Income Tax(IT/I.T) Calculation Software For FY 2017-2018 for AP,TS Teachers

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IT/ Income Tax Software 2017-2018 for TS / AP Teachers IT Calculator.

Income Tax(IT/I.T) Software For FY 2017-2018 for Andhra Pradesh(AP),Telangana(TS) Teachers

Andhra Pradesh(AP) Teachers Income Tax Software 2017-2018 Telangana(TS) Teachers Income Tax Software 2017-18 for All Teachers Income tax Slab rates  Employees Income Tax Calculation  Financial year 2017-18 Income Tax Assessment year 2018-2019,80C Saving limit  FY 2017-2018 AY 2018-19 AP Retirement Employees Income Tax Calculation Housing Loan Principal Amount Exemption and Housing Loan Interest Deduction and with CPS Employees Additional Benefit 80 CCD (1B). Income Tax Software 2017-18 Prepared by Vijaya Kumar Sir,Teachers Income tax calculation Updated Software 2017-18.
AP / TS Employees Income Tax Assessment calculate Steps:
➥Rates of income tax for the Financial year 2017-2018 - Assessment Year 2018-2019
➥No change in the Income Tax Slabs rate and exemption limit for Individual Person in Assessment Year 2017-18 and Financial year 2016-17.
➥There is no change in the rate of Education Cess and Secondary Higher Education Cess 1% on .
➥Official Income Tax of India Individual Income Tax.
➥Housing Loan Principal Amount Exemption and Housing Loan Interest Deduction Income Tax 2017-2018 .
➥Educational Loan and Two Children Tuition fee Reimbursement No tax. 
➥Income Tax Slabs for the Individual (Below 60 Years Age) for the Assessment Year 2017-2018.
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

1. The maximum collective deduction allowed under Section 80C, Section 80CCC & Section 80CCD is Rs. 1,50,000.
2. The most common investment instruments covered under Section 80C, Section 80CCC & Section 80CCD are:
3. Public Provident Fund Accounts
4. 5 Year Tax Saving Fixed Deposit
5. Pension Plans Contribution to Employee Provident Fund
6. Life Insurance Policy
7. National Savings Certificate (NSC)
8. Equity Oriented Mutual Fund
9. You can avail the benefit of deduction u/s 80C by investing in the following schemes (Max Rs.1,50,000/-)
10. Employee/ Voluntary Provident Fund (EPF/VPF)
11. PPF (Public Provident fund)
12. Sukanya Samriddhi Account
13. National Saving Certificate (NSC)
14. Senior Citizen’s Saving Scheme (SCSS)
15. 5 years Tax Saving Fixed Deposit in banks/post offices
16. Life Insurance Premium
17. Pension Plans from Life Insurance or Mutual Funds
18. NPS
19. Equity Linked Saving Scheme (ELSS – popularly known as Tax Saving Mutual Funds)
20. Central Government Employee Pension Scheme
21. Principal Payment on Home Loan
22. Stamp Duty and registration of the House
23. 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. 

AP / TS Teachers/Employees Income Tax Software 2017-2018 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.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.

Section	Deduction on	FY 2017-18
Section 80C	Investment in PPF	Rs. 1,50,000
Section 80C	Employee's share of PF contribution
Section 80C	NSCs
Section 80C	Life Insurance Premium payment
Section 80C	Children's Tuition Fee
Section 80C	Principal Repayment of home loan
Section 80C	Investment in Sukanya Samridhi Account
Section 80C	ULIPS
Section 80C	ELSS
Section 80C	Sum paid to purchase deferred annuity
Section 80C	Five year deposit scheme
Section 80C	Senior Citizens savings scheme
Section 80C	Subscription to notified securities/notified deposits scheme
Section 80C	Contribution to notified Pension Fund set up by Mutual Fund or UTI.
Section 80C	Subscription to Home Loan Account Scheme of the National Housing Bank
Section 80C	Subscription to deposit scheme of a public sector or company engaged in providing housing finance
Section 80C	Contribution to notified annuity Plan of LIC
Section 80C	Subscription to equity shares/ debentures of an approved eligible issue
Section 80C	Subscription to notified bonds of NABARD
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	Rs. 25,000
80D	Medical Insurance - Parents more than 60 years old or (from FY 2015-16) uninsured parents more than 80 years old	Rs. 30,000
80DD	Medical treatment for handicapped dependant or payment to specified scheme for maintenance of handicapped dependant	Rs. 75,000
80DD	Disability is 40% or more but less than 80%	Rs. 1,25,000
80DD	Disability is 80% or more
80DDB	Medical Expenditure on Self or Dependent Relative for diseases specified in Rule 11DD	Lower of Rs 40,000 or the amount actually paid
80DDB	For less than 60 years old	Lower of Rs 60,000 or the amount actually paid
80DDB	For more than 60 years old	Lower of Rs 80,000 or the amount actually paid
80DDB	For more than 80 years old
80U	Self suffering from disability:	Rs. 75,000
80U	Individual suffering from a physical disability (including blindness) or mental retardation.	Rs. 1,25,000
80U	Individual suffering from severe disability
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

INCOME TAX SLABS FOR FY 2017-2018 (A.Y 2018-2019)

Income Tax Slab for HUFs & Individuals (below 60 years – for both Men & Women):
Income Slab                                                        Tax Rate
Income up to Rs 2,50,000                                        No Tax
Income from Rs 2,50,000 – Rs 5,00,000                    5%
Income from Rs 5,00,000 – 10,00,000                     20%
Income more than Rs 10,00,000                                 30%
Surcharge:    ➠10% surcharge on income tax if the total income exceeds Rs 50 Lakhs but below Rs 1 crore➠15% surcharge on income tax if the total income exceeds Rs 1 crore
Education Cess:
➠2% cess on income tax including surcharge
 ➠Secondary and Higher Education Cess: 1% cess on income tax including surcharge
Rebate under Section 87A:  
Rs 2,500 or 100% of income tax (whichever is lower) for individuals with income below Rs 3.5 Lakhs
Income tax slab for senior citizens (60 years to less than 80 years old) (both men & women):
Income Slab                                                           Tax Rate
Income up to Rs 3,00,000                                          No Tax
Income from Rs 3,00,000 – Rs 5,00,000                   5%
Income from Rs 5,00,000 – 10,00,000                     20%
Income more than Rs 10,00,000                                 30%
Surcharge:
➠10% surcharge on income tax if the total income exceeds Rs 50 Lakhs but below Rs 1 crore
➠15% surcharge on income tax if the total income exceeds Rs 1 crore
Education Cess: 
➠2% cess on income tax including surcharge
Secondary and Higher Education Cess: 1% cess on income tax including surcharge
➠Rebate under Section 87A: Rs 2,500 or 100% of income tax (whichever is lower) for individuals with income below Rs 3.5 Lakhs
Income tax slab for Very senior citizens (80 years or more) (both men & women):
Income Slab                                                             Tax Rate
Income up to Rs 2,50,000                                             No Tax
Income from Rs 2,50,000 – Rs 5,00,000                  No Tax
Income from Rs 5,00,000 – 10,00,000                         20%
Income more than Rs 10,00,000                                     30%
Surcharge:
➠10% surcharge on income tax if the total income exceeds Rs ➠50 Lakhs but below Rs 1 crore
➠15% surcharge on income tax if the total income exceeds Rs 1 crore
Education Cess: 
➤2% cess on income tax including surcharge
➤Secondary and Higher Education Cess: 1% cess on income tax including surcharge
Important Links about Income Tax 2017-18: 

*INCOME TAX SOFTWARE FY 2017-18(AY-2018-19) TS & AP Dt.15.10.2017
*INCOME TAX CALCULATOR AS PER NEW UNION BUDGET 2017

*DIFFERENTIATE TAX CALCULATOR FOR FY 2016-17 & FY 2017-18
(COMPUTE YOUR TAX LIABILITY WITH COMPARING FY 2016-17 & 2017-18)
*FILING OF ETDS FORM 24Q  FY 2017-2018  - FOR FORM 24Q -Q1

(it can be useful  for Q1 to  Q4 for the FY 2017-18 .enter advance tax ,other  particulars in salary data sheet .then use  copy & past option in nsdl preparation utility for generation of form Q1 to Q4 )

INCOME TAX SLABS IN NEW BUDGET 2017

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