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Income tax for individual is what most tax payers want to know in Budget.In Budget 2018-2019, the finance minister has made little changes to this. We highlight the changes and give you the new tax calculator for FY 2018-2019 [AY 2019-2020] .
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Income Tax 2018-19 Software - AP Telangana Teachers,Income Tax Slab Rates for FY 2018-19 (AY 2019-20), Income Tax Software 2018-19, Income Tax Software Financial Year 2018-19 Assessment Year 2018-19, Income Tax Software for AP TS teachers,Income Tax Software for Assessment Year 2018-19,KSS Prasad Income Tax Software -AP , Putta Income Tax Software for AP TS Teachers 2018-19 , Slab Rates 2018-19, Andhra Pradesh , IT Income Tax Software FA 2018-2019 | Income Tax Programme for AP , TS Teachers Employees Including Retired are as follows.
It is MS Excel Sheet For Guessing the IT for AP TS Teachers for 
IT Software 2018-19 Prepared by Noor Ahamed, KSS Prasad, KSS PRASAD INCOME TAX SOFTWARE 2018-2019 Financial Year 2018-2019 Assessment Year
Income Tax Calculation Software 2018-2019 Financial Year 2019-2020 (FY 2018-19) Assessment Year (AY-2019-20).2018-2019 Financial Year as well as 2019-2020 Assessment Year. Slab Rates of income tax for the Financial year 2018-2019 No change in the Income Tax Slabs rate and exemption limit for Individual Person in Assessment Year 2018-2019 and Financial year 2018-20197.There is no change in the rate of Education Cess and Secondary 3% & Higher Education Cess 1% on.
Income Tax Slabs for the Individual (Below 60 Years Age) for the Assessment Year 2018-2019
S. No.
|
Income Tax Slab
|
Income Tax Rate Payable
|
| 1. | Rs. 0 to 250,000 | No Income Tax |
| 2. | Rs. 250,001 to 500,000 | 5% |
| 3. | Rs. 500,001 to 1,000,000 | 20% |
| 4. | Rs. 1,000,001 and above | 30% |
Income Tax Slabs for the Senior Citizen (60 to 80 Years Age) for the Assessment Year 2018-2019
S. No.
|
Income Tax Slab
|
Income Tax Rate Payable
|
| 1. | Rs. 0 to 300,000 | No Income Tax |
| 2. | Rs. 300,001 to 500,000 | 5% |
| 3. | Rs. 500,001 to 1,000,000 | 20% |
| 4. | Rs. 1,000,001 and above | 30% |
80C & 80CCE- Maximum Exemption up to Rs.150000
Investments up to Rs.1.5 lac in PF, VPF, PPF, Employee contribution in NPS,Insurance Premium, Housing loan principal repayment, NSC, ELSS, long term bank Fixed Deposit, Post Office Term Deposit, etc. are deductible from the taxable income. There is no limit on individual items, (for example) all 1 lac can be invested in NSC or PPF etc.- Provident Fund (PF) & Voluntary Provident Fund (VPF)
- Postal Life Insurance ( PLI )
- APGLI / TGLI
- Life Insurance Premiums
- Unit linked Insurance Plan
- Public Provident Fund (PPF)
- National Savings Certificate (NSC)
- Home Loan Principal Repayment & Stamp Duty and Registration
- Tuition fees for Two children
- Equity Linked Savings Scheme (ELSS)
- 5-Yr bank fixed deposits (FDs)
- Pension Funds or Pension Policies – Section 80CCC
- Infrastructure Bonds
- NABARD rural bonds
- Senior Citizen Savings Scheme 2004 (SCSS )
Income Tax Deductions Section wise Details below :
| Section | Deduction on | FY 2018-19 |
| 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 |
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