Download Automated Excel Based Software All in One TDS on Salary for West Bengal Govt Employees for F.Y.2019-20

As per the Finance Budget 2019, some Important Income Tax Section and Income Tax Rebate have changed. The Major modification including the Income Tax Slab Rate for the F.Y. 2019-20 is given below.

1) Income Tax Slab for the Financial Year 2019-20 is Same as Previous F.Y.2018-19

2) Raised the Income Tax Rebate U/s 87A up to Rs. 12,500/- who's Taxable Income less than 5 Lakh.

3) Raised the Income Tax Standard Deduction U/s16(ia) from Rs. 40,000/- to  50,000/-

4) Raised the Tax Exemption from the Bank/Post Office Savings Interest from 10,000/- to 50,000/-

5) Introduce New Section 80EEA for New Home Loan Interest Rs.1.5 Lakh.

Download All in One TDS on Salary for West Bengal Govt Employees for the F.Y. 2019-20 With H.R.A. Exemption Calculation U/s10(13A) + Automated Revised Form 16 Part B and Form 16 Part A&B for F.Y.2019-20

 The feature of this Excel Utility is the following:-

1) This Excel Utility can prepare automatic Tax Calculation as per new Finance Budget 2019

2) The Salary Structure as per the West Bengal Govt employee’s Salary Pattern ( As per ROPA 2019)

3) Automated Individually Salary Sheet for each Employee

4) Automated Income Tax Salary Sheet for each Employee 

5) This Excel Utility calculate your House Rent Exemption Calculation U/s 10(13A)

6) Automated Income Tax Revised Form 16 Part A&B for F.Y. 2019-20 in New Format

7) Automated Income Tax Revised Form 16 Part B for the F.Y. 2019-20 in New Format

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Download Automated Excel Based Software All in One TDS on Salary for West Bengal Govt Employees for F.Y.2019-20

As per the Finance Budget 2019, some Important Income Tax Section and Income Tax Rebate have changed. The Major modification including the Income Tax Slab Rate for the F.Y. 2019-20 is given below.

1) Income Tax Slab for the Financial Year 2019-20 is Same as Previous F.Y.2018-19

2) Raised the Income Tax Rebate U/s 87A up to Rs. 12,500/- who's Taxable Income less than 5 Lakh.

3) Raised the Income Tax Standard Deduction U/s16(ia) from Rs. 40,000/- to  50,000/-

4) Raised the Tax Exemption from the Bank/Post Office Savings Interest from 10,000/- to 50,000/-

5) Introduce New Section 80EEA for New Home Loan Interest Rs.1.5 Lakh.

Download All in One TDS on Salary for West Bengal Govt Employees for the F.Y. 2019-20 With H.R.A. Exemption Calculation U/s10(13A) + Automated Revised Form 16 Part B and Form 16 Part A&B for F.Y.2019-20

 The feature of this Excel Utility is the following:-

1) This Excel Utility can prepare automatic Tax Calculation as per new Finance Budget 2019

2) The Salary Structure as per the West Bengal Govt employee’s Salary Pattern ( As per ROPA 2019)

3) Automated Individually Salary Sheet for each Employee

4) Automated Income Tax Salary Sheet for each Employee 

5) This Excel Utility calculate your House Rent Exemption Calculation U/s 10(13A)

6) Automated Income Tax Revised Form 16 Part A&B for F.Y. 2019-20 in New Format

7) Automated Income Tax Revised Form 16 Part B for the F.Y. 2019-20 in New Format

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What is the Maximum Income Tax You can Save for FY 2018-19? With Automated Excel Based TDS on Salary All in One for Govt & Govt Employees for F.Y. 2019-20

Tax Sections Description Maximum Tax Exemption Limit (Rs.)180C/ 80CCC/ 80CCD Investment in EPF, ELSS, PPF, FD, NPS, NSC, Pension Plans, Life Insurance, SCSS, SSA and NPS. Also includes Home Loan Principal repayment, Tuition Fees, Stamp Duty.

Best Tax Saving Investments u/s 80C 150,000/-

80CCD(1B)Investment in NPS : Additional deduction Rs. 50,000/- out of U/s 80C

You can requirement requirement Tax Benefit on both HRA & Home Loan

80E Interest paid on Education Loan. No Limit – Rs 50,000 is just an unsupportable value

 Download All in One TDS on Salary for Govt & Non-Govt Employees for the F.Y. 2019-20With H.R.A. Exemption Calculation U/s 10(13A) + Automated Arrears ReliefCalculator U/s 89(1) with Form 10E + Automated Revised Form 16 Part B and Form16 Part A&B for F.Y. 2019-20

The feature of this Excel Utility is the following:-

1) This Excel Utility can prepare automatic Tax Calculation as per new Finance Budget 2019

2) The Salary Structure as per the Govt and All of Non-Govt(Private) employee’s Salary Pattern

3) Automated Individually Salary Sheet for each Employee

4) Automated Income Tax Salary Sheet for each Employee 

5) This Excel Utility calculate your House Rent Exemption Calculation U/s 10(13A)

6) Automated Income Tax Revised Form 16 Part A&B for F.Y. 2019-20 in New Format

7) Automated Income Tax Revised Form 16 Part B for the F.Y. 2019-20 in New Format

8) Automated Arrears Relief Calculator U/s 89(1) with Form 10E from the F.Y. 2000-01 to F.Y. 2019-20

Tax Benefit on Education Loan (Sec 80E)

50,000/-

80D Premium payment for medical insurance for self and parents. Includes Rs 5,000 limit for a preventive health checkup

Making Sense of Tax Benefit on Health Insurance u/s 80D

60,000/-

Download All in One TDS on Salary for Non-Govt Employees for the F.Y. 2019-20 With H.R.A. Exemption Calculation U/s 10(13A) +Automated Form 12 BA for F.Y. 2019-20+ Automated Revised Form 16 Part B andForm 16 Part A&B for F.Y. 2019-20

 The feature of this Excel Utility is the following:-

1) This Excel Utility can prepare automatic Tax Calculation as per new Finance Budget 2019

2) The Salary Structure as per the All of Non-Govt(Private) employee’s Salary Pattern

3) Automated Individually Salary Sheet for each Employee

4) Automated Income Tax Salary Sheet for each Employee 

5) This Excel Utility calculate your House Rent Exemption Calculation U/s 10(13A)

6) Automated Income Tax Revised Form 16 Part A&B for F.Y. 2019-20 in New Format

7) Automated Income Tax Revised Form 16 Part B for the F.Y. 2019-20 in New Format

8) Automated Value of Perquisite Calculator with Form 12 BA

80DDB Treatment of Serious illness for self and dependents for Senior Citizens Rs 40,000 for others)80,000

80U Physically Disabled Tax payer (Rs 75,000 for 40% to 80% powerlessness and Rs 1,25,000 for increasingly than 80%)125,0000

80DDPhysically Disabled Dependent (Rs 75,000 for 40% to 80% powerlessness and Rs 1,25,000 for increasingly than 80%)125,000

80GDonation to tried charitable funds like Prime Minister Relief fund, etc (assumed value)50,000/-

80GGA Donations for scientific research or rural minutiae (assumed value)50,000/-

80GGC Donations to political parties (assumed value)50,000/-

80TTA  interest received in Savings Account deduction from the Bank Savings Interest Rs. 40000/-

Maximum Limit  Requirement Tax Benefit for Rent Paid u/s 80GG?

60,000/-  (Who are not get House Rent Allowances from their employer)

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All in One Income Tax for Non-Govt Employees for Financial Year 2018-19 & Ass Year 2019-20

Download All in One Income Tax Preparation Excel Based Software for Non-Govt employees for FY 2018-19 [ This Excel Utility at a time Tax Computed Sheet + Individual Salary Structure + Individual Salary sheet + Automatic H.R.A. Calculation + Automated Form 12 BA + Automated Form 16 Part A&B and Form 16 Part B for F.Y. 2018-19 ]

All in One Income Tax preparation Excel Based Software which most popularly known to all of the Taxpayers as well as all Govt and Non-Govt concerned. This All in One Specially designed for the Non-Govt employees in India. 

You can easily prepare your Income Tax computed sheet with the help of universal Salary Structure which Salary structure is fit for any Non-Govt concerned.

The feature of this Utility:-

• Prepare at a time the Tax Computed Sheet + Salary Sheet + Automatic HRA Exemption Calculation
• New Tax Slab for F.Y. 2018-19
• Automated Income Tax Form 16 Part B and Part A&B for F.Y.2018-19
• Automated Form 12 BA
• Automatic Convert the Amount in Words
• All Income Tax Section has amended in this Excel Utility as per Budget 2018

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All in One Income Tax for Non-Govt Employees for Financial Year 2017-18 & Ass Year 2018-19 with New Income Tax Slab As per Budget 2017.

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Download Automated ALL IN ONE TDS ON SALARY FOR WEST BENGAL GOVT EMPLOYEES FOR F.Y.2017-18, With NPS Tax Benefits and sections 80CCD(1), 80CCD(2) and 80CCD(1B)

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 percent 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.

Click here to Download Automated All in One Income Tax Preparation Excel Based Software for West Bengal Govt Employees for F.Y.2017-18 & A.Y. 2018-19 [This Excel Utility can prepare at a time Individual Tax computed sheet + Individual Salary Structure as per W.B. Salary Pattern + Automatic H.R.A. Exemption Calculation U/s 10(13A) + Automatic Form 16 Part A&B and Form 16 Part B as per the New Tax Slab for F.Y.2017-18]

Overview of NPS

National Pension Scheme is a government approved pension scheme for Indian citizens in the 18-60 age group. Central and state government employees have to subscribe to NPS  (it’s compulsory for them), it’s optional for others.

·             NPS was introduced in 2004 for the new government employees but from 2009, it was extended to all on a voluntary basis.

·             NPS is a defined contribution pension plan that needs you to keep contributing until the age of 60 years.

·             The minimum annual contribution to the pension account (or Tier I account) is Rs. 6,000. The Tier II account in NPS works like a savings account to offer liquidity.

·             Investments are market-linked and you can choose any of the three funds—government securities fund, fixed-income instruments other than government securities fund and equity fund but can’t put more than 50% of your money in the equity fund.

·             Currently, fund management cost is fixed at 0.01%

·             At 60, you can have up to 60% of this money in a lump sum, and buy an annuity product with the rest. So NPS is not a tax-saving scheme, it is a tax deferral scheme, that is your accumulation will be taxed at the time of withdrawal.

·             Deferred exit options are available.

·             Early exits are discouraged by mandating 80% of the accumulated corpus to buy an annuity. But the rules now allow for partial withdrawals up to 25% of the contributions for specific purposes.

The official site for NPS is npscra.nsdl.co.in and www.npstrust.org.in . Detailed explanation of the NPS is covered in our article Understanding National Pension Scheme – NPS

NPS Tax Benefits

Tax benefits on NPS are available through 3 sections – 80CCD(1), 80CCD(2) and 80CCD(1B). All the tax benefits, annuity restrictions, exit and withdrawal rules are applicable to NPS Tier-I account only. NPS Tier-II account is open-ended ended mutual fund. You can take out the money at any time.

Section 80CCD(1)

·             Employee contribution up to 10% of basic salary and dearness allowance (DA) up to 1.5 lakh is eligible for tax deduction.

·             This contribution along with Sec 80C has 1.5 Lakh investment limit for the tax deduction.

·             Self-employed can also claim this tax benefit. However, the limit is 10% of their annual income up to a maximum of Rs 1.5 Lakhs.

Section 80CCD(2) 

·             Employer’s contribution up to 10% of basic plus DA is eligible for deduction under this section.

·             Employer’s contribution is an additional deduction as it not part of Rs 1.5 lakh allowed under Section 80C.

·             It is also beneficial for the employer as it can claim tax benefit for its contribution by showing it as a business expense in the profit and loss account.

·             Self-employed cannot claim this tax benefit.

Section 80CCD(1B) ,

·             Additional exemption up to Rs 50,000 in NPS is eligible for income tax deduction.

·             Introduced in Budget 2015, fro FY 2015-16

·             Taxpayers in the highest tax bracket of 30 percent can save Rs. 15,000 by investing Rs. 50,000 in the NPS. Those in the 20 percent tax bracket can save around Rs. 10,000, while people in the 10 percent tax bracket can save Rs. 5,000 per year by investing in the NPS.

·             The additional tax benefit of 50000 is over and above the benefit of 1.5 Lakhs which can be claimed as a deduction under Section 80CCE.

·             It is irrespective of the type of employment. So, a government employee, a private sector employee, self-employed or an ordinary citizen can claim the benefit of Rs 50,000 under Section 80CCD(1B).

Therefore, the total tax benefits that can be claimed for NPS under Section 80CCD(1) + Section 80CCD(1B) equals to 2 Lakhs for the financial year.

If Employees have savings Rs. 1,50,000 under 80C excluding NPS Deductions, Then the Employee can show their NPS  Deductions, under 80 CCD(1B), which is over the 1,50,000 Limit.

If the Employee has less than 1.5 Lakh savings in 80C and exceeds 50,000 towards NPS, then the Employee can split their NPS Amount to 80CCD(1) and 80CCD(IB).

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Automated All in One TDS on Salary for Govt and Non-Govt Employees for F.Y.2017-18 With Income Tax Exemptions FY 2017-18 : List of important IT Deductions for A.Y 2018-19

The income tax rate for those earning between Rs 2.5 lakh and Rs 5 lakh has been halved to 5%. Except for this change, all other Income Tax Slab rates have been kept unchanged by the Finance Minister for the Financial Year 2017-18 (Assessment Year 2018-2019).

Tax planning is an important part of a financial plan. Whether you are a salaried individual, a professional or a businessman, you can save taxes to the certain extent through proper tax planning.

Download Automated All in One TDS on Salary for Non-Govt Employees for F.Y.2017-18 & A.Y. 2018-19 [ This Excel Utility can prepare at a time Tax Computed Sheet + Individual Salary Structure as per Private Concerned Salary pattern + Automated H.R.A. Exemption U/s 10(13A) + Automated Form 12 B.A. + Automated Form 16 Part A&B and Form 16 Part B ]

The Indian Income Tax act allows for certain Tax Deductions / Tax Exemptions which can be claimed to save tax. You can subtract tax deductions from your Gross Income and your taxable income gets reduced to that extent.

Let us understand all the important sections and new proposals with respect to Income Tax Exemptions FY 2017-18. I hope you find this list useful and helps in planning your taxes well in advance.

Section 80c

The maximum tax exemption limit under Section 80C has been retained as Rs 1.5 Lakh only. The various investment avenues or expenses that can be claimed as tax deductions under section 80c are as below;

• PPF (Public Provident Fund)
• EPF (Employees’ Provident Fund)
• Five year Bank or Post office Tax saving Deposits
• NSC (National Savings Certificates)
• ELSS Mutual Funds (Equity Linked Saving Schemes)
• Kid’s Tuition Fees
• SCSS (Post office Senior Citizen Savings Scheme)
• Principal repayment of Home Loan
• NPS (National Pension System)
• Life Insurance Premium
• Sukanya Samriddhi Account Deposit Scheme

Download All in One TDS on Salary for Govt & Non Govt employees for F.Y.2017-18 & A.Y.2018-19 [ This Excel Utility can prepare at a time Tax Computed Sheet + Individual Salary Sheet + Individual Salary Structure for both of Govt & Non-Govt employees + Automated Arrears Relief Calculator with Form 10e U/s 89(1) + Automated H.R.A.Exemption Calculation + Automated Form 16 Part A&B and Form 16 Part B as per the latest Income Tax Slab for F.Y.2017-18]

Section 80CCC

Contribution to annuity plan of LIC (Life Insurance Corporation of India) or any other Life Insurance Company for receiving the pension from the fund is considered for tax benefit. The maximum allowable Tax deduction under this section is Rs 1.5 Lakh.

Section 80CCD

An employee can contribute to Government notified Pension Schemes (like National Pension Scheme – NPS). The contributions can be up to 10% of the salary (salaried individuals) and Rs 50,000 additional tax benefit u/s 80CCD (1b) was proposed in Budget 2015.

As per Budget 2017-18, the self-employed (individual other than the salaried class) can now contribute up to 20% of their gross income and the same can be deducted from the taxable income under Section 80CCD (1) of the Income Tax Act, 1961, as against current 10%.

To claim this deduction, the employee has to contribute to Govt recognized Pension schemes like NPS. The 10% of salary limit is applicable for salaried individuals only and Gross income is applicable for non-salaried. The definition of Salary is only ‘Dearness Allowance.’ If your employer also contributes to Pension Scheme, the whole contribution amount (10% of salary)can be claimed as tax note that the Total Deduction under section 80C, 80CCC and 80CCD(1) together cannot exceed Rs 1,50,000 for the financial year 2016-17. The additional tax deduction of Rs 50,000 u/s 80CCD (1b) is over and above this Rs 1.5 Lakh limit. deduction under Section 80CCD (2).

Download Automated Arrears Relief Calculator with Form 10E U/s 89(1) & Under Rule 21 from the F.Y.2000-01 to F.Y.2017-18

Section 80D

Deduction u/s 80D on health insurance premium is Rs 25,000. For Senior Citizens, it is Rs 30,000. For very senior citizen above the age of 80 years who are not eligible to take health insurance, the deduction is allowed for Rs 30,000 toward medical expenditure.

Preventive health checkup (Medical checkups) expenses to the extent of Rs 5,000/- per family can be claimed as tax deductions. Remember, this is not over and above the individual limits as explained above. (Family includes: Self, spouse, dependent children and parents).

Section 80DD

You can claim up to Rs 75,000 for spending on medical treatments of your dependents (spouse, parents, kids or siblings) who have 40% disability. The tax deduction limit of up to Rs 1.25 lakh in case of severe disability can be availed.

To claim this deduction, you have to submit Form no 10-IA.

Section 80DDB

An individual (less than 60 years of age) can claim up to Rs 40,000 for the treatment of specified critical ailments. This can also be claimed on behalf of the dependents. The tax deduction limit under this section for Senior Citizens is Rs 60,000 and for very Senior Citizens (above 80 years) the limit is Rs 80,000.

To claim Tax deductions under Section 80DDB, it is mandatory for an individual to obtain ‘Doctor Certificate’ or ‘Prescription’ from a specialist working in a Govt or Private hospital.

For the purposes of section 80DDB, the following shall be the eligible diseases or ailments:

• Neurological Diseases where the disability level has been certified to be of 40% and above;

(a) Dementia
(b) Dystonia Musculorum Deformans
(c) Motor Neuron Disease
(d) Ataxia
(e) Chorea
(f) Hemiballismus
(g) Aphasia
(h) Parkinson’s Disease

• Malignant Cancers
• Full Blown Acquired Immuno-Deficiency Syndrome (AIDS) ;
• Chronic Renal failure
• Hematological disorders

• Hemophilia
• Thalassaemia

Section 80CCG

Tax Benefits of Rajiv Gandhi Equity Savings Scheme (RGESS) under section 80CCG has been withdrawn. However, if you have claimed this deduction in current FY 2016-17, you can claim the deduction for the next two Financial Years too.

Section 24 (B) 

(Loss under the head Income from House Property)

• Tax benefit on loan repayment of second house will be restricted to Rs 2 lakh per annum only (even if you have multiple houses the limit is still going to be Rs 2 Lakh only and the ceiling limit is not per house property).
• The unclaimed loss if any will be carried forward to be set off against house property income of subsequent 8 years. In most of the cases, this can be treated as ‘dead loss‘.
• That this is a major blow to the investors who have bought multiple houses on the home loan(s) with an intention to save taxes alone.
• As of now (till FY 2016-17), interest paid on your housing loan is eligible for the following tax benefits ;

• Municipal taxes paid, 30% of the net annual income (standard deduction) and interest paid on the loan taken for that house are allowed as deductions.
• After these deductions, your rental income can be NIL or NEGATIVE and is called ‘loss from house property’ in the latter case.
• Such loss is currently allowed to be set off against other heads of income like Income from Salary or Business etc. which helps you to lower your tax liability substantially.

Section 80E

If you take any loan for higher studies (after completing Senior Secondary Exam), tax deduction can be claimed under Section 80E for interest that you pay towards your Education Loan. This loan should have been taken for higher education for you, your spouse or your children or for a student for whom you are a legal guardian. Principal Repayment on educational loan cannot be claimed as the tax deduction.

There is no limit on the amount of interest you can claim as the deduction under section 80E. The deduction is available for a maximum of 8 years or till the interest is paid, whichever is earlier.

Section 80EE

This was a new proposal which had been made in Budget 2016-17. The same will be continued in FY 2017-18 / AY 2018-19 too. First time Home Buyers can claim an additional Tax deduction of up to Rs 50,000 on home loan interest payments u/s 80EE. The below criteria has to be met for claiming tax deduction under section 80EE.

• The home loan should have been sanctioned during/after FY 2016-17.
• Loan amount should be less than Rs 35 Lakh.
• The value of the house should not be more than Rs 50 Lakh &
• The home buyer should not have any other existing residential house in his name.

Section 80G

Contributions made to certain relief funds and charitable institutions can be claimed as a deduction under Section 80G of the Income Tax Act. This deduction can only be claimed when the contribution has been made via cheque or draft or in cash. In-kind contributions such as food material, clothes, medicines etc do not qualify for deduction under section 80G.

The donations made to any Political party can be claimed under section 80GGC.

w.e.f F.Y 2017-18, the limit of deduction under section 80G / 80GGC for donations made in cash is reduced from current Rs 10,000 to Rs 2,000 only.

Section 80GG

The Tax Deduction amount under 80GG is Rs 60,000 per annum. Section 80GG is applicable for all those individuals who do not own a residential house & do not receive HRA (House Rent Allowance).

The extent of tax deduction will be limited to the least amount of the following;

• Rent paid minus 10 percent the adjusted total income.
• Rs 5,000 per month.
• 25 % of the total income.

(If you are claiming HRA (House Rent Allowance) of more than Rs 50,000 per month (or) paying rent which is more than Rs 50,000 then the tenant has to deduct TDS @ 5%. It has been proposed that the tax could be deducted at the time of credit of rent for the last month of the tax year or last month of tenancy, as applicable.)

Rebate under Section 87A

The tax rebate of Rs 2,500 for individuals with income of up to Rs 3.5 Lakh has been proposed in Budget 2017-18.

• Only Individual Assesses earning net income up to Rs 3.5 lakhs are eligible to enjoy tax rebate u/s 87A.
• For Example: Suppose your yearly pay comes to Rs 4,50,000 and you claim Rs 1,50,000 u/s 80C. The total net income in your case comes to Rs 3,00,000 which makes you eligible to claim the tax rebate of Rs 2,500.
• The amount of tax rebate u/s 87A is restricted to a maximum of Rs 2,500. In case the computed tax payable is less than Rs 2,500, say Rs 2,000 the tax rebate shall be limited to that lower amount i.e. Rs 2,000 only.
• The Tax Assesse is first required to add all incomes i.e. salary, house income, capital gains, business or profession income and income from other sources and then deduct the eligible tax deduction amounts u/s 80C to 80U and under section 24(b) (Home Loan Interest) to come up with the net taxable income.
• If the above net taxable income happens to be less than Rs 3.5 lakhs then the tax rebate of Rs 2,500 comes into the picture and should be deducted from the calculated total income tax payable.

Section 80 TTA

Deduction from gross total income of an individual or HUF, up to a maximum of Rs. 10,000/-, in respect of interest on deposits in savings, account with a bank, co-operative society or post office can be claimed under this section. Section 80TTA deduction is not available on interest income from fixed deposits.

Section 80U

This is similar to Section 80DD. The tax deduction is allowed for the tax assessee who is physically and mentally challenged.

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