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