Budget 2017: Income Tax cut by 5% for individuals in major relief to middle class + Advance Tax Calculator for F.Y.2017-18 and A.Y.2018-19

This means that everyone under the tax bracket of Rs 50 lakh stands to gain Rs 12,500 tax benefit in the coming year.

In a major step, Finance Minister Arun Jaitley announced the reduction of the existing rate of taxation for individuals with income ranging between Rs 2.5 lakh to Rs 5 lakh to 5% instead of 10%. There will be a surcharge of 10% for those whose annual income is Rs 50 lakh to Rs 1 crore. Additionally, the 15% surcharge on Rs 1 crore or more remains unchanged. This is to make up for Rs 15,000 crore loss due to the cut in the personal income tax rate.

Download Automated Excel Based Income Tax Calculator for the Financial Year 2017-18 and Assessment Year 2018-19 as per the Finance Budget 2017-18

“This would reduce the tax liability of all persons below Rs 5 lakh income either to zero (with rebate) or 50% of their existing liability. In order not to have duplication of benefit, the existing benefit of rebate available to the same group of beneficiaries is being reduced to Rs 2500 available only to assessees up to the income of Rs 3.5 lakhs. The combined effect of both these measures will mean that there would be zero tax liability for people getting income up to Rs 3 lakhs p.a. and the tax liability will only be Rs 2,500 for people with income between Rs 3 and Rs 3.5 lakhs,” the finance minister said in his budget.

“If the limit of Rs 1.5 lakh under Section 80C for investment is used fully, the tax would be zero for people with income of Rs 4.5 lakhs. While the taxation liability of people with income up to Rs 5 lakhs is being reduced to half, all the other categories of taxpayers in the subsequent slabs will also get a uniform benefit of Rs 12,500 per person. The total amount of tax foregone on account of this measure is Rs 15,500 crores,” he said.

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Amended Automatic Master of Form 16 Part B For the Financial Year 2017-18 and Assessment Year 2018-19

As per the Income Tax Department's Notification Number 11/2013 dated 19/02/2013, have changed some Income Tax Form 16. The new Form 16 have some changes that previous Form 16, but the changes have made some format of Form 16 and some Column Head of Form 16.

The New Amended Form 16 is given below in Excel Format as well as the Notification(PDF Format)  of ITD about the changes of Form 16.

This Excel-based Software can prepare the Automatic Form 16 Part B for the Financial Year 2017-18 and Assessment Year 2018-19, this Utility can use the both of Govt and Non-Govt employees.

Download Master of Form 16 Part B for Financial Year 2017-18 and Assessment Year 2018-19.[This Excel Utility can prepare at a time 100 employees Form 16 Part B for F.Y.2017-18 with the new Income Tax Slab and all the amended Income Tax Section as per Finance Budget 2017-18]

Main Input Sheet

Salary Structure with Income Tax Deductions

Automated Form 16 Part B for F.Y.2017-18

In this time the Central Finance Budget have already published and had some Income Tax Section have included from the Financial Year 2017-18 and Assessment Year 2018-19 with New Tax Slab. Section 87A Tax Rebate have also changed the amount from Rs. 5,000/- to Rs. 2500/- who’s Taxable Income less than 3.5 Lakh for the Financial Year 2017-18 as per the Finance Budget 2017-18.

All the Feature of New Central Budget has in this Excel Based Software.

You can prepare more than 500 employees Form 16 Part B by this one Excel Based Software.

Download Master of Form 16 Part B for 100 employees for F.Y.2017-18 & A.Y.2018-19

The feature of this Excel Utility:-

1)     Prepare at a time 100 employees Form 16 Part B for F.Y. 2017-18

2)     You can use this Utility as an Income Tax Calculator for F.Y.2017-18

3)     Easy to install and easy to generate the Form 16

4)     Prevent the double entry of Employee’s Name and Pan Number

5)     Automatic Convert the Amount into the In-Words.

6) All in the Amended Income Tax Slab and Section as per the Finance Budget F.Y.2017-18.

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What Are The New Income Tax Rules? Check It Out Here, Plus All in One for Non-Govt Employees for F.Y. 2017-18 and A.Y. 2018-19

A new financial year started on April 1. The rules of last year are not applicable now. The new financial regulations announced by Arun Jaitley in Budget 2017 will be valid from April 1, 2017. The Finance Bill was passed by the Lok Sabha on Wednesday, completing the budgetary exercise for 2017-18. Make a note of the following changes in Tax law that come into effect from 1-4-2017: 

Download Automated All in One TDS on Salary for Non-Govt Employees for the Financial Year 2017-18 & Assessment Year 2018-19 [ This Excel Utility can prepare at a time Individual Salary Sheet + Individual Tax Computed Sheet + Automatic H.R.A. Calculation + Automated Form 16 Part A&B and Form 16 Part B + Automated Form 12 BA]

Limit for payment by cash Limit for payment of expenses by cash (both, capital and revenue expenditure) reduced from Rs 20,000 to Rs 10,000 per day in aggregate per person. Capital expenses paid in cash beyond the said limit will not be taken into account for depreciation purposes. However, the cash payment limit for lorry freight etc. remains the same at Rs 35,000.

Conditions No person shall receive an amount of two lakh rupees or more, by cash (Sec. 269ST) - in aggregate from a person in a day; or in respect of a single transaction; or in respect of transactions relating to one event or occasion. The penalty for violation of above is to be a sum equal to the amount of such receipt.

Tax exemption limit Tax Exemption limit is Rs2,50,000/- (same as earlier). After that, up to Rs 5 lakh, Tax Rate is 5% (earlier it was 10%). A tax rebate of maximum Rs 2,500 will be allowed, for total income up to Rs 3.50 lakhs.

Surcharge Individuals having total income exceeding Rs 50 lakhs but below Rs.1 crore, are to pay surcharge @ 10% of the tax. Those having total income exceeding Rs 1 crore shall continue to pay surcharge @ 15%.

Payment of Rent Rs 50,000 per month by any Individual or HUF (not subject to Tax Audit requirements) - deduct TDS @ 5%

Donations made exceeding Rs 2,000 will not be eligible for deduction under section 80G unless these are made using modes other than cash. Consequently, trusts accepting 80G donations may advise their donors to give donations exceeding Rs 2,000 vide cheque / RTGS / digital modes.

Late fee From the financial year 2017-18, if Return is not filed within due date, the late fee of Rs 5000 for delay up to 31st December, and Rs 10000 after that.

Aadhaar mandatory Every person who is eligible to obtain AADHAR number should quote such number, on or after 1 July 2017, in the Return of income. Furthermore, every person who has been allotted PAN as on 1st July 2017 must intimate the AADHAR number to the Tax Authority, failing which, PAN allotted to such person shall be deemed to be invalid. Kindly note that linking of AADHAR with PAN is not possible unless name as per AADHAR and PAN match perfectly. Hence, please take steps to rectify your name as per AADHAR to match as per PAN. Where Sec.12AA registered trusts modify their objects clause, they need to apply within 30 days to CIT for approval of the modified clauses.

Source from Goodreturns.in

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