Download Automated All in One TDS on Salary Only for CENTRAL GOVT EMPLOYEES for F.Y.2017-18

As the Central Govt has already implemented the 7th Pay Commission to the All-Central Govt Employees and already hike the Salary to the Central Govt employees from the year 2016. Some of the Employees will get the arrears Salary from the previous Financial Years. In this regard, you have to need the Arrears Relief Calculator u/s 89(1) with Form 10E for relief the tax burden.

Below given the Automated All in One Income Tax Preparation Excel Based Software ONLY FOR CENTRAL GOVERNMENT EMPLOYEES for the Financial Year 2017-18 & A.Y.2018-19 with the new Income Tax Slab as the notified by the Finance Budget 2017.

Click here to Download the Automated All in One TDS on Salary Only for Central Govt Employees for F.Y. 2017-18

Main Feature of this Unik Utility Are:-

1) Automated Computed Income Tax Liability as per New Tax Slay for F.Y.2017-18

2) Automatic Calculate H.R.A. Exemption Calculation U/s 10(13A)

3) Automated Arrears Relief Calculation U/s89(1) with Form 10E from F.Y.2000-01 to 2017-18

4) Automated Individual Salary Structure as per the Central Govt. Employees Salary Pattern.

5) Individual Salary Sheet

6) Automated Income Tax Form16 Part B for Financial Year 2017-18

7) Automated Income Tax Form 16 Part A&B for Financial Year 2017-18

8) Automatic Convert the amount to the in-words.

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Download Automated Excel Form 10E-Salary Arrears Relief calculator AY 2018-19 for claiming rebate under section 89(1) of Income Tax Act 1961

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.

According to the said rule, in case the employee is a Government servant or is an employee in a company, co-operative society, local authority, university, institution or association of body, he/she may for claiming the relief submit the form 10E to his/her employer who is responsible for making the payment of the salary as referred to in sub-section (1) of section 192 of the Income Tax Act, 1961.

In all other cases, the assessee for claiming the relief should file an application in form 10E to his/her income tax assessing officer.   The relief under section 89(1) is allowable in the assessment year in which the arrears or the advance is received by the employee.

Pay revisions, particularly in Government Sector, has become common. Since independence six Pay Commissions have been set up by the Government so far. Recommendations of each commission with retrospective effect have resulted in arrears of salaries. The rationale behind giving this relief under section 89 is that due to the payment of arrear or advance salary received in a given financial year , the income of the employee for that financial year gets increased due to the amount of the arrears or advances. As a result, the income of the employee attracts taxation at a higher rate than that rate at which his income would have been taxed had there been no such arrears or advances.  

The steps involved in computing the relief under section 89(1) basically involves the following steps:

First- spread out the amount of arrears or advance received over the specific financial year to which they relate and recalculate the income tax for each year had the arrears been received during the concerned financial year itself.

Second-calculate income tax for each of the financial years without taking into account the arrears or the advance received.

Third- deduct the total of income tax arrived at the 2^nd step from step-1.

Fourth-calculate income tax for the Financial year in which the arrears is received, including the arrears/advance received.

Fifth- calculate income tax for the Financial year in which the arrears is received, excluding the arrears/advance received.

Sixth- deduct income tax arrived at step-5 from  income tax arrived at step-4

Seventh- deduct income tax arrived at step-3 from income tax arrived at step-6

The figure so arrived is the amount of the relief under section 89(1).

Automated salary arrears relief calculator with Form 10E, have been provided to automatically calculate relief from the F.Y.2000-01 to F.Y.2017-18. It is very simple, automatic and user-friendly utility which calls for minimum effort and data input. users are required to fill only data Input sheet (First Page) and it automatically calculates relief and prepare the Form 10E, Table-A, Annexure-I. Macros must be enabled to use this utility.

Download the Automated Arrears Relief Calculator with Form 10E from W.E.F. 2000-01 to F.Y. 2017-18 ( Updated)

Data input Sheet

Annexure-I

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Tax Exemption from Home Loan Borrowers U/s 24B,U/s 80EE and U/s 80C + Automated All in One TDS on Salary for Govt and Non-Govt employees for F.Y.2017-18 and A.Y.2018-19

Home Loan Borrowers are provided few of the tax incentives as either tax break or exemption for serving such a large ticket-size loan. After the Union Budget announcement on February 1, 2017, few of the changes were effected, knowing which come in handy for them at the time of making a claim while filing the tax return.

1. Maximum deduction on interest for a home loan set at Rs. 2 lakh from FY 2017-18

Barring taxpayers who deal in real estate, all taxpayers will have a maximum exemption of Rs. 2 lakh for the interest paid on capital borrowed to purchase a home or for any other investment. The earlier provisions allowed such interest paid to be set off against the rental income without any prescribed limit.

Download Automated All in One Income Tax Preparation Excel Based Software for Govt & Non-Govt Employees for F.Y.2017-18 & A.Y.2018-19 [ This Excel Utility can prepare Individual Salary Structure + Individual Salary Sheet + Individual Tax Computed Sheet + Automatic H.R.A.Calculation + Automatic Arrears Relief Calculator with Form 10E + Automatic Form 16 Part A&B and Part B for F.Y.2017-18 as per the new Tax Slab for F.Y.2017-18]

Deductor's Details Sheet

Individual Salary Structure

Tax Computed Sheet

Input Sheet for Arrears Relief 

Arrears Relief Calculation 

Form 16 Part A&B

2. An exemption can be claimed even when the EMI is missed in a year:

 As long as the interest is payable on the housing loan, the taxpayer is allowed a tax advantage in lieu of it as a deduction. The said deduction is allowable also in a condition when the borrower defaults on EMI payment.

Deductions of a maximum Rs. 50,000 allowed as per Section 80EE

The section 80EE has been re-introduced as an aid to homebuyers to provide a deduction to the extent of Rs. 50,000. The tax-relief as per the section is available only to new home buyers who have taken a home loan of not over 35 lakh and whose property values less than or equal to Rs. 50 lakh. Also, the financing of such loan should have been effected in the previous FY i.e. April 1st, 2016 to March 31, 2017.

Tax deductions for any processing charges or pre-payment penalty can be claimed

Also, any amount paid as stamp duty or registration charges can be claimed as a deduction.

Deduction on Principal Amount Repayment u/s 80C:

In the case of property sale in five years time from the date of home loan grant, the repayment benefit realized on principal payment gets reversed. Any deduction claimed shall then be added as income for the year in which property sale gets materialized. The principal amount of the home loan is eligible for deduction u/s 80C to the maximum amount of Rs. 1.5 lakh.

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Deduction on Home Loan Interest [Sec.80EE] (A.Y.2017-18),Plus Automated Arrears Relief Calculator from F.Y.2000-01 to 2017-18

The section (80EE) deals with offering additional deduction to the taxpayers by allowing them to make adjustments for an interest of home loan or any other form of loan taken with an intent for owning residential house property.

Here we want to clear about one thing that doesn't confuse over repayment of a home loan and interest on home loan.

• Download Automatic Arrears Relief Calculator U/s 89(1) With Form 10E from the F.Y.2000-01 to F.Y.2017-18 ( Updated)

• Download Automatic H.R.A. Exemption Calculator U/s 10(13A)

• Download Automated Value of Perquisite Calculator U/s 17(2)

Cases where SEC 80EE is applicable?

The SEC 80EE is applicable in certain cases only. For an assessee, the benefit of SEC 80EE will be only available to him when the following criteria are met:

·                          The assessee should be buying his first house. In other words, the assessee does not own any residential house property on the date of sanction of the loan.

·                          The set limit of the value of the house is INR 50, 00, 000 (50 lakhs)

·                          The sanctioned amount of loan should be equal to or less than INR 35, 00, 000 (35 lakhs)

·                          The day on which the loan has been sanctioned, the assessee should not own any other house.

·                          Loan has to come from either a Housing Finance Company or a Financial Institute

·                          The loan is sanctioned during the period of 1.4.2016 to 31.3.2017.

Note: If an assessee has availed the benefit of deduction under SEC 80EE, he will not be able to take any further benefits in respect of ‘Interest on Loan’ under any other provision of the Income Tax Act for the same assessment year or any other.

The boon of SEC 80EE is NOT AVAILABLE to:

·                          HUF or other people

·                          In cases where deemed owner comes into the picture

·                          Spouse

SEC 80EE includes the consideration for the service fee or any other charge connected to loan. The assessee will not get an additional deduction advantage for charges related to loan approval or any other funding. The date of application for a loan is not important under this section. However, the date of sanction is vital.

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