As per the New Central Budget the Income Tax Slab has enhanced up to Rs. 2,50,000/- below 60 years age and the Income Tax Section 80 C has also raised from 1 lakh to 1.5 Lakh. One New Income Tax Section have introduce in this Budget U/s 80C as Kissan Vikas Patra ( K.V.P.). The P.P.F Max Limit also raised from 1 lakh to 1.5 Lakh.
Most of the Tax Payers looking for the Tax Rebate as previous years Rs. 2000/- U/s 87A is also continue in this Financial Year along with the Section 80 TTA ( Savings Bank Interest up to Rs. 10,000/-)
Following is the table indicating the impact of changes in income tax provisions proposed by Finance Minister Arun Jaitley in the Budget 2014-15. Tax exemption limit has been raised to Rs 2.5 lakh from Rs 2 lakh.
1) Here’s the tax slab for Individual Tax Payers:
Income Age (< 60 Years)
|
Tax Rate
|
Impact
|
Up to Rs 2,50,000
|
NIL
|
Rs. 5,000 (Savings)
|
Rs 2,50,001 to Rs 5,00,000
|
10 per cent
|
Rs. 5,000 (Savings)
|
Rs 5,00,001 to Rs 10,00,000
|
20 per cent
|
Rs. 5,000 (Savings)
|
Above 10,00,000
|
30 per cent
|
Rs. 5,000 (Savings)
|
Here’s the tax slab for Senior Citizens:
Income (For Senior Citizens)(>60 & < 80 Years)
|
Tax Rate
|
Impact
|
Up to Rs 3,00,000
|
NIL
|
Rs. 5,000 (Savings)
|
Rs 3,00,001 to Rs 5,00,000
|
10 per cent
|
Rs. 5,000 (Savings)
|
Rs 5,00,001 to Rs 10,00,000
|
20 per cent
|
Rs. 5,000 (Savings)
|
Above 10,00,000
|
30 per cent
|
Rs. 5,000 (Savings)
|
Tax Slab for an Individual (resident & above 80 years)
Income Slabs (> 80 Years)
|
Tax Rates
|
Total income up to Rs. 5 Lac
|
0% Tax
|
Total income above Rs. 5 Lac and below Rs.10 Lac
|
20% on Income exceeding Rs. 5 Lac
|
Total income more than Rs. 10 Lac
|
30% on Income exceeding Rs. 10 Lac + Rs. 1 Lac
|
Most of the Govt and Non Govt Concerned was confused about "how to calculate the Income Tax" as the Tax Slab have not Finalised by the Finance Minister till June 2014. Now it is Clear the Tax Slab and other changes of Income Tax.
As per the New Finance Budget, the itaxsoftware.net have prepared the Automated All in One TDS on Salary for Govt & Non Govt Employees for the Financial Year 2014-15 & Assessment Year 2015-16 ( Tax Compute Sheet + Individual Salary Structure + Auto HRA Exemption Calculation + Auto Arrears Relief Calculation + Form 10E + Automated Form 16 Part B + Form 16 Part A&B for the Financial Year 2014-15 & Ass Year 2015-16)
Main Feature of these Excel Utility :-
- Automatic Prepare at a time your Tax Compute Sheet + Individual Salary Structure + Auto HRA Exemption Calculation + Auto Arrears Relief Calculation + Form 10E + Automated Form 16 Part B + Form 16 Part A&B) for the Financial Year 2014-15 & Ass Year 2015-16
- Auto Calculate House Rent Exemption Calculation U/s 10 (13A)
- Auto Calculate Arrears Relief Calculation with Form 10E from the FY 2000-01 to FY 2014-15
- In built the Salary Structure for Govt and Non-Govt Employees,for easy to calculate the Gross Salary Income
- The Salary Structure have built as per the Govt & Non-Govt Salary Pattern
- Individual Tax Compute Sheet ( For Print & Submit)
- Individual Salary Sheet ( For Print & submit)
- Automated Form 16 Part B ( As per the Latest Tax Slab & Section)
- Automated Form 16 Part A&b
- All the new amended Tax Section have in these Utility
Download from below link as Automated All in One TDS On Salary For the Financial Year 2014-15 & Ass Year 2015-16
