Thursday, October 26, 2017

(IT) Income Tax Software for AP TelanganaTeachers, Employees 2017-18 IT Slab Rates


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Income Tax Slab Rates for FY 2017-18 (AY 2018-19)

Employees Income Tax Software for AP / TelanganaTeachers 2017-18
Employees Income Tax Software for AP / TelanganaTeachers
Income tax slab rates in India for different age groups and tax benefits offered by various life insurance policies, for the financial year 2017-18. Income Tax Slabs for Financial Year 2017-18 (Assessment Year 17-18). Income Tax Slab Rates for FY 2017-18 (AY 2018-19). Income Tax Slab for Financial Year 2017-18 and also Tax Slab AY 2018-19 have been provided based on the Finance Budget introduced by the Honorable Finance Minister. Tax Slabs will see 30% increase in exemption next year. Tax Slab for Senior Citizens is different to that of Tax Slab applicable for younger people. While the Income Tax Slab have been kept
Tax slab rate same but rate for tax slab of 2,50,000 to 5,00,000 has reduced from 10% to 5% and rest rates are same.

IT 2017-18 new slabs below shown

For Individual Male/Female with age <60 Yrs

Taxable Income Up to Rs. 2,50,000 – Nil
Rs. 2,50,000 to 5,00,000 – 5%
Rs. 5,00,000 to 10,00,000 – 20%
Rs. 10,00,000 & above – 30%

For Senior Citizen of above 60 Yrs & less than 80 Yrs

Rs. Up to 3,00,000 – Nil
Rs. 3,00,000 to 5,00,00 – 5%
Rs. 5,00,000 to 10,00,000 – 20%
Rs. 10,00,000 & above – 30%
Rebate under section-87A – has been reduced from Rs. 5,000 to 2,500
Surcharge @ 10% will be charge from income above ₹50 lakh. and up to Rs. 1 cr & @ 15% for income above Rs. 1 Cr.

100% Exemption from Person Income :

  1. HRA as per formula u/s 10, (without counting DA )
  2. Con-veyance allowance u/s 10 Rs. 3,200/- p.m.
  3. Medical Reimbursement,
  4. Professional Tax( PT)- u/s 16,
  5. Housing Loan interest upto Rs.1.5 Lakh u/s 24 (borrowed after 1-4-99) / interest upto Rs. 2 Lakh u/s 24 (if borrowed after 1-4-2014)
  6. Interest on Education loan taken for self or dependents (spouse, son, daughter, brother) u/s 80E,
  7. Contribution to CMRF/PMRF-U/s 80G,
  8. P.P.F. Interest,
  9. Employees Retirement benefits
  10. LTC,
  11. LPG subsidy

How to calculate tax exemption for HRA?

The maximum HRA that can be claimed for tax exemption is minimum of
Actual HRA Received or
40% (50% for metros) of Basic + Dearness Allowance or
Rent paid (-) 10% of (Basic + Dearness Allowance)


Save Tax U/s 80C, Section 80CCC, Section 80CCD of the Income Tax Act

The maximum collective deduction allowed under Section 80C, Section 80CCC & Section 80CCD is Rs. 1,50,000.
The most common investment instruments covered under Section 80C, Section 80CCC & Section 80CCD are:
  • Public Provident Fund Accounts
  • 5 Year Tax Saving Fixed Deposit
  • Pension Plans Contribution to Employee Provident Fund
  • Life Insurance Policy
  • National Savings Certificate (NSC)
  • Equity Oriented Mutual Fund
  • You can avail the benefit of deduction u/s 80C by investing in the following schemes (Max Rs.1,50,000/-)
  • Employee/ Voluntary Provident Fund (EPF/VPF)
  • PPF (Public Provident fund)
  • Sukanya Samriddhi Account
  • National Saving Certificate (NSC)
  • Senior Citizen’s Saving Scheme (SCSS)
  • 5 years Tax Saving Fixed Deposit in banks/post offices
  • Life Insurance Premium
  • Pension Plans from Life Insurance or Mutual Funds
  • NPS
  • Equity Linked Saving Scheme (ELSS – popularly known as Tax Saving Mutual Funds)
  • Central Government Employee Pension Scheme
  • Principal Payment on Home Loan
  • Stamp Duty and registration of the House
  • Tuition Fee for 2 children
Note : Additional Deduction under Sec 80CCD NPS (Max Rs 50,000/-)

Income tax slab rates in India for different age groups and tax benefits offered by various life insurance policies, for the financial year 2017-18. Income Tax Slabs for Financial Year 2017-18 (Assessment Year 17-18). Income Tax Deductions on Section 80C, 80CCC & 80CCD, Section 80 TTA, Section 80GG, Section 80E, Section 80EE, Section 80CCG, Section 80D, Section 80DD, Section 80DDB, Section 80U, Section 80G, Section 80GGB, Section 80GGC and Section 80RRB Deductions.

Section Deduction on FY 2017-18
Section 80C
  • Investment in PPF
  • Employee’s share of PF contribution
  • NSCs
  • Life Insurance Premium payment
  • Children’s Tuition Fee
  • Principal Repayment of home loan
  • Investment in Sukanya Samridhi Account
  • ULIPS
  • ELSS
  • Sum paid to purchase deferred annuity
  • Five year deposit scheme
  • Senior Citizens savings scheme
  • Subscription to notified securities/notified deposits scheme
  • Contribution to notified Pension Fund set up by Mutual Fund or UTI.
  • Subscription to Home Loan Account Scheme of the National Housing Bank
  • Subscription to deposit scheme of a public sector or company engaged in providing housing finance
  • Contribution to notified annuity Plan of LIC
  • Subscription to equity shares/ debentures of an approved eligible issue
  • Subscription to notified bonds of NABARD
Rs. 1,50,000
80CC For amount deposited in annuity plan of LIC or any other insurer for pension from a fund referred to in Section 10(23AAB).
80CCD(1) Employee’s contribution to NPS account (maximum up to Rs 1,50,000)
80CCD(2) Employer’s contribution to NPS account Maximum up to 10% of salary
80CCD(1B) Additional contribution to NPS Rs. 50,000
80TTA(1) Interest Income from Savings account Maximum up to 10,000
80GG For rent paid when HRA is not received from employer Least of rent paid minus 10% of total income Rs. 5000/- per month 25% of total income
80E Interest on education loan Interest paid for a period of 8 years
80EE Interest on home loan for first time home owners Rs 50,000
80CCG Rajiv Gandhi Equity Scheme for investments in Equities Lower of – 50% of amount invested in equity shares or Rs 25,000
80D Medical Insurance – Self, spouse, children
Medical Insurance – Parents more than 60 years old or (from FY 2015-16) uninsured parents more than 80 years old
Rs. 25,000
Rs. 30,000
80DD Medical treatment for handicapped dependant or payment to specified scheme for maintenance of handicapped dependant
  • Disability is 40% or more but less than 80%
  • Disability is 80% or more
    • Rs. 75,000
  • Rs. 1,25,000
80DDB Medical Expenditure on Self or Dependent Relative for diseases specified in Rule 11DD
  • For less than 60 years old
  • For more than 60 years old
  • For more than 80 years old
  • Lower of Rs 40,000 or the amount actually paid
  • Lower of Rs 60,000 or the amount actually paid
  • Lower of Rs 80,000 or the amount actually paid
80U Self suffering from disability:
  • Individual suffering from a physical disability (including blindness) or mental retardation.
  • Individual suffering from severe disability
    • Rs. 75,000
  • Rs. 1,25,000
80GGB Contribution by companies to political parties Amount contributed (not allowed in cash)
80GGC Contribution by individuals to political parties Amount contributed (not allowed in cash)
80RRB Deductions on Income by way of Royalty of a Patent Lower of Rs 3,00,000 or income received

AP / TS Teachers / Employees Income Tax Software 2017-18 Download
Income Tax Software for Teachers 2017-18 financial year Income tax Slab rates, Employees IT Calculator, New Slab rates, Latest Housing loan, 80C saving sections Download here.

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