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Showing posts with label Income Tax Rebate U/s 87A for the F.Y 2017-18. Show all posts
Showing posts with label Income Tax Rebate U/s 87A for the F.Y 2017-18. Show all posts

Monday, 11 June 2018

Automated 100 employees Form 16 Part A and B for F.Y.2017-18 and A.Y. 2018-19 as per new Tax Slab for F.Y.2017-18,With Income Tax Rebate Under Section 87A for F.Y 2017-18

Check out the Section 87A rebate for FY 2017-18  in the following section. The Income Tax Rebate under Section 87A for AY 2018-19 is allowed as per the following schedule for different Financial Years. 

Wednesday, 6 December 2017

Tax Benefit on Home Loan Interest & Principle F.Y. 2017-18 ,With Automated 100 employees Master of Form 16 Part B for F.Y.2017-18

According to the budget proposed on Feb 29th, 2016, one can avail the Income Tax exemption on a home loan. Basically, the first time home buyer can get income tax benefits on housing loan by claiming a number of deductions. The latest Budget Update states that the first time home buyers are going to get an additional exemption of Rs. 50,000/- for interest on home loan under section 80EE from assessment year beginning from 1 st April 2017 and subsequent years.

Thursday, 4 May 2017

Rebate u/s 87A of the Income Tax as per Budget 2017, Plus Automated TDS on Salary for Govt & Non-Govt employees For F.Y 2017-18 and Automated Form 16 Part A and B and Part B for F.Y.2017-18 and A.Y.2018-19

Click to download All in One TDS on Salary for Govt & Non-Govt employees for the Financial Year 2017-18 & Assessment Year 2018-19 with all amended Tax Section and Slab as per Budget 2017-18 [ This Excel Utility can prepare at a time Tax Compute Sheet + Individual Salary Sheet + Automatic Arrears Relief Calculation + Form 10E + HRA Calculation + Form 16 Part A&B and Part B for F.Y 2017-18 & A.Y. 2018-19]

Finance Act 2013, has introduced the new section, namely Section 87A. This newly inserted section gives rebate up to a maximum of Rs. 2500/- to the assessee having Net Total Income Less than Rs. 3,50,000/-(Rs. Three lakes Fifty Thousand ). The rebate under this section is available to the resident Individuals for the  A.Y. 2018-19. ( As per the Finance Budget 2017-18)

“87A An assessee, being an individual resident in India, whose total income does not exceed Three Lacs & Fifty Thousand rupees(3.5 Lakh), shall be entitled to a deduction, from the amount of income-tax (as computed before allowing the deduction under this chapter i.e. Chapter VIA) on his total income with which he is chargeable for any assessment year, of an amount equal to hundred percent of income-tax or an amount of two thousand & Five Hundred (2.500/-) rupees, whichever is less.”

Conditions required to be fulfilled:
·                     The rebate is allowed only to the individual assesses (not to HUF/Firm/AOP/BOI)
·                     The individual should be resident in India
·                     Total income should be up to or less than Rs. 3,50,000/-. Total Income here means Income under all heads of Income (Salary, House property, Business & Profession, Capital Gain and Other sources) after deducting the deduction under chapter VI i.e. deduction from 80C to 80U.
·                     No deduction is available to Super Senior Citizens whose age is more than 80 years.
Quantum of Rebate:
The rebate will be the lower of
·                     100% of the tax payable on Total Income; or
·                     Rs. 2,500/-

Click to download Automatic Master of Form 16 Part A&B and Part B for the Financial Year 2017-18 & A.Y. 2018-19[ This Excel utility can prepare One by One Form 16 Part A&B and Part B for F.Y.2017-18 & A.Y. 2018-19 ]