August 18, 2017

Download Automated All in One TDS on Salary for Non-Govt employees for F.Y.2017-18 With Maximum Income Tax You can Save for FY 2017-18?

The table below gives the details of all  tax exemptions available for F.Y.2017-18
S. No.
Tax Sections
                            Description
Maximum Tax Exemption Limit (Rs.)
1
80C/ 80CCC(1) 80CCD(2)
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.

150,000
2
80CCD(1B)
Investment in NPS ( Additional deduction max limit of U/s 80C Rs. 1.5 Lakh.

50,000
3
24 (b)
Interest paid on Home Loan for Self occupied homes.

200,000
4
80EE
Additional deduction on Home Loan interest for First Time Home Buyer
50,000
5
80E
Interest paid on Education Loan. No Limit – Rs 50,000 is just an assumed value

50,000
6
80D
Premium payment for medical insurance for self and parents. Includes Rs 5,000 limit for preventive health checkup

25000/- + 30,000/- + 5,000/- = 60,000
7
80DDB
Treatment of Serious illness for self and dependents (Limit of Rs 80,000 for person above 80 years, Rs 60,000 for person above 60 years and Rs 40,000 for rest)
80,000
8
80U
Physically Disabled Tax payer (Rs 75,000 for 40% to 80% disability and Rs 1,25,000 for more than 80%)
125,000
9
80DD
Physically Disabled Dependent (Rs 75,000 for 40% to 80% disability and Rs 1,25,000 for more than 80%)
125,000
10
80G
Donation to approved charitable funds like Prime Minister Relief fund, etc (assumed value)
50,000
11
80TTA
Interest received in Savings Account

10,000
12
80GG
For Rent Expenses who do have HRA component in salary

60,000
13
87A
Tax Rebate who’s taxable income below 3.5 Lakh
2,500/-
Below is the recap of all tax saving sections for FY 2017-18:
Section 80C/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.

Section 80CCD(1B): Investment in NPS (Should you Invest Rs 50,000 in NPS to Save Tax u/s 80CCD (1B)

Section 24: Interest paid on Home Loan for Self occupied homes. Budget 2017 has capped the limit to Rs 2 Lakhs for both rented and self-occupied house. 

 Section 80EE: Additional exemption on Home Loan Interest for First time home buyers. (Budget 2016)

Section 80E: Interest paid on Education Loan. No upper/lower Limit! (Tax Benefit on Education Loan (Sec 80E)

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


Section 80CCG: Budget 2017 removed this tax exemption for RGESS

Section 80D: Premium payment for medical insurance for self and parents. Also, includes Rs 5,000 limit for preventive health check up.

Section 80DDB: Treatment of Serious illness for self and dependents (Limit of Rs 80,000 for person above 80 years, Rs 60,000 for person above 60 years and Rs 40,000 for rest)
Section 80U: Physically Disabled Tax payer (Rs 75,000 for 40% to 80% disability and Rs 1,25,000 for more than 80%)

Download Automated All in One TDS on Salary for Govt and Non-Govt Employees for F.Y.2017-18[This Excel Utility can prepare at a time Tax Computed Sheet + Arrears Relief Calculation U/s 89(1)+Form 10E + Individual Salary Structure for Govt and Non-Govt Employees + Automated H.R.A. Exemption Calculation U/s 10(13A) + Automated Form 16 Part A&B and Form 16 Part B for F.Y.2017-18 as per the latest Income Tax Slab]

Section 80DD: Physically Disabled Dependent (Rs 75,000 for 40% to 80% disability and Rs 1,25,000 for more than 80%)

Section 80G: Donation to approved charitable funds like Prime Minister Relief fund, etc

Section 80TTA: Interest received in Savings Account

Section 80GG: In case you do not receive HRA from an employer or are self-employed but NO house in your name.

Section 87A :- Tax Rebate Rs. 2500/- who’s Taxable Income less than 3.5 Lakh.
The table below gives the details of all  tax exemptions available for F.Y.2017-18
S. No.
Tax Sections
                            Description
Maximum Tax Exemption Limit (Rs.)
1
80C/ 80CCC(1) 80CCD(2)
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.

150,000
2
80CCD(1B)
Investment in NPS ( Additional deduction max limit of U/s 80C Rs. 1.5 Lakh.

50,000
3
24 (b)
Interest paid on Home Loan for Self occupied homes.

200,000
4
80EE
Additional deduction on Home Loan interest for First Time Home Buyer
50,000
5
80E
Interest paid on Education Loan. No Limit – Rs 50,000 is just an assumed value

50,000
6
80D
Premium payment for medical insurance for self and parents. Includes Rs 5,000 limit for preventive health checkup

25000/- + 30,000/- + 5,000/- = 60,000
7
80DDB
Treatment of Serious illness for self and dependents (Limit of Rs 80,000 for person above 80 years, Rs 60,000 for person above 60 years and Rs 40,000 for rest)
80,000
8
80U
Physically Disabled Tax payer (Rs 75,000 for 40% to 80% disability and Rs 1,25,000 for more than 80%)
125,000
9
80DD
Physically Disabled Dependent (Rs 75,000 for 40% to 80% disability and Rs 1,25,000 for more than 80%)
125,000
10
80G
Donation to approved charitable funds like Prime Minister Relief fund, etc (assumed value)
50,000
11
80TTA
Interest received in Savings Account

10,000
12
80GG
For Rent Expenses who do have HRA component in salary

60,000
13
87A
Tax Rebate who’s taxable income below 3.5 Lakh
2,500/-
Below is the recap of all tax saving sections for FY 2017-18:
Section 80C/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.

Section 80CCD(1B): Investment in NPS (Should you Invest Rs 50,000 in NPS to Save Tax u/s 80CCD (1B)

Section 24: Interest paid on Home Loan for Self occupied homes. Budget 2017 has capped the limit to Rs 2 Lakhs for both rented and self-occupied house. 

 Section 80EE: Additional exemption on Home Loan Interest for First time home buyers. (Budget 2016)

Section 80E: Interest paid on Education Loan. No upper/lower Limit! (Tax Benefit on Education Loan (Sec 80E)

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


Section 80CCG: Budget 2017 removed this tax exemption for RGESS

Section 80D: Premium payment for medical insurance for self and parents. Also, includes Rs 5,000 limit for preventive health check up.

Section 80DDB: Treatment of Serious illness for self and dependents (Limit of Rs 80,000 for person above 80 years, Rs 60,000 for person above 60 years and Rs 40,000 for rest)
Section 80U: Physically Disabled Tax payer (Rs 75,000 for 40% to 80% disability and Rs 1,25,000 for more than 80%)

Download Automated All in One TDS on Salary for Govt and Non-Govt Employees for F.Y.2017-18[This Excel Utility can prepare at a time Tax Computed Sheet + Arrears Relief Calculation U/s 89(1)+Form 10E + Individual Salary Structure for Govt and Non-Govt Employees + Automated H.R.A. Exemption Calculation U/s 10(13A) + Automated Form 16 Part A&B and Form 16 Part B for F.Y.2017-18 as per the latest Income Tax Slab]

Section 80DD: Physically Disabled Dependent (Rs 75,000 for 40% to 80% disability and Rs 1,25,000 for more than 80%)

Section 80G: Donation to approved charitable funds like Prime Minister Relief fund, etc

Section 80TTA: Interest received in Savings Account

Section 80GG: In case you do not receive HRA from an employer or are self-employed but NO house in your name.

Section 87A :- Tax Rebate Rs. 2500/- who’s Taxable Income less than 3.5 Lakh.

August 17, 2017

80C Deduction A.Y. 2018-19 (F.Y 2017-18) With Automated All in One TDS on Salary for Govt and Non-Govt Employees for F.Y.207-18

Section 80C Deduction for AY 2018-19 (FY 2017-18) is Rs.1,50,000: Section 80C lists down various options where an Individual can invest and claim exemption from income. For A.Y. 2018-19, the deduction under section 80C is limited at Rs.1,50,000. The deduction under section 80C is allowed from your Gross Total Income. The deduction is allowed for various investments, expenses, and payments.  Section 80C Deduction for A.Y. 2018-19 (F.Y 2017-18) is allowed to Individuals as well as Hindu Undivided Family business.
Section 80C Deduction for AY 2018-19 (FY 2017-18) is Rs.1,50,000: Section 80C lists down various options where an Individual can invest and claim exemption from income. For A.Y. 2018-19, the deduction under section 80C is limited at Rs.1,50,000. The deduction under section 80C is allowed from your Gross Total Income. The deduction is allowed for various investments, expenses, and payments.  Section 80C Deduction for A.Y. 2018-19 (F.Y 2017-18) is allowed to Individuals as well as Hindu Undivided Family business.

August 15, 2017

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

Budget 2017-18 & the Finance Bill 2017 have been tabled in Parliament. 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).
Budget 2017-18 & the Finance Bill 2017 have been tabled in Parliament. 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).

August 14, 2017

Check if Your PAN Card is still Active? With Automated All in One TDS on Salary for Non-Govt Employees for F.Y.2017-18

Recently Government reported that it has canceled more than 11.5 lakhs PAN Card in a bid to weed out duplicate and fake cards.  As per Income Tax Laws, one person can hold only one PAN Card. However, it was found that there had been multiple duplicate PAN cards issued to the same person. Also, there were cases where a PAN card was allotted to the non-existent person. The government hopes to get rid of more such duplicate/forged PAN cards as they get linked to Aadhaar Number.

Download:- Automated Income Tax All in One TDS on Salary for Non-Govt employees for F.Y.2017-18 & A.Y 2018-19

Also as there have been so many PAN card cancellations, it's important for tax payers to check if their PAN card is still active as more often than not a few genuine people also suffer when such actions take place. Deactivating PAN can seriously jeopardize person financial transactions.
Below is step by step instructions and screenshot to check if your PAN card is still active.

Step 1:  Go to www.incometaxindiaefiling.gov.in and Click “Login Here” (It does not matter if you are registered user or not)

Step 2: On Menu Click on Services >> ‘Know Your PAN’ (there is NO need to Login)

Step 3: A small Form opens as shown below where you need to fill up details such as name, status, date of birth and contact number.

Download:- Automated TDS on Salary for Govt & Non-Govt Employees For F.Y.2017-18 & A.Y.2018-19 with Automated Arrears Relief Calculator U/s 89(1) with Form 16 from F.Y.2000-01 to 2017-18


Step 4: On the next page you have to enter OTP (One Time Password) received on the phone hit ‘Validate’.
In case there is more than one PAN card registered with the above details, a message appears saying “There are multiple records for this query. Provide additional information.” Enter some more details such as your father’s name.

Step 5: On the final page, if the PAN number is not duplicated, it will be indicated as ‘Active’ under the ‘Remarks’ column.

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



Recently Government reported that it has canceled more than 11.5 lakhs PAN Card in a bid to weed out duplicate and fake cards.  As per Income Tax Laws, one person can hold only one PAN Card. However, it was found that there had been multiple duplicate PAN cards issued to the same person. Also, there were cases where a PAN card was allotted to the non-existent person. The government hopes to get rid of more such duplicate/forged PAN cards as they get linked to Aadhaar Number.

Download:- Automated Income Tax All in One TDS on Salary for Non-Govt employees for F.Y.2017-18 & A.Y 2018-19

Also as there have been so many PAN card cancellations, it's important for tax payers to check if their PAN card is still active as more often than not a few genuine people also suffer when such actions take place. Deactivating PAN can seriously jeopardize person financial transactions.
Below is step by step instructions and screenshot to check if your PAN card is still active.

Step 1:  Go to www.incometaxindiaefiling.gov.in and Click “Login Here” (It does not matter if you are registered user or not)

Step 2: On Menu Click on Services >> ‘Know Your PAN’ (there is NO need to Login)

Step 3: A small Form opens as shown below where you need to fill up details such as name, status, date of birth and contact number.

Download:- Automated TDS on Salary for Govt & Non-Govt Employees For F.Y.2017-18 & A.Y.2018-19 with Automated Arrears Relief Calculator U/s 89(1) with Form 16 from F.Y.2000-01 to 2017-18


Step 4: On the next page you have to enter OTP (One Time Password) received on the phone hit ‘Validate’.
In case there is more than one PAN card registered with the above details, a message appears saying “There are multiple records for this query. Provide additional information.” Enter some more details such as your father’s name.

Step 5: On the final page, if the PAN number is not duplicated, it will be indicated as ‘Active’ under the ‘Remarks’ column.

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



 
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