As per the latest Central Finance Budget 2019 have some changed along with the Income Tax Slab for the Financial Year 2017-18.The Tax benefits who have already get the House Building Loan, they have also good news in this Central Financial Budget 2019. Now look how to get tax benefits on paying Rent & taking home loan interest:-

On December 21, 2019 by www.taxexcel.net

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As per the latest Central Finance Budget 2019 have some changed along with the Income Tax Slab for the Financial Year 2017-18.The Tax benefits who have already get the House Building Loan, they have also good news in this Central Financial Budget 2019. Now look how to get tax benefits on paying Rent & taking home loan interest :-

On December 11, 2019 by www.taxexcel.net

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As per the latest Central Finance Budget 2019 have some changed along with the Income Tax Slab for the Financial Year 2017-18. The Tax benefits who have already get the House Building Loan, they have also good news in this Central Financial Budget 2019. Now look how to get tax benefits on paying Rent & taking home loan interest:-

On December 09, 2019 by www.taxexcel.net

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As per the latest Central Finance Budget 2018-19 have some changed along with the Income Tax Slab for the Financial Year 2018-19. The Tax Section 80C has also Raised up to Rs. 1.5 Lakh. The Tax benefits who have already get the House Building Loan, they have also good news in this Central Financial Budget 2017-18. Now look how to get tax benefits on paying Rent & taking home loan interest :

On January 20, 2019 by www.taxexcel.net

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As per the latest Central Finance Budget 2018-19 have some changed along with the Income Tax Slab for the Financial Year 2018-19. Newly Introduce Income Tax Standard Deduction Max Rs. 40,000/-. The Tax benefits who have already get the House Building Loan, they have also good news in this Central Financial Budget 2018-19. Now, look how to get tax benefits on paying Rent & taking home loan interest:-

On August 17, 2018 by www.taxexcel.net

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As per the latest Central Finance Budget 2017-18 have some changed along with the Income Tax Slab for the Financial Year 2017-18. The Tax Section 80C has also Raised up to Rs. 1.5 Lakh. The Tax benefits who have already get the House Building Loan, they have also good news in this Central Financial Budget 2017-18. Now, look how to get tax benefits on paying Rent & taking home loan interest:-

On August 12, 2018 by www.taxexcel.net

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As per the latest Central Finance Budget 2018-19 have some changed along with the Income Tax Slab for the Financial Year 2018-19. The Tax Section 80C has also fixed up to Rs. 1.5 Lakh. The Tax benefits who have already get the House Building Loan, they have also good news in this Central Financial Budget 2018-19. Now, look how to get tax benefits on paying Rent & taking home loan interest:-

On August 06, 2018 by www.taxexcel.net

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If you are a salaried employee and staying in a rented accommodation, you can claim the house rent allowance (HRA) exemption under Section 10(13A) of the Income Tax Act, 1961. 

The HRA exemption is available for least of the following amounts: a) Actual HRA amount received from the employer; b) the amount of rent you pay for your house in excess of 10% of your basic pay; c) fifty per cent of the basic salary, if you reside in a metro city, and 40% of the basic pay for non-metro cities.

Download the Automatic House Rent Exemption Calculator U/s 10(13A)

 

For claiming the exemption, the employee must stay in a rented house during the period for which the exemption is being claimed and must have actually incurred the expenditure on payment of rent. For computing the HRA exemption, salary means ‘basic salary’, dearness allowance, if the terms of employment so provide, and commission based on a fixed percentage of turnover achieved by the employee. While one can pay rent to parents to claim the HRA exemption, they need to pay tax on the rent received.

The employee will have to submit rent receipt/rent agreement to the employer for availing the HRA exemption. The employer needs to only obtain a rent receipt/rent agreement from the employee; however, the employer is not required to verify the receipt for granting the exemption to the employees. 

If the amount of rent claimed is more than Rs. 1,00,000 per year, the Permanent Account Number (PAN) of landlord has to disclosed. If the landlord does not have a PAN, the employee is required to submit a declaration to this effect from the landlord along with the name and address of the landlord.

Moreover, under the Income Tax Act, an employee can claim the HRA exemption even if he owns a house but stays in a rented accommodation. This will be possible in cases where the employee owns a house in some other city and cannot stay in the house because of job location. Also, if an employee has taken a loan from a bank or a housing finance company to buy the house, he can avail the deduction of interest under Section 24 of the Income Tax Act as well as repayment of principal towards loan under Section 80C of the Act, even if one is claiming the HRA exemption while staying in a rented accommodation in another city.

The rent receipt should have a one rupee revenue stamp with the signature of the person who has received the rent and other details such as the rented residence address, rent paid, name of the person who has paid the rent. While HRA is a major tool to save tax, it is equally important to keep every documentation properly, in case demanded by the tax authority.

Earning Curve:

* Self-employed professionals cannot claim the HRA exemption under Section 10(13A) of the I-T Act, 1961, as they do not earn a salary
* For claiming the HRA exemption, the employee must stay in a rented house during the period for which the exemption is being claimed
* While one can pay rent to parents to claim the HRA exemption, they need to pay tax on the rent received
* The employee will have to submit the rent receipt/rent agreement to the employer for availing the HRA exemption

On November 26, 2015 by www.taxexcel.net

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Download All in One Income Tax Preparation Excel Based Software for All STATE GOVT employees for the Financial Year 2015-16 and Assessment Year 2016-17. [ This Excel Based Software can prepare at a time Income Tax + Automatic House Rent Exemption Calculation + Automated Form 16 Part A&B and Form 16 Part B for F.Y.2015-16]

Few might have already started their tax planning from the beginning of a year, i.e. from the April month itself. However, the majority of people will start to think only at the year-end. So let us discuss what are the tax saving options, one can utilize

1) Life Insurance-

1. a) Endowment or Money Back Plans-These are the one of the oldest ways of investments used by all Indians. But do remember that these products will neither give you full life risk coverage of actually in need nor they give a better return. But at the same time if you are very much happy with the kind of coverage like Sum Assured or Rs.1, 00,000 to Rs.10, 00,000 or returns of around 6% then definitely consider this.
2. b) ULIP Plans-These are again a combination of INSURANCE+INVESTMENT product. Currently insurance companies are offering these products at cheaper than what they used to be earlier. But still the drawback of such plans are-they will not fulfil your life insurance needful, tracking of fund performance is very inconvenient and if the fund is not performing then hard to come out of such plans.
3. c) Term Plans-These are the pure life insurance products. You can buy the actual need of insurance very cheaply. Therefore, instead of going for above two products this is necessary for all.

2) Public Provident Fund (PPF)–

This is one of the tax saving heaven for the few who want to get the tax deduction under Sec.80C while investing and after that exemption on interest earned as well as the maturity amount. From this financial year limit of yearly investment raised to Rs.1, 50,000. However, do remember that period of PPF is 15 years and liquidity is not so easy. Other than that if, your financial goal matches in this period, then it is best to consider the debt portion of your portfolio towards this investment.

3) ELSS Funds–

These are mutual funds specifically meant for tax saving purpose. Do remember that there is a lock-in period of 3 years attached with such funds. Also, never be in a wrong belief that if you invest in monthly SIP then you can exit after 3 years. However, each monthly SIP is considered as new investment. Therefore, each monthly SIP needs to be complete 3 years. You can avail tax benefit under Sec.80 C of Income Tax.

Considering the equity nature of this type of investment, it is wrong to think that after 3 years you can come out easily with positive returns. Consider your time horizon of staying with these funds as more than 7+ years and invest. Otherwise, you may end up in negative earnings.

4) Rajiv Gandhi Equity Saving Scheme (RGESS)–

This is one more type of equity investment where the only new entrant into equity will be benefited and whose income is less than Rs.10 lakh a year. You can claim deduction under Sec.80 CCG. The maximum investable amount is Rs.50,000. You can claim 50% of the invested amount. This scheme allows you to invest in particular stocks, ETFs or Mutual Funds.

5) Employee Provident Fund (EPF)–

This is one more type of indirect saving scheme. The employer usually deducts 12% of your salary towards this scheme. Your contribution is available for deduction under Sec.80 C. Max Rs.1.5 Lakh

Also, if you fail to contribute then you can contribute to this scheme more than 12%, which is called Voluntary Provident Fund (VPS), by doing so you can increase your tax deduction option also.

6)  Senior Citizen Savings Scheme (SCSS)–

This scheme does not apply to all as it is meant for senior citizens only. One can invest up to Rs.15 Lakh only. Detailed features of this scheme are available with India Post.  You can avail tax benefit under Sec.80 C.  However, interest earned from, this is considered as taxable income. In addition, you can read further information from below link.

7) National saving Certificate (NSC) or Bank FDs–

Again, these two forms of savings are very much popular in India. NSC is currently available with 5 years and 10-year tenure and Tax Saving FDs at a 5-year term. You can avail tax benefit under Sec.80 C. However, do remember that the returns on these two instruments are taxable. For further detailed information on the same, you can visit below links too.

8) Health Insurance–

This one is for of safety major yourself by having health insurance and along with that, you can avail tax benefit under Sec.80 D. If you buy for yourself, spouse or children, then up to Rs.25, 000 can be claimed under this rule. Also, if you buy health insurance for your parents (whether dependent or not) then additional Rs.25, 000 deduction is available. However, parents are senior citizens, and then the limit is up to Rs.30, 000. So overall, one can save a maximum of Rs.55, 000 under Sec.80 D. You can choose plans by reading a few of my earlier posts.

9) Home Loan–

Home loan is one more option for those who want to save tax. But what if your interest payout is more harming you than the available tax benefit? Hence, do take care of entering into this option. As this is a loan, but not an investment. There are two types of tax benefits if you opted for home loan and it is self-occupied.

• Under Sec. 80C whatever principal you pay towards loan is eligible for deduction.  (Do remember that this exemption is only for residential property, only for the purchase and construction of the house, but not for renovation or repair, also if you sell the property within 5 years of availing tax benefits then the benefits availed is reversed).
• Under Sec. 24 you can avail the interest amount whatever you pay towards this loan. The limit is Rs.2 lakh for one self-occupied property.  However, if it is not self-occupied property, then there is no such limit.

On August 27, 2015 by www.taxexcel.net

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As per the Finance Budget 2015 have some changes in the Tax Section and hike the limit of some Section other than the Tax Slab is the same as previous Financial Year 2014-15. 
Main Changes in this Budget and main effect to the Salaried Person for Financial Year 2015-16 as given below

• Section 80D :- Hike the limit up to Rs. 25,000/- for below 60 Years and Rs. 30,000/- for Sr.Citizen.
• Section 80U:- Hike the limit up to Rs. 75000/- for below 60 years and Rs. 1,25,000/- for sever Phy Disable persons.
• Section 80CC :- Hike the limit Rs. 1,50,000/- for Pension Fund
• New Section include in 80C in the name of Sukanya Samriddhi Account which Max limit Rs.1,50,000/- P.A.
• Section 80DDB :- Hike the limit up to Rs. 80,000/-
• U/s 10 Conveyance / Transport Allowances is hike up to Rs. 1600/- P.M. and Ph.Handicapped person can get the double as Rs. 3200 P.M. 

 As per the Finance Budget 2015-16 have prepared the Excel Based All in One Income Tax Preparation Software for Only Private ( Non-Govt ) employees for Financial Year 2015-16.

All in One Income Tax Preparation Excel Based Software for only the Non Govt employees for the Financial Year 2015-16 and Assessment Year 2016-17. This Excel Based Software can prepare at a time your Income Tax Compute Sheet + Automatic House Rent Exemption Calculation + Automated Form 16 Part B and Automated Form 16 Part A&B + Form 12 BA for the Financial Year 2015-16.

This Excel Based Software can use only for the (Private Employees) Non Govt employees. The Salary Structure has prepared as per the Salary Pattern of any Non Govt Concerned which can fit for any Private Concerned Salary Pattern

Feature of this Excel Based Software :-

• Salary Structure for Non Govt Concerned Salary Pattern for Calculating the Gross Salary Income
• Automatic Income Tax Compute for Male/Female/Sr.Ctzn/Most Sr.Ctzn
• All the Income Tax Section have in this Software which perfect calculate as per the Income Tax Rules
• Automatic House Rent Exemption Calculation U/s 10(13A)
• Automatic prepare the Form 16 Part B
• Automatic prepare the Form 16 Part A&B
• Automatic prepare the Form 12 BA ( Certificate for Value of Perquisite)
• Automatic Convert the Amount in to the In Words

Click here to Download the All in One Excel Based Tax Software for Private employees for F.Y.2015-16

On July 17, 2015 by www.taxexcel.net

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All in One TDS on Salary for Non-Govt employees for the Financial Year 2015-16 & Assessment Year 2016-17 [ This Excel Based Software can prepare at a time your Tax Compute Sheet + Salary Structure as per Private Concerned Salary Pattern + HRA Calculation + Form 16 Part A&B and Part B + Form 12 BA ]

This Excel Utility have all the changes by the Finance Budget 2015-16. All the Tax Section have incorporate in this Excel Utility. 

The main Changes in the Income Tax for salaried person by the Finance Budget 2015-16 is given below:-

1.     Increase in the limit of deduction in respect of health insurance premium from Rs.15,000 to Rs.25,000. U/s 80D

2.     For senior citizens the limit will stand increased to Rs.30,000 from the existing Rs.20,000.U/s 80D

3.     For very senior citizens of the age of 80 years or more, who are not covered by health insurance, deduction of Rs.30,000 towards expenditure incurred on the treatment will allowed.

4.     The  deduction  limit  of  Rs.60,000  towards  expenditure  on  account  of specified diseases of serious nature is proposed to be enhanced to Rs.80,000 in case of very senior citizens U/s 80DDB

5.     The limit on deduction on account of contribution to a Pension Fund and the New Pension Scheme is proposed to be increased from Rs.1 lakh to Rs.1.5 lakh U/s 80CC

6.     Investments in Sukanya Samriddhi Account is already eligible for deduction under Section 80C Max. Rs.1.5 Lakh for Minor Girl Child below 10 Years  

7.     Transport allowance exemption is being increased from Rs.800 to Rs.1,600 per month U/s 10

On May 02, 2015 by www.taxexcel.net

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Download Master of Form 16 Part B for FY 2014-15 [ This Excel Utility can prepare at a time 50 employees Form 16 Part B]

Finance Act 2014 has made following changes relating to determination of Income Tax payable by Salaried Employees, which provide income tax exemption varied from Rs.15,000 to Rs. 30,000 on the basis of taxable income of individual.

1. Taxable Income eligible for full exemption from income tax increased from Rs. 2 lakh to Rs. 2.5 lakh

2. Additional deduction of Rs. 50,000 under Section 80 C, CCC, CCD(1):

Deduction allowed under Section 80C, 80CCC, and Section 80 CCD(1) for savings/investments, premium for annuity / pension fund and employee contribution to NPS respectively has been increased to Rs. 1.5 lakh from Rs. 1 lakh (Section 80CCE Limit)

3. Income Tax exemption on Interest paid on housing loan under Section 24 of the Income Tax Act increased from Rs. 1.5 lakh to Rs. 2 lakh

In addition to above three new changes, Income Tax Rebate of Rs. 2000 for taxable income up to Rs. 5 lakh continues this year also under Section 87A of Income Tax Act

Click here to  Income Tax Calculator 2014-15 

Click here to Tax Form 16 Part A&B for F.Y. 2014-15 [Prepare at a time 100 employees Form 16 Part A&B]

A brief on all eligible income tax exemptions applicable for the year 2014-15 is as follows

Allowances exempted under Section 10 of Income Tax Act

House Rent Allowance:

When rent is actually paid by an individual, he / she is entitled to exemption in respect of House Rent Allowance which is limited to least of the following

1. Actual HRA received.

2. Rent paid less 10% of salary.

3. 40% of Salary (50% in case of Mumbai, Chennai, Kolkata, Delhi) Salary is defined as Basic Pay. Dearness allowance will form part of salary if the same enters into computation of retirement benefits

Click here to Income Tax Exemption on HRA Calculator U/s 10(13A)

Leave Travel Allowance or Leave Travel Concession :

LTC or LTA is exempted if the same is actually spent

Transport Allowance:

Transport Allowance granted to an employee to meet expenditure for the purpose of commuting between the place of residence and place of duty. Income Tax Exemption on Transport Allowance is restricted to Rs.800 per month.

Children Education allowance:

Rs. 100/- per month per child up to a maximum of 2 children.

Hostel Subsidy:

Rs. 300/- per month per child upto a maximum of two children.

Other Allowances exempted under Section 10 of IT Act.

Tour TA, Tour Daily Allowance, Academic, research or training allowance, uniform Allowance, Special Compensatory Allowance, High Altitude Allowance, Climate Allowance, allowances applicable to North East, Hilly areas of U.P., H.P. and J & K, border area allowance, Compensatory Field Area Allowance, Counter Insurgency Allowance, High Active Field Area Allowance, island duty allowance, tribal allowance etc.

Income Tax Exemption on Interest paid on Housing Loan / Income or loss from House Property:

Total deduction for interest paid on Housing Loan when the property is self occupied has been increased to Rs. 2 lakh as per amendment made in Section 24 of the Income Tax Act in 2014. Also, in addition to Deduction of of Interest payable on Housing Loan up to Rs. 2 Lakh from the total income (and without any limit for Housing property rented out for an annual value), the new section in the form of Section 80 EE introduced in the last Budget (2013) provides for additional deduction / Income Tax Exemption for Interest paid on housing loan up to Rs. 1 lakh in respect of housing loan sanctioned / disbursed during the year 2013-14 for a first time house buyer with total property cost and amount of loan are not exceeding Rs. 40 lakh and Rs. 25 lakh respectively. This additional deduction of Rs. 1 lakh can either be availed fully in the income tax assessment year 2014-15 (Financial Year 2013-14) or partly in 2014-15 and remaining balance in Assessment year 2015-16 ( Financial Year 2014-15) in case interest payable in A.Year 2014-15 was not exceeding Rs. 1 lakh.

Section 80C:

The total deduction under this section (along with section 80CCC and 80CCD) is limited to Rs. 1.50 lakh. Some investments, savings, expenditure etc covered under Section 80 C are as follows

• Life Insurance Premium
• Premium / Subscription for deferred annuity For individual, on life of self, spouse or any child .
• Sum deducted from salary payable to Govt. Servant for securing deferred annuity for self-spouse or child Payment limited to 20% of salary.
• Contribution made under Employee’s Provident Fund Scheme.
• Contribution to PPF For individual, can be in the name of self/spouse, any child & for HUF, it can be in the name of any member of the family.
• Contribution by employee to a Recognised Provident Fund.
• Sum deposited in 10 year/15 year account of Post Office Saving Bank
• Subscription to any notified securities/notified deposits scheme. e.g. NSS
• Subscription to any notified savings certificate, Unit Linked Savings certificates. e.g. NSC VIII issue.
• Contribution to Unit Linked Insurance Plan of a Mutual Fund
• Contribution to fund set up by the National Housing Scheme.
• Housing Loan Principal amount paid
• Tuition fees paid at the time of admission or otherwise to any school, college, university or other educational institution situated within India for the purpose of full time education of any two children. Available in respect of any two children

Section 80CCC:

Premium Paid for Annuity Plan of an Insurance Company

Payment of premium for annuity plan of LIC or any other insurer Deduction is available up to a maximum of Rs. 100,000/-. (This limit has been increased from Rs. 10,000/- to Rs. 1,00,000/- w.e.f. 01.04.2007).

The premium must be deposited to keep in force a contract for an annuity plan of the LIC or any other insurer for receiving pension from the fund.

Note: The limit for maximum deduction available under Sections 80C, 80CCC and 80CCD(1) (combined together) is Rs. 1,50,000/- (Rs. one lakh and fifty thousand only).

Section 80CCD (1): Deduction in respect of Contribution to Pension Account (by Assessee}

Deduction available for the amount paid or deposited in a pension scheme notified or as may be notified by the Central Government subject to a maximum of :

(a) 10% of salary in the previous year in the case of an employee (b) 10% of gross total income in any other case.

Section 80CCD (2): Deduction in respect of Contribution to Pension Account (by Employer)

Deduction available for the amount paid or deposited by the employer of the assessee in a pension scheme notified or as may be notified by the Central Government subject to a maximum of 10% of salary in the financial year. This exemption is in addition to Rs. 1.5 lakh limit provided under Section 80 CCE for deductions under Section 80 C, CCC, and 80CCD(1)

Deductions under Chapter VIA of Income Tax Act

Section 80CCG: Rajiv Gandhi Equity Saving Scheme (RGESS)

As per the Budget 2012 announcements, a new scheme Rajiv Gandhi Equity Saving Scheme (RGESS) will be launched. Those investors whose annual income is less than Rs. 10 lakh (proposed Rs. 12 lakh from A.Y. 2014-15) can invest in this scheme up to Rs. 50,000 and get a deduction of 50% of the investment. So if you invest Rs. 50,000 (maximum amount eligible for income tax rebate is Rs. 50,000), you can claim a tax deduction of Rs. 25,000 (50% of Rs. 50,000).

Section 80D: Deduction in respect of Medical Insurance

Deduction is available up to Rs. 20,000/- for senior citizens and up to Rs. 15,000/ in other cases for insurance of self, spouse and dependent children. Additionally, a deduction for insurance of parents (father or mother or both) is available to the extent of Rs. 20,000/- if parents are senior Citizen and Rs. 15,000/- in other cases. Therefore, the maximum deduction available under this section is to the extent of Rs. 40,000/-. From AY 2013-14, within the existing limit a deduction of up to Rs. 5,000 for preventive health check-up is available.

Section 80DD: Deduction in respect of Rehabilitation of Handicapped Dependent Relative

Deduction of Rs. 50,000/- w.e.f. 01.04.2004 in respect of

1. Expenditure incurred on medical treatment, (including nursing), training and rehabilitation of handicapped dependent relative.
2. Payment or deposit to specified scheme for maintenance of dependent handicapped relative.

Further, if the defendant is a person with severe disability a deduction of Rs. 100,000/- shall be available under this section. The handicapped dependent should be a dependent relative suffering from a permanent disability (including blindness) or mentally retarded, as certified by a specified physician or psychiatrist. Note: A person with ‘severe disability’ means a person with 80% or more of one or more disabilities as outlined in section 56(4) of the ‘Persons with disabilities (Equal opportunities, protection of rights and full participation)’ Act.

Section 80DDB: Deduction in respect of Medical Expenditure on Self or Dependent Relative

A deduction to the extent of Rs. 40,000/- or the amount actually paid, whichever is less is available for expenditure actually incurred by resident assessee on himself or dependent relative for medical treatment of specified disease or ailment. The diseases have been specified in Rule 11DD. A certificate in form 10 I is to be furnished by the assessee from any Registered Doctor.

Section 80E: Deduction in respect of Interest on Loan for Higher Studies

Deduction in respect of interest on loan taken for pursuing higher education. The deduction is also available for the purpose of higher education of a relative w.e.f. A.Y. 2008-09.

Section 80G: Deduction in respect of Various Donations

The various donations specified in Sec. 80G are eligible for deduction upto either 100% or 50% with or without restriction as provided in Sec. 80G

Section 80GG: Deduction in respect of House Rent Paid

Deduction available is the least of

1. Rent paid less 10% of total income
2. Rs. 2000/- per month i.e. Maximum Deduction available is 24,000/-
3. 25% of total income, provided
   • Assessee or his spouse or minor child should not own residential accommodation at the place of employment.
   • He should not be in receipt of house rent allowance.
   • He should not have self occupied residential premises in any other place.

Section 80 TTA: Deduction from gross total income in respect of any Income by way of Interest on Savings account

Deduction from gross total income of an individual or HUF, upto a maximum of Rs. 10,000/-, in respect of interest on deposits in savings account ( not time deposits ) with a bank, co-operative society or post office, is allowable w.e.f. 01.04.2012 (Assessment Year 2013-14).

Section 80U: Deduction in respect of Person suffering from Physical Disability

Deduction of Rs. 50,000/- to an individual who suffers from a physical disability(including blindness) or mental retardation. Further, if the individual is a person with severe disability, deduction of Rs. 100,000/- shall be available u/s 80U. Certificate should be obtained from a Govt. Doctor. The relevant rule is Rule 11D.

RELIEF UNDER SECTION 89(1)

Click here to Arrears Relief Calculator U/s 89(1) 2014-15

Relief u/s 89(1) is available to an employee when he receives salary in advance or in arrear or when in one financial year, he receives salary of more than 12 months, or receives ‘profit in lieu of salary’ covered u/s 17(3). Relief u/s 89(1) is also admissible on family pension, as the same has been allowed by Finance Act, 2002 (with retrospective effect from 1/4/96).

Click here to Private Employees  Income Tax Calculator 2014-15 

On April 23, 2015 by www.taxexcel.net

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