Automated Income Tax Software All in One for Govt & Non-Govt Employees for the F.Y. 2019-20

Section 87A provides an income tax rebate to a resident individual having prescribed income. This rebate is also available to senior citizens. However, for a Super Senior Citizens, this deduction becomes irrelevant.

 For AY 2019-20 and AY 2020-21, the maximum income tax rebate is Rs.2,500/- and Rs.12,500/- respectively.

It is provided before the calculation of Cess of 4%.

Rebate under section 87A for AY 2019-20

Conditions to be satisfied

Under the following conditions rebate is allowed:

1. You must be Resident Individual
2. Total income* is up to Rs.3,50,000/-

If both the above conditions are satisfied, rebate under section 87A will be available.

*Total income is explained at the bottom of this article

Maximum Rebate

Rebate shall be lower of the following:

1. Income tax before the rebate
2. 2,500

Therefore, the maximum rebate for AY 2019-20 is Rs.2,500/-

Rebate under section 87A for AY 2020-21 

In Budget 2019:

The tax rebate has been increased to Rs.12,500/-.

Through this amendment, every resident taxpayer having total income* up to Rs. 5 lakh won’t have to pay income tax.

Conditions to be satisfied

Under the following conditions rebate is allowed:

1. You must be Resident Individual
2. Total income* is up to Rs.5,00,000/-

If both the above conditions are satisfied, rebate under section 87A will be available.

Maximum Rebate

Rebate shall be lower of the following:

1. Income tax before the rebate or
2. 12,500/-

Therefore, the maximum rebate for AY 2020-21 is Rs.12,500/-

Download All in One TDS on Salary for Government and Non-Government Employees for the F.Y 2019-2020 and A.Y 20120-2021 With Automated Income Tax Arrears Relief Calculator U/s 89(1) with Form 10E 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 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 Form 16 Part A&B for F.Y. 2019-20 in New Format

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

8) Automated Income Tax Arrears Relief Calculator U/s 89(1) with Form 10E for F.Y. 2019-20

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Free Download Automated Income Tax Preparation Excel Based Software All in One for Government and Non-Goverrnment Employees for the F.Y. 2019-20, With Tax Rebate Rs. 12,500 U/s 87A for F.Y.2019-20

Section 87A provides an income tax rebate to a resident individual having prescribed income. This rebate is also available to senior citizens. However, for a Super Senior Citizens, this deduction becomes irrelevant.

 For AY 2019-20 and AY 2020-21, the maximum income tax rebate is Rs.2,500/- and Rs.12,500/- respectively.

It is provided before the calculation of Cess of 4%.

Rebate under section 87A for AY 2019-20

Conditions to be satisfied

Under the following conditions rebate is allowed:

1. You must be Resident Individual
2. Total income* is up to Rs.3,50,000/-

If both the above conditions are satisfied, rebate under section 87A will be available.

*Total income is explained at the bottom of this article

Maximum Rebate

Rebate shall be lower of the following:

1. Income tax before the rebate
2. 2,500

Therefore, the maximum rebate for AY 2019-20 is Rs.2,500/-

Rebate under section 87A for AY 2020-21 

In Budget 2019:

The tax rebate has been increased to Rs.12,500/-.

Through this amendment, every resident taxpayer having total income* up to Rs. 5 lakh won’t have to pay income tax.

Conditions to be satisfied

Under the following conditions rebate is allowed:

1. You must be Resident Individual
2. Total income* is up to Rs.5,00,000/-

If both the above conditions are satisfied, rebate under section 87A will be available.

Maximum Rebate

Rebate shall be lower of the following:

1. Income tax before the rebate or
2. 12,500/-

Therefore, the maximum rebate for AY 2020-21 is Rs.12,500/-

Download All in One TDS on Salary for Government and Non-Government Employees for the F.Y 2019-2020 and A.Y 20120-2021 With Automated Income Tax Arrears Relief Calculator U/s 89(1) with Form 10E 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 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 Form 16 Part A&B for F.Y. 2019-20 in New Format

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

8) Automated Income Tax Arrears Relief Calculator U/s 89(1) with Form 10E for F.Y. 2019-20

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Raised Income Tax Standard Deduction up to Rs. 50,000/- for the F.Y. 2019-20 in the Budget 2019,With Autamated Income Tax Form 16 for F.Y. 2019-20

In the Interim Budget presented on 1st February 2019, the Indian government has announced changes in the income tax rules for the financial year 2019-2020. These tax deduction rules are effective from April’19 onwards.

Highlights

·                                 » There is no change in income tax slab rate for the financial year 2019-20 (AY 2020-21).

·                                 » The standard deduction of Rs. 40,000 has hiked up to Rs. 50,000 for salaried people and pensioners.

·                                 » Tax payers with taxable income up to 5,00,000 get full rebate under Section 87A. Rebate has been raised from Rs. 2,500 to Rs. 12,500.

·                                 » Under Section 23, Notional rent is not applicable on the second home. A person can declare two of such houses as self-occupied and need not offer any notional rent for taxation purpose.

·                                 » TDS on interest from bank or post office deposits has been increased to Rs. 40,000, from a current limit of Rs. 10,000.

·                                 » Exemption limit for gratuity is increased from Rs. 20,00,000 to Rs. 30,00,000.

Download And Prepare At a Time 100 Employees  Automated Income Tax Form 16 Part A&B (Modified Format) [This Excel Utility Prepare At a time 100 Employees Form 16 Part A&B in New Format for A.Y. 2020-21 ] ( Who are not able to download the Form 16 Part A from the TRACES Portal, they can use this utility)

The main feature of this Excel Utility:-

1)   Prepare At time 100 Employees  Excel Based  Form 16 Part B ( Modified Format of Form 16 Part B Vide CBDT Notification No.36/2019 Dated 12/04/2019 ]

2)   All the Amended Income Tax Section have in this utility as per Budget 2019

3)   You can print individual Form 16 Part Part B

4)   Most easy to install just like an Excel File

5)   Easy to Fill all column

6)   Automatic Convert the Amount to the In-Words

Standard Deduction

For middle-class salaried people and pensioners, it is a relief with the hike in the standard deduction from Rs. 40,000 to Rs. 50,000.

Earlier the standard deduction of Rs. 40,000 was proposed in Budget 2018, after replacing Rs. 15,000 and Rs. 19,200 as medical reimbursement and travel allowance. Now it has been hiked to Rs. 50,000 that means in AY 2020-21, all pensioners and salaried people would be eligible for a fixed deduction of fifty thousand.

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Download Automated All in One TDS on Salary Non-Govt. Employees for the Financial Year 2019-2020 and Assessment Year 20120-2021.

As per the Finance Budget 2019, some Important Income Tax Section and Income Tax Rebate has 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 Non-Govt  Employees for the Financial Year 2019-2020 and Assessment Year 20120-2021 With New Format of Form 16 Part B.

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 Non-Govt 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 Form 16 Part A&B for F.Y. 2019-20 in New Format

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

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Who are not get HRA Allowances they can get House Rent Exemption U/s 80GG,with Automatic HRA Exemption Calculator

 Download Automatic House Rent Exemption Calculator

Under Section 80GG, an Individual can claim the deduction for the rent paid even if he does not get House Rent Allowances. Not many people are aware of this deduction.

Section 80GG allows the Individuals to a deduction in respect of house rent paid by him for his own residence.
Such deduction is permissible subject to the following conditions:-

• The Individual has not been in receipt of any House Rent Allowance from his employer specifically granted to him which qualifies for exemption under section 10(13A) of the Act;
• The Individual files the declaration in Form No. 10BA. Download Excel Based Form 10 BA
• The employee does not own:

1.  A)  any residential accommodation himself or by his spouse or minor child or where such Individual is a member of a Hindu Undivided Family, by such family, at the place where he ordinarily resides or performs duties of his office or carries on his business or profession; or

B ) at any other place, any residential accommodation being accommodation in the occupation of the Individual, the value of which is to be determined under Section 23(2)(a) or Section 23(4)(a) as the case may be.

• He will be entitled to a deduction in respect of house rent paid by him in excess of 10% of his total income, subject to a ceiling of 25% thereof or Rs. 2,000/- per month, whichever is less. The total income for working out these percentages will be computed before making any deduction under section 80GG. In other words, eligibility will be the least amount of the following:-

2)

1. Rent paid minus 10 percent the adjusted total income.
2. Rs 2,000 per month.
3. 25 percent of the adjusted total income.

• The deduction will also not be available to an assessee if any residential accommodation is owned by the assessee at any other place, which he is occupying, and the concessions in respect of self-occupied house are claimed by him for that property. In such a case, no deduction will be allowed in respect of the rent paid, even if the person does not own any residential accommodation at the place where he ordinarily resides.

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Under Section 80GG, an Individual can claim deduction for the rent paid even if he does not get House Rent Allowances. Not many people are aware of this deduction.

Section 80GG allows the Individuals to a deduction in respect of house rent paid by him for his own residence.

Such deduction is permissible subject to the following conditions:-

• The Individual has not been in receipt of any House Rent Allowance from his employer specifically granted to him which qualifies for exemption under section 10(13A) of the Act;
• The Individual files the declaration in Form No. 10BA. Download Excel Based Form 10 BA
• The employee does not own:

1.      A)  any residential accommodation himself or by his spouse or minor child or where such Individual is a member of a Hindu Undivided Family, by such family, at the place where he ordinarily resides or performs duties of his office or carries on his business or profession; or

       B ) at any other place, any residential accommodation being accommodation in the occupation of the Individual, the value of which is to be determined under Section 23(2)(a) or Section 23(4)(a) as the case may be.

• He will be entitled to a deduction in respect of house rent paid by him in excess of 10% of his total income, subject to a ceiling of 25% thereof or Rs. 5,000/- per month, whichever is less. The total income for working out these percentages will be computed before making any deduction under section 80GG. In other words, eligibility will be the least amount of the following:-

2)

1.     Rent paid minus 10 percent the adjusted total income.

2.     Rs 2,000 per month.

3.     25 percent of the adjusted total income.

• The deduction will also not be available to an assessee if any residential accommodation is owned by the assessee at any other place, which he is occupying, and the concessions in respect of self-occupied house are claimed by him for that property. In such a case, no deduction will be allowed in respect of the rent paid, even if the person does not own any residential accommodation at the place where he ordinarily resides.

Download Automatic House Rent Exemption Calculator

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