The New Pension System has generated a lot of interest ever since Budget 2015 announced additional tax benefits for investments in the scheme. For someone in the 30 per cent tax bracket, this is a clear benefit of Rs 15,000 on investment of Rs 50,000 over and above the Rs 1.5 lakh allowed under Section 80 C. This article gives an overview of NPS, explains NPS tax benefits, answers frequently asked questions regarding NPS and tax.
Showing posts with label Income Tax Calculator for F.Y.2017-18. Show all posts
Showing posts with label Income Tax Calculator for F.Y.2017-18. Show all posts
Sunday 22 July 2018
Tuesday 17 July 2018
Click here to Download Automated Income Tax Form 16 Part A&B which can prepare at a time 50 employees Form 16 Part A&B for Financial Year 2017-18 & Ass Year 2018-19.
This Excel Utility most easy install to any computer just like as an Excel File and easy to generate with the New Income Tax Slab Rate for F.Y.2017-18
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Main Data Input sheet for Employer
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Individual Tax deduction sheet
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Form 16 Part A&B
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Tuesday 10 July 2018
Download & Prepare at a time 50 employees Form 16 Part B for Financial Year 2017-18 & Ass Year 2018-9.
The feature of this Excel Utility:-
1) This Excel Utility Can prepare at a time 50 employees Form 16 Part B for F.Y.2017-18
2) Easy to calculate the Tax on each employee
3) Easy to Instal in any computer and more than one computer
4) You can prepare more than 1000 employees Form 16 Part B [ One by One]
5) Automatic Convert the Amount into the In-Words ( without any Excel Formula)
6) All amended Income Tax Section have in this Utility as per Budget 2017-18.
7) Easy to generate & easy to calculate Income Tax
8) This Excel Utility can use both of Government & Non-Government Concerned for their employees.
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Main Input Sheet for Employer & Employees
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Salary Statement with Tax Section
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Automated Form 16 Part B
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Thursday 28 June 2018
Click here to Download the Automated Income Tax Form 16 Part B for Financial Year 2017-18 & Ass year 2018-19 with the new Tax Slab for F.Y.2017-18.
This Excel Utility can prepare more than 100 employees Form 16 Part B ( One by One). Most easy to install just like an Excel File and most easy to generate. All the New Amended Income Tax Section have in this Excel Utility.
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Main Input sheet for Employer & Employee's details
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Automated Form16 Part B
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Friday 23 February 2018
As the Income Tax Slab has already changed by the Finance Budget for the Financial Year 2017-18.
Tax Rate up to Rs. 2.5 Lakh is NIL
Below Taxable Income 5 Lakh the Tax Rate @ 5% instead the previous financial year 2016-17 was @ 10%. Who's Taxable Income above 5 lakh the rate of Tax @ 20% below 60 years age.
The Income Tax Rebate has also reduce from 5 thousand to Rs. 2.500/- who's Taxable Income below 3.5 Lakh they can get this Tax Rebate. Other Section like as 80C has no changed in this Financial Year 2017-18.
Tuesday 13 February 2018
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.
Saturday 9 September 2017
Some Important Things Salaried Individuals Must Know
Salary slip is a document that is received every month by the employee from the employer. It shows everything from gross salary to deductions to your net takes home pay.
Salary slip will be sent every month once the salary is credited. When individuals change their jobs, it becomes vital to understand their salary slip so that they can negotiate a better salary.
Thursday 7 September 2017
· Leave Travel Allowance (LTA): All of the salaried employees wants to know about LTA as LTA is the generally included in the salaries by the employers due to the tax benefits attached to it. An LTA is the remuneration paid by an employer for Employee’s travel in the country, when he is on leave with his family or alone. The Person who is claiming the LTA must be on leave in order to claim the exemption. LTA amount is tax free under Section 10(5) of the Income-Tax Act, 1961, read with Rule 2B.
Monday 31 July 2017
Friday 14 July 2017
As the Financial Year 2017-18 and Assessment Year 2018-19 has already started from 1st April 2017 which will be the end of 31st March 2018, So you can calculate for the Taxable Income for the Financial Year 2017-18 and Assessment Year 2018-19 by the given below Income Tax Calculator for F.Y. 2017-18.
If you have got any Arrears Amount of Salary from the Previous Financial Years, you may obtain how to Relief from Tax through the Income Tax Arrears Relief Calculator U/s 89(1) and prepare the Form 10E for the F.Y. 2017-18.
Download the Excel Utility which can calculate automatically your Arrears Relief U/s 89(1) with Form 10E in Excel Format with the help by the Income Tax Calculator for F.Y.2017-18 in the new tax slab for F.Y.2017-18.
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Main Input Sheet for Arrears Relief U/s 89(1)
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Arrears Relief Calculation From F.Y.2000-01 to F.Y.2017-18
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Form 10E
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Download Automated Arrears Relief Calculator U/s 89(1) with Form 10E From the Financial Year 2000-01 to F.Y.2017-18 ( Updated Version) as per the Finance Budget 2017-18 with new Tax Slab for F.Y.2017-18
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Income Tax Calculator input sheet
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Tax Computed Sheet
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Thursday 8 June 2017
1) DEDUCTION IN RESPECT OF INVESTMENTS IN SPECIFIED ASSETS (SECTION 80C)
Section 80C provides for a deduction of savings in specified modes of Investments from gross total income. It is available only to an Individual or HUF. The Maximum permissible deduction is Rs.1.5 lakh along with deduction u/s 80CCC & 80CCD, & Additional deduction will be allowed U/s 80CCD(2) And U/s 80CCD(1B) out of Max Rs. 1.5 Lakh U/s 80C.
Download Master of Form 16 Part A&B for F.Y.2017-18 & A.Y.2018-19 [ This Excel Utility can prepare at a time 100 employees Form 16 Part A&B for F.Y.2017-18 and A.Y.2018-19 with New Tax Slab & all amended Section as per the new Budget 2017-18]
Admissible Deductions:-
a) A sum paid to Life Insurance Premium paid Max Rs. 1.5 lakh.
b) Sum paid under the contract for deferred on a life of the Assessee or his/her spouse or children.
c) Sum deducted by the government from the salary of an employee for securing a deferred annuity for self, spouse or children.
d) Contribution to any PPF.
e) Contribution by an employee to RPF.
f) Contribution by an employee to an Approved Superannuation Fund.
g) A contribution made to any PPF set up by the Central Government.
h) Subscription to any deposit scheme or contribution to any Pension fund set up by the National Housing Bank.
i) Payment of Tuition fees by an Individual Assessee at the time of admission to any university, college, school or other educational institutions within India for the purpose of full-time education of any two children.
j Subscription to deposit scheme of Public Sector, engaged in providing housing finance.
k) Subscription to units of Mutual funds notified u/s 10(23D).
l) Sum deposited in Fixed Deposits (FDs) with tenure of five years.
m) Sum deposited in 5 yrs Post Office Time Deposit (POTD) scheme.
2. DEDUCTION IN RESPECT OF CONTRIBUTION TO CERTAIN PENSION FUNDS (SECTION 80CCC)
Deduction in respect of Payment of premium for annuity plan of LIC or any other Insurer is provided. The Premium must be deposited to keep in force a contract for annuity plan of LIC or any other insurer for receiving a pension from the fund. For this purpose, the Interest or Bonus accrued or credited to the Assessee’s Account shall not be reckoned as Contribution. The Maximum Deduction allowed is Rs.1.5 lakh.
3. DEDUCTION IN RESPECT OF CONTRIBUTION TO PENSION SCHEME OF CENTRAL GOVERNMENT (SECTION 80CCD)
Contribution towards NPS by Employee [80CCD(1)]: Taxpayer is an individual and he is employed by the central government (on or after January 1, 2004), or employed by any other person or self-employed. He has in the previous year deposited any amount in his account under NPS. Under this, Employee is to contribute 10% of their salary or more and deduction is available under section 80CCD(1) which is restricted to 10% of the salary and for a person other than employee deduction is restricted to 10% of GTI. For the A.Y 2015-16 amount of deductible under section 80CCD(1) cannot exceed Rs. 1 Lacs.
Contribution towards NPS by Employer [80CCD(2)]: Contribution by the employer to NPS is deductible under section 80CCD(2) in the hands of the concerned employee in the year in which contribution is made. However, no deduction is available in respect of employer’s contribution which is in excess of 10 percent of the salary of the employee.
4. LIMIT ON DEDUCTION U/S 80C, 80CCC, 80CCD ,80CCD(2),80CCD(1B)
The Limit for maximum deduction available u/s 80C, 80CCC, 80CCD (combined together) is Rs.1.5 Lakh only.
But the deduction U/s 80CCD(2) & U/s 80CCD(1B) may additional exemption out of Max limit of 80C Rs.13.5 Lakh.
5. DEDUCTION IN RESPECT OF MEDICAL INSURANCE PREMIUM (SECTION 80D)
This Section provides for a deduction of Rs. 25,000 in respect of premium paid towards a health insurance policy for the Assessee or his family (spouse and dependent children) or any contribution made to the Central Government Health Scheme in aggregate and a further deduction of Rs. 30,000 is allowed of premium paid in respect of health insurance policy for parents.
7. DEDUCTION IN RESPECT OF REHABILITATION OF HANDICAPPED DEPENDENT RELATIVE (SECTION 80DD)
It provides for a deduction to an Assessee being an individual or HUF who is a resident in India. Deduction of Rs. 75,000 (Rs. 50,000 up to the assessment year 2015-16) is available in respect of any Amount paid for the medical treatment (including nursing), training and rehabilitation of a dependent, or any amount paid or deposited under a scheme framed in this behalf.
In a case of severe disability (i.e. a person with 80% or more disability), the deduction of Rs. 1,25,000 (Rs. 1,00,000 for the assessment year 2010 -11 to 2015-16 Rs. 75,000 up to the assessment year 2009-10) shall be available.
Dependent means In the case of an Individual the spouse, children, parents, brothers, sisters, of the individual and in the case of HUF, any member who is wholly dependent on the assessee.
8. DEDUCTION IN RESPECT OF MEDICAL TREATMENT (SECTION 80DDB)
The deduction of Rs. 40000 or Amount actually paid whichever is less shall be allowed to an Assessee who is resident in India being an Individual or HUF. A deduction shall be allowed of any amount paid for the medical treatment of such disease or ailment as may be specified in the rules. In case the Amount is paid in respect of a senior citizen (i.e. of age 60 years or above) then the deduction would be Rs.80,000 or the Amount actually paid whichever is less.
9. DEDUCTION IN RESPECT OF INTEREST ON LOAN TAKEN FOR HIGHER EDUCATION (SECTION 80E)
This section provides deduction to an Individual in respect of any interest paid on loan taken for the purpose of pursuing his higher education or the for the purpose of higher education [i.e all fields of studies (including vocational studies)pursued after passing the senior secondary examination] of his/her relative i.e. spouse or children of the Individual or the student for whom the Individual is the legal guardian. The loan must have been taken from any financial institution or approved charitable institution. The amount of deduction is amount is paid by the individual during the previous year and such amount is paid out of his income chargeable to income tax.
10. DEDUCTION IN RESPECT OF INTEREST ON LOAN TAKEN FOR RESIDENTIAL HOUSE PROPERTY APPLICABLE FORM a.y 2017-18 (SECTION 80EE)
The following conditions should be satisfied in order to claim deduction under section 80EE:-
- The assessee is an individual. He may be a resident or non-resident.
- He has taken a loan and loan is taken for acquisition of residential house property. The loan is taken from the bank or a housing finance company and loan has been sanctioned during April 1, 2016, and march 31, 2017.
- The amount of loan sanctioned for residential house property does not exceed Rs. 35 lakhs and value of residential house property does not exceed Rs. 50 lakhs.
- Assessee does not own any residential house property on the date of sanction of loan.
- This deduction is over and above the Rs, 2 lakhs limit under section 24 of the income tax act.
If above conditions are satisfied, the assets can claim deduction under section 80EE of the interest payable on the above loan or Rs. 50,000 whichever is less. This deduction is available for the assessment year 2017-18 and subsequent assessment years.
12. DEDUCTION IN RESPECT OF RENT PAID (SECTION 80GG), WHO ARE NOT GET HOUSE RENT ALLOWANCES:-
Admissible deduction:-
The deduction will be least of the following:-
· Actual Rent paid less 10% of the total income before allowing such deduction, or
· 25% of such total income or
· Rs. 5000 per month (Rs. 2000 per month, up to the assessment year 2016-17)
Total income will not include long-term capital gains and any income referred to in sections 115A to 115D.
Conditions to be satisfied:-
· Assessee should not be in receipt of House Rent Allowance.
· The expenditure incurred by him on rent of any furnished or unfurnished accommodation should exceed 10% of his total income arrived at after all deductions under Chapter VI-A except section 80GG.
· The Accommodation should be occupied by the Assessee for the purpose of his own residence.
· The Assessee should not have self-occupied residential premises in any other place.
· Assessee should file a declaration in form 10BA, confirming the details of rent paid.
Monday 8 May 2017
1) DEDUCTION IN RESPECT OF INVESTMENTS IN SPECIFIED ASSETS (SECTION 80C)
Section 80C provides for a deduction of savings in specified modes of Investments from gross total income. It is available only to an Individual or HUF. The Maximum permissible deduction is Rs.1.5 lakh along with deduction u/s 80CCC & 80CCD, & Additional deduction will be allowed U/s 80CCD(2) And U/s 80CCD(1B) out of Max Rs. 1.5 Lakh U/s 80C.
Download Master of Form 16 Part A&B for F.Y.2017-18 & A.Y.2018-19 [ This Excel Utility can prepare at a time 100 employees Form 16 Part A&B for F.Y.2017-18 and A.Y.2018-19 with New Tax Slab & all amended Section as per the new Budget 2017-18]
Admissible Deductions:-
a) A sum paid to Life Insurance Premium paid Max Rs. 1.5 lakh.
b) Sum paid under the contract for deferred on a life of the Assessee or his/her spouse or children.
c) Sum deducted by the government from the salary of an employee for securing a deferred annuity for self, spouse or children.
d) Contribution to any PPF.
e) Contribution by an employee to RPF.
f) Contribution by an employee to an Approved Superannuation Fund.
g) A contribution made to any PPF set up by the Central Government.
h) Subscription to any deposit scheme or contribution to any Pension fund set up by the National Housing Bank.
i) Payment of Tuition fees by an Individual Assessee at the time of admission to any university, college, school or other educational institutions within India for the purpose of full-time education of any two children.
j Subscription to deposit scheme of Public Sector, engaged in providing housing finance.
k) Subscription to units of Mutual funds notified u/s 10(23D).
l) Sum deposited in Fixed Deposits (FDs) with tenure of five years.
m) Sum deposited in 5 yrs Post Office Time Deposit (POTD) scheme.
2. DEDUCTION IN RESPECT OF CONTRIBUTION TO CERTAIN PENSION FUNDS (SECTION 80CCC)
Deduction in respect of Payment of premium for annuity plan of LIC or any other Insurer is provided. The Premium must be deposited to keep in force a contract for annuity plan of LIC or any other insurer for receiving a pension from the fund. For this purpose, the Interest or Bonus accrued or credited to the Assessee’s Account shall not be reckoned as Contribution. The Maximum Deduction allowed is Rs.1.5 lakh.
3. DEDUCTION IN RESPECT OF CONTRIBUTION TO PENSION SCHEME OF CENTRAL GOVERNMENT (SECTION 80CCD)
Contribution towards NPS by Employee [80CCD(1)]: Taxpayer is an individual and he is employed by the central government (on or after January 1, 2004), or employed by any other person or self-employed. He has in the previous year deposited any amount in his account under NPS. Under this, Employee is to contribute 10% of their salary or more and deduction is available under section 80CCD(1) which is restricted to 10% of the salary and for a person other than employee deduction is restricted to 10% of GTI. For the A.Y 2015-16 amount of deductible under section 80CCD(1) cannot exceed Rs. 1 Lacs.
Contribution towards NPS by Employer [80CCD(2)]: Contribution by the employer to NPS is deductible under section 80CCD(2) in the hands of the concerned employee in the year in which contribution is made. However, no deduction is available in respect of employer’s contribution which is in excess of 10 percent of the salary of the employee.
4. LIMIT ON DEDUCTION U/S 80C, 80CCC, 80CCD ,80CCD(2),80CCD(1B)
The Limit for maximum deduction available u/s 80C, 80CCC, 80CCD (combined together) is Rs.1.5 Lakh only.
But the deduction U/s 80CCD(2) & U/s 80CCD(1B) may additional exemption out of Max limit of 80C Rs.13.5 Lakh.
5. DEDUCTION IN RESPECT OF MEDICAL INSURANCE PREMIUM (SECTION 80D)
This Section provides for a deduction of Rs. 25,000 in respect of premium paid towards a health insurance policy for the Assessee or his family (spouse and dependent children) or any contribution made to the Central Government Health Scheme in aggregate and a further deduction of Rs. 30,000 is allowed of premium paid in respect of health insurance policy for parents.
7. DEDUCTION IN RESPECT OF REHABILITATION OF HANDICAPPED DEPENDENT RELATIVE (SECTION 80DD)
It provides for a deduction to an Assessee being an individual or HUF who is a resident in India. Deduction of Rs. 75,000 (Rs. 50,000 up to the assessment year 2015-16) is available in respect of any Amount paid for the medical treatment (including nursing), training and rehabilitation of a dependent, or any amount paid or deposited under a scheme framed in this behalf.
In a case of severe disability (i.e. a person with 80% or more disability), the deduction of Rs. 1,25,000 (Rs. 1,00,000 for the assessment year 2010 -11 to 2015-16 Rs. 75,000 up to the assessment year 2009-10) shall be available.
Dependent means In the case of an Individual the spouse, children, parents, brothers, sisters, of the individual and in the case of HUF, any member who is wholly dependent on the assessee.
8. DEDUCTION IN RESPECT OF MEDICAL TREATMENT (SECTION 80DDB)
The deduction of Rs. 40000 or Amount actually paid whichever is less shall be allowed to an Assessee who is resident in India being an Individual or HUF. A deduction shall be allowed of any amount paid for the medical treatment of such disease or ailment as may be specified in the rules. In case the Amount is paid in respect of a senior citizen (i.e. of age 60 years or above) then the deduction would be Rs.80,000 or the Amount actually paid whichever is less.
9. DEDUCTION IN RESPECT OF INTEREST ON LOAN TAKEN FOR HIGHER EDUCATION (SECTION 80E)
This section provides deduction to an Individual in respect of any interest paid on loan taken for the purpose of pursuing his higher education or the for the purpose of higher education [i.e all fields of studies (including vocational studies)pursued after passing the senior secondary examination] of his/her relative i.e. spouse or children of the Individual or the student for whom the Individual is the legal guardian. The loan must have been taken from any financial institution or approved charitable institution. The amount of deduction is amount is paid by the individual during the previous year and such amount is paid out of his income chargeable to income tax.
10. DEDUCTION IN RESPECT OF INTEREST ON LOAN TAKEN FOR RESIDENTIAL HOUSE PROPERTY APPLICABLE FORM a.y 2017-18 (SECTION 80EE)
The following conditions should be satisfied in order to claim deduction under section 80EE:-
- The assessee is an individual. He may be a resident or non-resident.
- He has taken a loan and loan is taken for acquisition of residential house property. The loan is taken from the bank or a housing finance company and loan has been sanctioned during April 1, 2016, and march 31, 2017.
- The amount of loan sanctioned for residential house property does not exceed Rs. 35 lakhs and value of residential house property does not exceed Rs. 50 lakhs.
- Assessee does not own any residential house property on the date of sanction of loan.
- This deduction is over and above the Rs, 2 lakhs limit under section 24 of the income tax act.
If above conditions are satisfied, the assets can claim deduction under section 80EE of the interest payable on the above loan or Rs. 50,000 whichever is less. This deduction is available for the assessment year 2017-18 and subsequent assessment years.
12. DEDUCTION IN RESPECT OF RENT PAID (SECTION 80GG), WHO ARE NOT GET HOUSE RENT ALLOWANCES:-
Admissible deduction:-
The deduction will be least of the following:-
· Actual Rent paid less 10% of the total income before allowing such deduction, or
· 25% of such total income or
· Rs. 5000 per month (Rs. 2000 per month, up to the assessment year 2016-17)
Total income will not include long-term capital gains and any income referred to in sections 115A to 115D.
Conditions to be satisfied:-
· Assessee should not be in receipt of House Rent Allowance.
· The expenditure incurred by him on rent of any furnished or unfurnished accommodation should exceed 10% of his total income arrived at after all deductions under Chapter VI-A except section 80GG.
· The Accommodation should be occupied by the Assessee for the purpose of his own residence.
· The Assessee should not have self-occupied residential premises in any other place.
· Assessee should file a declaration in form 10BA, confirming the details of rent paid.
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