Income Tax Slab for the Financial Year 2019-2020 (Annual Year 2020-2021) for Individuals

The income tax slab is a table that shows the threshold limit beyond which a specific tax rate is applicable and various deductions are made as per the applicable rate. As per the union budget below are the various slabs for Individuals according to which income tax is assessed in various categories.

Income tax slabs for resident Individual below 60 years of age

Taxable income slabs           Income tax rates and cess

Up to Rs 2.5 lakh                      Nil

Rs 2,50,001 to Rs 5,00,000      5% of (Total income minus Rs 2,50,000) + 4%  

                                              cess

Rs 5,00,001 to Rs 10,00,000    Rs 12,500 + 20% of (Total income minus Rs 

                                              5,00,000) + 4% cess

Rs 10,00,001 and above          Rs 1,12,500 + 30% of (Total income minus Rs 

                                             10,00,000) + 4% cess

Additional Components

1. Surcharge: In case income is more than ₹ 50 lakhs and less than ₹ 1 crore, the surcharge is applicable at a rate of 10% of the income tax. For income, more than ₹ 1 crore, a surcharge of 15% is applicable on income tax on the amount exceeding ₹ 1 crore.
2. Health and Education Cess: “Education Cess” and “Secondary and Higher Education Cess” will be replaced by “Health and Education Cess” at the rate of 4%, on the amount of tax computed, inclusive of surcharge.
3. The interim budget 2019 has provisioned to provide a full tax rebate to individuals having a net taxable income (income adjusted after eligible tax deductions) upto Rs 5lakhs. It means that the maximum tax rebate provided under section 87A has been increased from Rs. 2,500 to Rs. 12,500. Individuals having net taxable income upto Rs. 5lakhs can claim the tax rebate under 87A and thus effectively pay zero tax.

Eligibility Criteria for Claiming Tax Rebate Under Section 87A

In order to claim tax rebate under section 87A, you should be meeting the following conditions:

• You must be a Resident Individual. The rebate can only be claimed by the taxpaying individuals. It cannot be claimed by HUF, firms or companies.
• Your net taxable income for FY 2019-20 (income after deductions) should not be more than Rs. 5 lakh.
• The maximum rebate that can be availed under section 87A is Rs. 12,500. It means that if the total tax payable is less than or equal to RS. 12,500, full tax rebate can be claimed.

Income tax slabs for resident individual between 60 and 80 years of age (Senior Citizen)

Taxable income slabs	Income tax rates and cess

Up to Rs 3 lakh                                Nil
Rs 3,00,001 to Rs 5,00,000     5% of (Total income minus Rs 3,00,000) +  
                                                    4% cess
Rs 5,00,001 to Rs 10,00,000     Rs 10,000 + 20% of (Total income minus  
                                                    Rs 5,00,000) + 4% cess
Rs 10,00,001 and above                Rs 1,10,000 + 30% of (Total income minus 
                                                    Rs 10,00,000) + 4% cess

Income tax slabs for resident individual above 80 years of age (Super Senior Citizen)

Taxable income slabs      Income tax rates and cess

Up to Rs 5 lakh                                Nil
Rs 5,00,001 to Rs 10,00,000            20% of (Total income minus Rs 
                                                     5,00,000) + 4% cess
Rs 10,00,001 and above                  Rs 1,00,000 + 30% of (Total income 
                                                     minus Rs 10,00,000) + 4% cess

Source and for other details :

 https://economictimes.indiatimes.com/wealth/calculators/income-tax-calculator

 https://www.paisabazaar.com/tax/income-tax-slab/

Income Tax-Saving Options Beyond Section 80C Limit

Income tax deductions on life insurance premium, an employee's contribution towards EPF (Employee Provident Fund), PPF (Public Provident Fund), children's tuition fees, pension plans, principal repayment on home loans and a host of other investment options are covered under Section 80C of the Income Tax Act.

Under Section 80C, the maximum tax exemption limit is Rs 1.5 Lakhs per annum. The various investments that can be claimed as tax deductions under section 80C are listed below;

• PPF (Public Provident Fund)
• EPF (Employees’ Provident Fund)
• 5 years Bank or Post office Tax saving Deposits
• National Savings Certificates (NSC)
• ELSS Mutual Funds (Equity Linked Saving Schemes)
• Children’s Tuition Fees
• Life Insurance Premium
• Sukanya Samriddhi Account Deposit Scheme
• SCSS (Post office Senior Citizen Savings Scheme)
• Repayment of Home Loan (Principal only)
• National Pension System
• NABARD rural Bonds
• Stamp duty charges for purchase of a new house

Many taxpayers exhaust the Rs 1.5 lakh tax deduction limit under Section 80C. Additional investment in the various options will not provide further tax benefits. Here are some of the sections under income tax laws, apart from Section 80C, that help in cutting down the income tax burden.

1) NPS ( National Pension Scheme )

Additional income tax deduction of Rs 50,000 is allowed for contribution to the National Pension Scheme (NPS) under Section 80CCD. This extra deduction of Rs. 50,000 on NPS increases the total deduction allowed under Section 80C and 80CCD to Rs. 2 lakh.

2) NPS Contribution Routed Through Employer.

Under the NPS corporate model, an employee can deposit the contribution directly or route the contribution through the employer he or she is working with. Employer's contribution to NPS up to 10 per cent of basic salary (plus DA) is allowed deduction under Section 80CCD (2). There is no cap for this deduction but the total deduction claimed for contribution by the employer should not exceed 10 per cent of the salary. 

3) Deduction of interest on housing loan.

Under Section 24B of the Income Tax Act, interest paid up to Rs. 2 lakh on housing loan is allowed as deduction from taxable income. On rented properties, the borrower can only claim deduction of up to Rs. 2 lakh per year after adjusting for the rental income. And the amount above Rs. 2 lakh can be carried forward for eight assessment years.

4) Deduction under Section 80EE

Under Section 80EE, an additional deduction of Rs. 50,000 is available over and above the limit of Section 24B on interest paid on home loans if the person is buying a house for the first time (the person must not own any other residential property on the date of sanction of loan).

5) Deduction under Section 80D

An individual can claim deduction of up to Rs. 25,000, if he or she is below 60 years of age, and Rs. 30,000 if above 60 years of age, towards medical insurance premium paid for self, spouse and children. Additional deduction of Rs. 25,000 is available if one has bought medical insurance for his parents. This deduction can go up to Rs. 30,000 if parents are above the age of 60.

6) Deduction under Section 80E

A taxpayer can claim deduction for interest paid on education loan for him, spouse or children. There is no upper limit on the amount of deduction.

7) Deduction under Section 80DD

If an individual has dependants who are differently-abled, he or she can claim deductions up to Rs. 75,000 for expenses on their maintenance and medical treatment under this section. This deduction can increase to Rs. 1.25 lakh in case of severe disability.

8) Deduction under Section 80DDB

An individual can claim deduction of up to Rs. 40,000 for treatment of certain diseases for self and dependants. The deduction can go up to Rs. 60,000 if the taxpayer is above 60 years and up to Rs 80,000 if above 80 years.

9) Section 80GG

If you don't receive HRA from employer and make payments towards rent, you can claim deduction under section 80GG towards rent that you pay. The deduction is lowest of the following:

(a) Rs 5,000 per month

or

(b) 25% of total income

or

(c) Rent paid less 10% of income

10) Section 80G Donations To Charity

Donations to charitable organisations are entitled to up to either 50 per cent or 100 per cent deduction but the highest deduction allowed is capped at 10 per cent of the donor's total income.

Details of Deductions eligible for Tax Benefits for IT Payers in India

The details of various deductions eligible for Tax benefits for IT Payers in India are given below:

Section 80c

Under Section 80C, the maximum tax exemption limit is Rs 1.5 Lakhs per annum. 

The various investments that can be claimed as tax deductions under section 80c are listed below;

PPF (Public Provident Fund)

EPF (Employees’ Provident Fund)5 years

Bank or Post office Tax saving Deposits

National Savings Certificates (NSC)

ELSS Mutual Funds (Equity Linked Saving Schemes)

Children’s Tuition Fees Life Insurance. 

 

       

Premium Sukanya Samriddhi Account.         

Deposit Scheme SCSS (Post office Senior Citizen Savings Scheme)

Repayment of Home Loan (Principal only)

National Pension System NABARD rural Bonds

Stamp duty charges for purchase of a new house

Section 80CCC

Contributions made towards Annuity plans available with any of the Life Insurance Companies for receiving pension from the fund can be considered for tax benefit. 

The maximum Tax deduction allowed under this section is Rs 1.5 Lakhs.

Section 80CCD

Employees can contribute to National Pension Scheme (NPS). 

The maximum contributions can be up to 10% of the salary (Basic+DA) for salaried or gross income in case of self employed. 

From 2017-18 and additional tax deduction of up to Rs 50,000 u/s 80CCD (1b) is allowed for excess employee contributions and this is over and above the limit of Rs 1.5 Lakhs.

The definition of Salary is ‘Basic + Dearness Allowance + any other bonus’. 

If the employer also contributes to Pension Scheme, the entire employer contribution (maximum 10% of the salary) can be claimed as a tax deduction under Section 80CCD (2). 

This is over and above the limit of Rs.1.5 Lakhs.

It is to be kindly noted that the total deductions under sections 80C, 80CCD (1) and 80CCC put together cannot exceed Rs 1,50,000 for the financial year 2017-18.

Section 80DD

Up to Rs 75,000 can be claimed for spending on medical treatments of your dependents (spouse, parents, children or siblings) who have 40% disability. 

The upto Rs 1.25 lakhs can be deducted in case of severe disability (80%).

Section 80DDB

Any individual below the age of 60 years can claim upto Rs 40,000 for the treatment of certain specified critical diseases. 

This can also be claimed for his/her dependents.

Senior Citizens (above 60 years) can claim upto Rs 60,000 and very Senior Citizens (above 80 years) can claim Rs 80,000 under this section.

It is mandatory for an individual to obtain a Medical Certificate from a specialist doctor in a Hospital, to claim Tax deductions under Section 80DDB

Section 80U

This section is similar to Section 80DD but here the Tax deduction is permitted for the employee himself who is physically or mentally challenged.

Section 80D

Upto Rs. 30,000 can be deducted towards the medical insurance premium for senior citizens (above 60 years) and upto Rs. 25,000 can be deducted towards medical insurance of self and dependents (spouse & children).

Additionally, a deduction of up to Rs. 25,000 towards medical insurance premium of parents (father/mother/both) is available. If both the parents (Father & Mother) are senior citizens, then the deduction allowed is up to Rs. 30, 000.

Section 24 

Income Tax Benefit for Interest paid on Home Loan

Income tax benefit on payment of Interest paid on home loan is allowed for deduction under Section 24. 

The maximum deduction allowed under this Section for a self-occupied house property is upto Rs. 2 Lakhs.

In case, the home Loan has been taken for the property which is not self-occupied, there is no maximum limit prescribed and the entire interest paid is fully exempted.

( It has been clarified by one of my friends that  regarding Sec.24, if the house property  is let out , the loss from house property that can be deducted from taxable income is pegged to Rs.2-00 lakhs from current FY onwards.  Remaining  un adjusted    loss can be carried   forward. Thus the entire interest paid is not exempted in the same year.)

If the taxpayer has availed a home loan for repair works or reconstruction, a maximum deduction of upto Rs 30,000 per financial year is permitted.

Section 80EE

In Budget 2017-2018, a new proposal has been made in which, first time home buyers are eligible for an additional tax deduction of up to Rs 50,000 on home loan interest payments under section 80EE. 

For claiming tax deductions under this new section 80EE, the following criteria have to be met.

The home loan should have been availed or sanctioned in FY 2017-2018.

The Loan amount should be less than Rs 35 Lakhs. The value of the home should not be more than Rs 50 Lakhs. The buyer should not possess any other residential house under his/her name.

Section 80 TTA

Under this section 80TTA, upto Rs. 10,000 from the total gross income can be claimed towards income generated from interest on savings account deposits with a bank or post office or co-operative society. 

This deduction cannot be claimed on income generated from interest on fixed deposits.

Section 80GG

As per the budget 2017, the permissible tax deduction under 80GG has been raised from Rs 24,000 p.a to Rs 60,000 p.a. 

80GG is applicable only for those individuals who do not receive HRA from employer and do not possess a residential property.

The maximum tax deduction will be limited to the least of the following criteria;

Rent paid minus 10 percent of the total incomeRs 5000 per month25 % of the total income

Section 80G

Contributions made to charitable institutions and certain relief funds are claimed as a deduction under Section 80G. 

This deduction can be claimed only when the contribution is made through cheque or draft. In case of cash contribution, a maximum of Rs 10,000 is allowed as deduction. Contributions such as clothes, food material, medicines, etc are not eligible for deduction under section 80G.

Section 87A Rebate

From 2017-2018, if the taxable income of a Taxpayer after various permissible income tax deductions, is below Rs 5 lakhs, he/she is eligible for upto Rs 2,500 on Tax payable as tax rebate under this section. 

In case, if the tax payable is less than Rs 2,500 for FY 2017-18, the rebate will be restricted to actual income tax payable only.

Section 80E

Interest paid towards your education loan can be claimed under Section 80E as a tax deduction. 

This loan should have been ideally availed by you, your spouse or children or by a student whom you are the legal guardian, for higher education purposes. 

Only interest paid can be claimed and not the principal.

Under section 80E, there is no specific limit on the amount of interest claimed as deduction. 

The deduction can be claimed for a maximum of 8 years or until the interest is fully repaid, whichever is earlier.

Section 80GGC

A taxpayer can claim deduction for the amount that he/she has contributed to a political party or an electoral trust formed to oversee the election process. 

The contributions made in cash are not allowed for deductions. (Political party refers to any political party registered under the section 29A of the Representation of the People Act, 1951)

Section 80RRB

Income received through Patent royalty (registered on/after 01.04.2003), under the Patents Act 1970 can be claimed upto Rs. 3 lakhs or the income actually received, whichever is less. The taxpayer must be a resident of India who holds the patent.

Thanks to the sender of these Sections of IT details in one of WhatsApp groups.

However please consult your auditors / Tax consultants for proper understanding and claims , since periodic changes / amendments are being done by IT, which they will be updated well.

How to file IT return online in India and Ten facts to know about filing income tax return this year

 

How to file IT return online in India? 

Filing of Income tax return online is very easy now a days and most of the IT payers in India adopt the method  of filing the IT returns online.

The first criteria for filing IT returns online is to create a Profile in the Website for filing Income Tax return online. PAN number of the IT payer is the User ID.User has to create a Password and remember it.

After login to the site, the user has to follow the steps given in the following link for filing IT return online by anyone  of the two methods mentioned therein.

http://www.incometaxindia.gov.in/Pages/tax-services/file-income-tax-return.aspx

Ten facts to know about filing income tax return this year

Here we are taking a look at ten facts which you need to know about filing income tax return this year for the last financial year:

1.Due date for filing return
The due date for filing your income tax return is 31st July 2017. If you need to get a tax audit done, the due date is 30th September 2017. Filing before the due date is important if you want to carry forward any loss incurred by you during the year.

2.Mandatory return filing
It is mandatory to file income tax return if your taxable income before any deduction exceeds Rs 2.5 lakh. “The limits are 3 lakh and 5 lakh for senior citizen and super-senior citizen, respectively. Also, filing of ITR has been made mandatory if one has Long Term Capital Gains from sale of shares or mutual funds of more than Rs 2.5 lakh in a year,” says Archit Gupta, Founder & CEO, ClearTax.in.

3.Change in law w.r.t. revised return
Till last year, a revised return could be filed only if the original return was filed within the due date. Starting from this year, a return can be revised even if filed after due date, i.e even if a belated return is filed.

4.Linking of Aadhaar card with PAN
Based on a Supreme Court ruling and the rules announced during Budget 2017, it is now mandatory to link your Aadhaar Card with your PAN if you own both PAN and Aadhaar. 

An interim relief has been provided by the SC only to those who may have PAN but not Aadhaar. However, your Aadhaar number or the Aadhaar Enrolment ID number will now be mandatorily required for filing of income tax returns as well as for applications for PAN from July 1 this year.

5.Dividend Tax
There has been a new rule regarding dividends. “Any person who receives dividend above Rs 10 lakh has to pay an additional income tax of 10% (on amount in excess of Rs 10 lakh). Dividend here includes dividend on equity shares or mutual fund units,” says Gupta.

6.Return filing mandatory even if TDS deducted
There is a misconception that a return has to be filed only when any tax is due. Return filing is now mandatory irrespective of TDS deducted on your income if your income exceeds Rs 2.5 lakh.

7.TDS and Form 26AS
Form 26AS is a Tax Credit Statement that contains details of all TDS deducted against your income. It is a good practice to check the TDS figures in Form 26AS before filing the income tax return.

8.Savings Bank Interest Income
Interest earned on savings bank account balance should be declared in the income tax return. Also, “a deduction of Rs 10,000 is available u/s 80TTA for income from interest. This means that savings interest income up to Rs 10,000 is indirectly exempt in the form of a deduction. This income can be calculated from the bank statement. The interest is usually paid quarterly or half-yearly,” says Gupta.

9.Schedule AL
A statement of assets and liabilities has to be provided by every assessee whose income is more than Rs 50 lakh, This statement also includes the cost of acquisition of movable properties held such as jewellery, vehicle or cash.

10.E-Verification of Income Tax Returns
It is now possible to E-verify your income tax return instead of sending ITR-V by post. This makes the verification process easier. This is an important step that is required to complete the process of online income tax return filing.

Income tax for Individuals for the Annual Year 2018-19(Financial year 2017-18) and Eligible deductions

How Income Tax is charged in India?

Income tax in India is charged based on one’s income, more the income more the tax. India has four  income slabs or groups.Tax slabs keep on changing from year to year. Over and above tax, surcharge and education cess is also charged.  These are announced in budget by the Finance Minister every year.

Income tax for Individuals for the Annual Year 2018-19(Financial year 2017-18)

New Income Tax Slabs for FY 2017-18 (AY 2018-19) have been provided based on the Finance Budget introduced by the Hon’ble Finance Minister on February 01, 2017. 

While the income tax slabs have been kept unchanged, some interesting changes have been made which will have an impact on the tax liability of Individuals.
Individuals Below 60 Yrs – Income Tax Slab 2017-18 (AY 2018-19)

Income Tax Slab	Income Tax Rate
Income upto Rs. 2,50,000	Nil
Income between Rs. 2,50,001 – Rs. 500,000	5% of Income exceeding Rs. 2,50,000
Income between Rs. 500,001 – Rs. 10,00,000	Rs. 12,500 + 20% of the amount by which the taxable income exceeds Rs. 5,00,000
Income above Rs. 10,00,000	Rs. 1,12,500 + 30% of the amount by which the taxable income exceeds Rs. 10,00,000

Surcharge :

• 10% of the Income Tax, where taxable income is more than Rs. 50 lacs and upto Rs. 1 crore. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income of Rs. 50 lacs by more than the amount of increase in taxable income.
• 15% of the Income Tax, where taxable income is more than Rs. 1 crore. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income of Rs. 1 crore by more than the amount of increase in taxable income.

Education Cess : 3% of the total of Income Tax and Surcharge.

Income Tax Rebate Reduced

The income tax rebate continues but it is reduced now. The income tax rebate came down to 2,500. Last year it was ₹5000. Not only the reduction, the threshold for this rebate also came down. Now, the income upto 3.5 lacs is eligible for this rebate. Earlier, income upto ₹5 lac was eligible for the income tax rebate.

Because of this provision, those who earns up to Rs 3 lacs are not required to pay any tax. Rather, if a person uses the all available deductions, the income up to Rs 5 lacs can become tax-free.

Senior Citizens (60-80 yrs) : Income Tax Slab 2017-18 (AY 2018-19)

To avail the benefit of senior citizen’s income  tax slab of 2017-18, one should be born on or after 1st April 1937 but before 1st April 1957. These dates are applicable for the income tax slab rate of the financial year 2017-18.

Income Tax Slab	Income Tax Rate
Income upto Rs. 3,00,000	Nil
Income between Rs. 3,00,001 – Rs. 500,000	5% of Income exceeding Rs. 3,00,000
Income between Rs. 500,001 – Rs. 10,00,000	Rs. 20,000 + 20% of the amount by which the taxable income exceeds Rs. 5,00,000
Income above Rs. 10,00,000	Rs. 1,20,000 + 30% of the amount by which the taxable income exceeds Rs. 10,00,000

Education Cess

Senior citizens are also required to pay education cess similar to other individuals. The 3% cess is charged on the income tax of senior citizens. Due to this the effective income tax slab rate increases.

Super Senior Citizens ( above 80 yrs) : Income Tax Slab 2017-18 (AY 2018-19)

The senior citizens of above the age of 80 gets maximum tax concession from the government. They get this concession considering increased medical and healthcare expenses.

To get the benefit of this income tax slab rate, one should be born before 1st April 1937.

Income Tax Slab	Income Tax Rate
Income upto Rs. 5,00,000	Nil
Income between Rs. 500,001 – Rs. 10,00,000	20% of Income exceeding Rs. 5,00,000
Income above Rs. 10,00,000	Rs. 100,000/- + 30% of the amount by which the taxable income exceeds Rs. 10,00,000/-.

Any NRI or HUF or AOP or BOI or AJP

Income Tax :

Income Slabs		Tax Rates
i.	Where the taxable income does not exceed Rs. 2,50,000/-.	NIL
ii.	Where the taxable income exceeds Rs. 2,50,000/- but does not exceed Rs. 5,00,000/-.	5% of amount by which the taxable income exceeds Rs. 2,50,000/-.
iii.	Where the taxable income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-.	Rs. 12,500/- + 20% of the amount by which the taxable income exceeds Rs. 5,00,000/-.
iv.	Where the taxable income exceeds Rs. 10,00,000/-.	Rs. 112,500/- + 30% of the amount by which the taxable income exceeds Rs. 10,00,000/-.

  

List of Income Tax Exemptions FY 2017-18 / AY 2018-19 (Chapter VI-A deductions list)

For full details of Income Tax exemptions click the following link:

https://www.relakhs.com/income-tax-exemptions-fy-2017-18-list/

Sources:

https://www.planmoneytax.com/income-tax-slab-rate-2017-2018/

http://finotax.com/income-tax/slabs-1819

https://finapp.co.in/tax-slab-rate/

https://www.relakhs.com/income-tax-exemptions-fy-2017-18-list/

To know about Income tax for Individuals for the Annual Year 2017-18(Financial year 2016-17) and Eligible deductions click the link given below

https://svsaibaba.blogspot.in/2017/02/income-tax-slabs-for-fy2016-17-ay2017.html

Income tax slabs for FY2016-17 / AY2017-18 and Eligible deductions

Now we are reaching the end of financial year 2016-17. It is high time to know the various slabs for Income Tax to be paid by Individuals,Senior Citizens(above 60 years) and Super Senior Citizens(above 80 years) which are given below. Various savings which are eligible for deductions as per IT act are also listed below the IT slabs. 

Hope that this article will help for your tax planning.

What is an income tax slab?

For the betterment of the society, the government of India charges a certain percent of the amount on the taxpayer. To have an unbiased approach for charging money from the various range of earners, the government has formalised a structure for charging the amount which is known as income tax slab. Income tax is mainly calculated on the gross income of an individual.

It is designed for everyone whether a person is an individual, senior citizen, HUF, companies, etc. Income tax rules are applicable to all the resident of India and the rules are governed by I-T Act of 1961.

What tax slabs are available?

The tax rate applicable for calculating liabilities of tax for the FY 2016-17/ AY 2017-18:

Individuals who are below the 60 years of age and are born after April 1, 1957.

Resident senior citizen who are 60 years of age and less than 80 years of age at any time during the FY 2016-17 and born after April 1, 1937, and before March 31, 1957

Resident super senior citizen who are above 80 years of age or more at any time during FY 2016-17 and born before April 1, 1937.

Is there any rebate offered under the I-T Act?

Yes, the rebate is offered under section 87A of the Income Tax Act. The rebate is 100% applicable for a person earning not more that 5,00,000 p.a. The maximum rebate that can be claimed under the Act is Rs.5000. If someone is falling under such criteria, he/she can claim for the rebate before applying the education cess.

The rebate amount has been increased from the previous FY which was Rs.2000 only.

What are the deductions available under chapter VI-A of the I-T Act?

Deductions of section 80 are covered under the chapter VI of the Income Tax Act. 80C for investment, 80CCD (IB) for NPS, 80CCC for pension funds, 80D for health insurance, 80E for education loan, 80EE for interest on the loan for buying house property, 80G for donations, 80U for disability, 80TTA interest on deposits in bank accounts and much more.

Source:http://www.financialexpress.com/money/want-to-know-about-the-income-tax-slabs-for-fy2016-17-ay2017-18-here-are-the-details/497260/

*INCOME TAX Exemption Updates... For every Investor For FY:16-17)*
Here is a guide to help your Tax Planning.
🔱 80 C:- Max limit    150000/- (Life Insurance Premium, MF , FD , NSC, PPF , Home Loan Principal , etc.)

🔱 80CCD:-50000/- (NPS)

🔱 80CCG:- 25000/- or 50% of your investment which ever is less

🔱 80D:-25000/-
( Mediclaim Policy for self spouse, children)
🔱 30000/- for dependent parents u/s-80D. Medical reimbursement :- 15000/- US 17(2)

🔱 80DDB:- Medical expense occurred on dependent for specified ailment.

🔱80TTA:- Up to 10000/- for Interest saving bank account

🔱 Gift tax :- Exempted upto 50000/-. Above 50k full amount taxable (FY) from other than Blood relation.. Gift from Blood relation is 100%Exempted...

🔱 Transport allowance :- 19200/- (FY)
C.E.A. :- 2400/- (FY)

🔱 HRA :- as per the calculation
🔱 24(b) :- 200000/- (home loan interest)
🔱 80G :- full amount in few selected organisation. This exemption is 50%
🔱 80GGB :- 100% exemption for political parties
🔱 80EE :- unlimited (interest on education loan)....
🔱 80U :- 75000/- (in case of taking care of a Handicapped depends)..

You can plan your Income Tax Exemptions for  Financial Year 2016-17 as per above guidelines.