As per section 89(1) of the Income Tax Act, 1961 relief for income tax has been provided when in a financial year an employee receives the salary in arrears or advance. As per Rule 21AA of the Income Tax Rules, 1962, Form 10-E has been prescribed for claiming the relief.
Showing posts with label 89(1) arrears relief calculator for F.Y.2017-18. Show all posts
Showing posts with label 89(1) arrears relief calculator for F.Y.2017-18. Show all posts
Sunday, 18 February 2018
Saturday, 3 February 2018
Auto fill Income Tax All in One Income Tax Preparation Excel Based Software for the Financial Year 2017-18 & Ass Year 2018-19. As the Tax Slab has already changed by the CBDT in the recent Finance Budget 2017, some of employee can get relief as the lower tax slab is 5% instead of 10% who's Taxable Income Rs. 5 Lakh.
Saturday, 6 January 2018
Tuesday, 19 December 2017
Monday, 4 December 2017
As the Central Govt has already passed the 7th Pay Commission & hike the Salary of the Each Central Govt Employees for the F.Y.2017-18. Also, the New Finance Budget has modified the Income Tax Slab Rate for F.Y.2017-18. The Finance Budget also reduced the Tax Rebate U/s 87A Rs. 2,500/- who's taxable Income Less than 3.5 Lakh.
Friday, 1 December 2017
Sunday, 12 November 2017
It is necessary as well as mandatory to download the Form 16 Part A from the TRACES Portal www.tdscpc.gov.in. But now at this time, it is necessary to calculate the Actual Taxable Income of each and every employee of Govt and Non-Govt employees.
Sunday, 8 October 2017
Is heavy tax bothering you? Don’t worry, income Tax Exemptions and deductions, give you plenty of opportunities to save tax. By using these exemptions and deductions wisely, you can reduce your tax substantially. In fact exemptions and deductions reduce the tax liability in lacs. In this post, I am listing the available exemptions, and deduction under income tax act. Use these and enjoy the tax saving.
Wednesday, 4 October 2017
Arrears Relief Calculation up to F.Y.2017-18
Prepare Automatic Income Tax for Govt & Non-Govt employees for the Financial Year 2017-18 and Assessment Year 2018-19. This Excel Based Software can prepare at a time the Tax Computed Sheet + Individual Salary Structure for both of Govt & Non-Govt employees Salary pattern with the New Income Tax Slab and Amended Section as per the Central Finance Budget 2017-18.
Arrears Relief Calculation up to F.Y.2017-18
Key Feature of this Excel Utility :-
- Automatic Calculate the Income Tax Liability
- In built the Salary Structure for Govt & Private Employees
- Automatic Calculate the House Rent Exemption
- Automatic Convert the Amount in to the In Words
- Automatic Calculation Arrears Relief U/s 89(1) with Form 10E
- Automated Form 16 Part A&B for F.Y.2017-18
- Automated Form 16 Part B for F.Y.2017-18
Click here to Download the utility
Saturday, 12 August 2017
Deduction under section 80C for A.Y.2018-19. We know that you are very much interested to know the deduction from gross total income to calculate net income tax. As we will discuss only here deduction under section 80C in detail for the Financial Year 2017-18 as per the Finance Budget 2017-18
Monday, 17 July 2017
Friday, 2 June 2017
The person who paid medical insurance premium himself or spouse or parents or depended children can claim the deduction from total income of the person as per the instructions are given below. We will discuss here the complete detail about deduction under section 80D for the A.Y. 2017-18 and A.Y. 2018-19.
Who can claim deduction 80D?
Individual and HUF assessee can claim the deduction under section 80D for any medical insurance premium known as MEDICLAIM.
Note: The deduction is allowed only under an approved scheme of General Insurance Corporation of India or any contribution made to Central Government Health Scheme or any similarly notified scheme.
Maximum deduction allowed u/s 80D
Check how many deductions of medical insurance premium, you can claim for self and your parent.
· Download Automated TDS on Salary Calculator All in One for Bihar State Employees for F.Y.2017-18 & A.Y.2018-19
Tax Compute Sheet + Salary Structure + H.R.A.Calculation + Form 16 Part A&B and Part B
· Download Automated TDS on Salary Calculator All in One for Assam State Employees for F.Y.2017-18 & A.Y.2018-19
Tax Compute Sheet + Salary Structure + H.R.A.Calculation + Form 16 Part A&B and Part B
· Download Automated TDS on Salary Calculator All in One for Govt.& Non-Govt. Employees for F.Y.2017-18 & A.Y.2018-19
Tax Compute Sheet + Salary Structure + H.R.A.Calculation + Form 16 Part A&B and Part B + Arrears Relief Calculator U/s 89(1) With Form 10e
F.Y.2017-18/A.Y.2018-19
I – You are below 60 Years – Rs.25,000 and Your parents are also below 60 years – Rs. 25,000 then aggregate Rs. 50,000.
II – You are below 60 Years – Rs.25,000 But Your parents are above 60 years – Rs. 30,000 then aggregate Rs. 55,000.
III – You are above 60 Years – Rs. 30,000 and Your parents are also above 60 years – Rs. 30,000 then aggregate Rs. 60,000.
Note: The maximum deduction for payment on account of preventive health check-up of self, spouse, parent(s) or depended on children, in the aggregate shall be Rs.5,000.
Important Points Related to Deduction under section 80D
· You must note here that the deduction is allowed only if the payment is made from your own income during the pervious year.
· Any premium for health insurance or Central Govt Health Schemes (CGHS) shall be made by any mode except cash. However, cash payment shall be accepted if paid during preventive health check-up.
· Payment made via credit card/internet banking shall also be eligible for deduction.
· The main and important point of Deduction for Medical Insurance Premium (MEDICLAIM) under section 80D is that it does not include in a deduction under section 80C (Rs.1,50,000 in total). In simple words, you can get deduction under section 80D extra over section 80C.
· Now, it is immaterial that parents are dependent on you or not. You can claim the tax deduction for medical insurance premium paid for your parents whether they are dependent on you or not. The condition of dependency of parents is eliminated w.e.f. A.Y. 2009-10.
Tax Planning by MEDICLAIM (Medical Insurance Premium) Under Section 80D
· So it is a good strategy to pay your medical insurance premium yearly for you, wife/husband, children, and parents.
· You can get tax deduction of up to Rs.65000 under section 80D including preventive health check of Rs.5000 (self + family)
· The other thing you must note that medical insurance premium paid for parents having more benefits. It is immaterial that parents are depended or not.
Thats’ all readers, If you would like to buy any health insurance policy then please do your research or consult with your tax professional. Always compare your policy premium, features, benefits, claim etc before buying any health insurance policy. There are some health insurance policies to claim deductions under section 80D (MEDICLAIM). Please ask any query related to health insurance policy, mediclaim, deduction under section 80D through comment form give below. We’ll also suggest you some good health insurance policy if you really want to buy with tax planning.
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