats with without autocalculation formulas and information. Section 80d deduction for health insurance premium ay 201617. In this article you may find complete details for how you can avail the benefit of deduction us 80c by investing in the govt schemes. However, the 80d deduction limit can increase upto 30,000 if either you or your spouse is a senior citizen 60 years of age or above. In case of single premium health insurance policies having cover of more than one year, the aforesaid deduction shall be allowed from the assessment year 201920 on proportionate basis for the number of years for which health insurance cover is provided.
Last year income tax department has released the final income tax return form in last week of june,due to which income tax return due date has extended and lately due date in audit cases was also extended after the court interference. Assessment year for which this return form is applicable. In case of any doubt, please refer to relevant provisions of the incometax act, 1961 and the incometax rules, 1962. Filing the fafsa for 201the 62017 academic year you may apply any time after january 1, 2016, preferably after you receive your w2 forms and complete your federal income tax return for 2015. Deduction of interest on savings bank account us 80tta. In addition, most states and colleges use information from the fafsa to award nonfederal aid. The 201617 fafsa will ask for 2015 income information. The chart given below describes the deductions allowable under chapter via of the i. However, considering the genuine hardship faced by middleclass taxpayers.
Income tax deductions fy 201617 section 80c the maximum tax exemption limit under section 80c has been retained as rs 1. 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. Cbdt has released new income tax return form for assessment year 201617. After you complete this application, make a copy of pages 3 through 8 for your records. On the other hand, the maximum tax exemption limit under section 80d is rs 65,000. 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. Hdfc life provides the latest income tax rates in india for different age groups and tax benefits offered by various life insurance policies, for the current financial year 201617 save tax with hdfc lifes various online insurance products. We have not gone through income tax forms in detailed but itr1 and itr2 are. Instructions for sahaj income tax return ay 201617.
If you have not been able to submit proof of certain exemptions or deductions such as hra allowance or section 80c or 80d deductions to your employer on time, keep these receipts handy to claim them on your income tax return directly. Ay is assessment year latest income tax rates for fy 201516. Annual unduplicated undergraduate headcount ay 200910 ay 201415 ay 201516 ay 201617 ay 201718 ay 201819. After the fafsa requirement was first implemented in ay 20172018, louisiana saw an increase in the percentage of students receiving pell and statebased financial aid the following year. Free application for federal student aid fafsa is the first step in the financial aid process. Y 201819, mediclaim deduction for senior citizen, how to reduce tax liablity, section 80d income tax. Home income tax examples of income tax calculation during f. The ku priority date for filing the 20162017 fafsa is march 1, 2016. The chart given below describes the deductions allowable. Hi sir, i took two bhima plus units in 2004 and surrendered in 2014, surrender value is 2. Mediclaim premium paid for self, spouse or dependant children. Taxpayers can enjoy this benefit on interest earned on. Section 80d deduction for mediclaim insurance premium.
The documents may be found under forms and instructions. January 9, 2017 resource english spanish forms and worksheets 201718 fafsa on the web worksheet pdf print available pdf print available 201718 free application for federal student aid fafsa pdf note. How to restructure your salary to pay less tax in fy 201617. Income tax calculator for fy 201617 ay 201718 education cess of 3% surcharge of 15% on rs 1 crore plus income earners tax credit of rs 5,000 for income up to rs 5 lakhs us 87a there are no separate slab for male and female below is the list of all tax saving sections available for individuals in. Act from the gross total income of the assessees having income from salaries. Section nature of deduction remarks 80ccc payment of premium for annuity plan of lic or any other insurer deduction is available upto a maximum of rs. No income tax deduction under section 80c,80d if return.
If you filed a 201617 fafsa and received an award letter from your school, dont assume that next years financial aid award will be the same. Tax planning tips for salaried employees for 201617 tax planning for the salaried employees is a matter of planning and discipline. Free application for federal student aid fafsa and how. Us 80ddb, deduction can be claimed by any individual in respect of any expenses. The above income tax rates are for general category men women who are below 60 years of age. Income tax exemptions benefits rebates for fy 201617 ay 201718. Section 80c limit,80ccd, 80d,24b,80e,80g,80ee,87a,80tta. Section 80ddb provides for deduction to individuals and hufs for medical expenses incurred for treatment of specified diseases or ailments and should be deducted from the gross total income while computing taxable income of the assessee. In order to get tax benefits under section 80d, only the tax payer, and no third party, must pay health insurance premiums.
Tax planning for the salaried employees for fy 201617. Things like your year in school, family income, and cost of attendance at your. The department of education ed posted a draft of the 201617 paper free application for federal student aid fafsa and other related documents e. Which itr form to fill for fy 201617 and tips on how to fill it the government has mandated quoting of aadhaar enrolment number while filing. Under section 80d, the maximum tax exemption limit is rs 1. Section 80d provides for tax deduction from the total taxable income for the payment by any mode other than cash of medical insurance premium paid by an individual or a huf. You use the fafsa to apply for federal student aid, such as grants, workstudy, and loans. How to restructure your salary to pay less tax in fy 201617 with the appraisal season round the corner, its time to optimise your ctc in accordance with the latest tax rules to reduce your tax outgo. This tax deduction is available over and above the deduction of rs. If applicants estimate income, they will need to log back in to the fafsa once their 2015 taxes are complete and correct any information that needs to be corrected. An overview of the ppy toolkit may 26, 2016 question answer. Importance the first step to understand the workings of income tax in india is to be aware of the taxation slabs released each financial year by the indian government and various deductions defined under different sections of the income tax act, 1961.
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