Income Tax Calculator fy 2017-18 excel free download Employees tax calculation excel sheet for salaried individuals Tax calculator fy 2017-18 excel free download Putta Srinivas Reddy income tax software 2018-19 in excel income tax software 2017-18 for Telangana Teachers GUNTURBADI income tax software fy 2017-18 KSS Prasad income tax software 2017-18 for AP Teachers income tax Proforma for Government Employees. Income Tax Software 2017-18 for AP Teachers Income tax software 2017-18 free Download for TS Teachers. Income Tax Software Financial Year 2017-18 Assessment Year 2018-19 Income Tax Software FY 2016-17 AY 2017-18 AP and TS Govt. Employees and Teachers Income Tax Assessment Software 2017-18 by C. Ramanjaneyulu (PS). Income Tax Software FY 2016-17 for AP Govt. Employees, Income Tax Software for Telangana Govt. Employees, Income Tax Calculator for FY 2017-18 [AY 2018-19] Excel Download, Income Tax Slab for FY 2017-18, How to Calculate Income Tax from Income Tax Slabs? Income Tax Calculator for Financial Year (FY) 2017-18 / Assessment Year (AY) 2018-19 in Excel Format after considering the proposed amendment in Tax Rates, Deductions and Rebates vide Union Budget 2017-18.
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.
Rs. 2,50,000 to 5,00,000 – 5%
Rs. 5,00,000 to 10,00,000 – 20%
Rs. 10,00,000 & above – 30%
Rs. 3,00,000 to 5,00,00 – 5%
Rs. 5,00,000 to 10,00,000 – 20%
Rs. 10,00,000 & above – 30%
Actual HRA Received or
40% (50% for metros) of Basic + Dearness Allowance or
Rent paid (-) 10% of (Basic + Dearness Allowance)
The most common investment instruments covered under Section 80C, Section 80CCC & Section 80CCD are:
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.
Income Tax Slab Rates for FY 2017-18 (AY 2018-19)
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Employees Income Tax Software for AP / TelanganaTeachers |
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 – NilRs. 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 – NilRs. 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 2,500Surcharge @ 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 :
- HRA as per formula u/s 10, (without counting DA )
- Con-veyance allowance u/s 10 Rs. 3,200/- p.m.
- Medical Reimbursement,
- Professional Tax( PT)- u/s 16,
- 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)
- Interest on Education loan taken for self or dependents (spouse, son, daughter, brother) u/s 80E,
- Contribution to CMRF/PMRF-U/s 80G,
- P.P.F. Interest,
- Employees Retirement benefits
- LTC,
- LPG subsidy
How to calculate tax exemption for HRA?
The maximum HRA that can be claimed for tax exemption is minimum ofActual 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
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 |
|
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
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80DDB | Medical Expenditure on Self or Dependent Relative for diseases specified in Rule 11DD
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80U | Self suffering from disability:
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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
IT 2017-2018 Software 2018 Click Here
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