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Income Tax Deductions from Salaries for Fin.Year 2015-16 & Asstt. Year 2016-17 & Tax Calculator Free Download.

6:08 AM  Dharmen  

Before, a week Government of India Ministry of Finance, Department of Revenue, Central Board of Direct Taxes had issued a circular No. 20/2015 dated 2nd December, 2015 regarding Income Tax Deductions from Salaries during the Financial Year 2015-16 under section 192 of the Income Tax, 1961.

This circulars the rate of deductions of Income Tax from the payment of Income under the head "Salaries" which is as under:

RATES OF INCOME-TAX AS PER FINANCE ACT, 2015:
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 2015-16 (i.e. Assessment Year 2016-17) at the following rates:

Rates of tax - Normal Rates of tax:


Rates of tax for every individual, resident in India, who is of the age of sixty years or more but less than eighty years at any time during the financial year:


In case of every individual being a resident in India, who is of the age of eighty years or more at any time during the financial year:


Surcharge on Income tax:
The amount of income-tax computed in accordance with the preceding provisions of this Paragraph, or the provisions of section 111A or section 112 of the Income-tax Act, shall, in the case of every individual or Hindu undivided family or association of persons or body of individuals, whether incorporated or not, or every artificial juridical person referred to in sub-clause (vii) of clause (31) of section 2 of the Income-tax Act, having a total income exceeding one crore rupees, be increased by a surcharge for the purpose of the Union calculated at the rate of twelve per cent of such income-tax:

Provided that in the case of persons mentioned above having total income exceeding one crore rupees, the total amount payable as income-tax and surcharge on such income shall not exceed the total amount payable as income-tax on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees.

Education Cess on Income tax:
The amount of income-tax including the surcharge if any, shall be increased by Education Cess on Income Tax at the rate of two percent of the income-tax.


Secondary and Higher Education Cess on Income-tax:
An additional education cess is chargeable at the rate of one percent of income-tax including the surcharge if any, but not including the Education Cess on income tax as in 2.3.1.

Download Income Tax Calculator For Asstt. Year 2016-17 (Click Here)
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Latest 7th Pay Calculator for Central Employee for GP 1800 to All.

9:13 AM  Dharmen  

7th Pay Calculator for Central Civilian Employees as per Report dated 19.11.2015


In the last week I published 7th Pay Calculator for all Central Civilian Employees as per Report dated 19.11.2015 which is issued by "The Seventh Central Pay Commission, The Government of India".

According to that post many quires are received regarding, file password, unprotected sheet, hide file etc. therefore today I published with some little amendment in that  calculator for yours.   This calculator calculate 6th Pay Salary and pay fixed in 7th Pay Commission as on 01.01.2016.  This 7th Pay Calculator is for all the central Civilian Employees whose Grade Pay is 1800, 1900, 2000, 2400, 2800, 4200, 4600, 4800, 5400, 6600, 7600, 8700, 8900, 10000 and Fixed Salary Employee.

Most Important Points :
While a carefully calibrated gradation has been adopted as the levels progress upwards, it would be seen that two levels, corresponding to GP 8700 and GP 10000 witness a slight departure.
  • In the existing system there is a disproportionate increase in entry pay at the level pertaining to GP 8700. To address this, the proposed increase at this level has been moderated.
  • In so far as GP 10000 is concerned, this represents the Senior Administrative Grade, which carries a significantly higher degree of responsibility and accountability. Further,the levels of SAG and above are those which are involved in policy formulation.
  • Hence, in recognition of the same, the entry pay pertaining to GP 10000 as well as that of HAG and HAG+ has been enhanced by a multiple of 2.72.
  • The Apex pay of Secretary/equivalent and pay of Cabinet Secretary/equivalent has been fixed by applying indices of 2.81 and 2.78 respectively. The rationalised entry pay so arrived has been used in devising the new pay matrix.
 

Calculations as per report in 7th Pay ?

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Free Registration for daily updates (Click Here)
 
Download Latest 7th Pay Calculation for All Civilian Employees (Click Here) 
Download 7th Pay Commission Report (Click Here)

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Free Download 7th Pay Calculator for Central Civilian Employees as per Report dated 19.11.2015

8:09 AM  Dharmen  

Seventh Central Pay Commission

Recently, The Seventh Central Pay Commission, The Government of India, submits its report for all Central Employee on 19th November, 2015.  Meanwhile the Government of India had appointed the Seventh Central Pay Commission vide notification No.1/1/2013-E.III(A) of 28.02.2014 with specified Terms of Reference. 

In the existing system no entry pay has been prescribed at the level of GP 5400 (PB-2). Therefore a logical figure has been interpolated here based on the fitment table issued by Government of India post VI CPC recommendations.

While a carefully calibrated gradation has been adopted as the levels progress upwards, it would be seen that two levels, corresponding to GP 8700 and GP 10000 witness a slight departure.
  • In the existing system there is a disproportionate increase in entry pay at the level pertaining to GP 8700. To address this, the proposed increase at this level has been moderated.
  • In so far as GP 10000 is concerned, this represents the Senior Administrative Grade, which carries a significantly higher degree of responsibility and accountability. Further,the levels of SAG and above are those which are involved in policy formulation.
  • Hence, in recognition of the same, the entry pay pertaining to GP 10000 as well as that of HAG and HAG+ has been enhanced by a multiple of 2.72.
  • The Apex pay of Secretary/equivalent and pay of Cabinet Secretary/equivalent has been fixed by applying indices of 2.81 and 2.78 respectively. The rationalised entry pay so arrived has been used in devising the new pay matrix.
 

How to Calculate you Pay in 7th Pay ?

 
Registered Before Download
Free Registration for daily updates (Click Here)
 
Free Download 7th Pay Calculation for All Civilian Employees (Click Here) 
Download 7th Pay Commission Report (Click Here)
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