Download Automated Income Tax Preparation Excel Based All in One TDS on Salary for Only Non-Govt Employees for the Financial Year 2017-18 and Assessment Year 2018-19. [ This Excel Based Utility can prepare at a time your Individual Tax computed Sheet + Individual Salary Structure as per the Non-Govt Employees Salary Pattern + Automated H.R.A. Calculation + Automated Form 12 BA + Automated Form 16 Part A&B and Form 16 Part B as per the latest Income Tax Slab.]
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Main Data Input Sheet
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Individual Salary Structure
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Individual Tax Computed Sheet |
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Form 16 Part A&B |
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Form 16 Part B
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As per the Budget, we can only say that the Deductions may be the following because it may get changed in final Budget.:
1. Deduction u/s 80C, 80CCC, 80CCD is Rs. 1,50,000. (80CCC - Deduction for Annuity Plan)
A) Additional Deduction can be entitled U/s 80CCD(2) Out of Max Limit Rs. 1.5 Lah U/s 80C
B) Additional Deduction can entitled U/s 80CCD(1B) Max Rs. 50,000/- out of Max Limit Rs.1.5 Lakh U/s 80C
2. Deduction u/s 80D is Rs. 25000 for general and Rs. 30000 for Senior citizens. (For Mediclaim paid)
3. Deduction u/s 80E here you can take education loan from the financial institution for higher studies and can avail tax deduction for the maximum of 7 years.
4. Deduction u/s 80G - Deduction for donations, here you can get 100% and 50% deduction of the amount paid as a deduction but percentage depends upon the receiver.
5. Deduction u/s 80GG Deduction for House rent paid....
Deduction is least of
A) Rent paid less 10% of total income.
B) Rs. 5000 per month
C) 25% of Total Income.
6. Deduction u/s 80U. Deduction for the person suffering from physical Disability... normal disability deduction of Rs.75000, and severe disability deduction of Rs. 125000.
7. 100% TAX DEDUCTION on contributions made to SWACHH BHARAT & CLEAN GANGA initiatives.
8. Deduction u/s 80DD Expenditure on account of specified diseases Rs.80000.
9. Deduction u/s 80TTA Deduction of Income received from Saving Bank Interest Rs. 10000.Max.
10. Deduction u/s 87A: Tax rebate of Rs.2,500/- who’s taxable Income is less than Rs.3,50000/-
2. Deduction u/s 80D is Rs. 25000 for general and Rs. 30000 for Senior citizens. (For Mediclaim paid)
3. Deduction u/s 80E here you can take education loan from the financial institution for higher studies and can avail tax deduction for the maximum of 7 years.
4. Deduction u/s 80G - Deduction for donations, here you can get 100% and 50% deduction of the amount paid as a deduction but percentage depends upon the receiver.
5. Deduction u/s 80GG Deduction for House rent paid....
Deduction is least of
A) Rent paid less 10% of total income.
B) Rs. 5000 per month
C) 25% of Total Income.
6. Deduction u/s 80U. Deduction for the person suffering from physical Disability... normal disability deduction of Rs.75000, and severe disability deduction of Rs. 125000.
7. 100% TAX DEDUCTION on contributions made to SWACHH BHARAT & CLEAN GANGA initiatives.
8. Deduction u/s 80DD Expenditure on account of specified diseases Rs.80000.
9. Deduction u/s 80TTA Deduction of Income received from Saving Bank Interest Rs. 10000.Max.
10. Deduction u/s 87A: Tax rebate of Rs.2,500/- who’s taxable Income is less than Rs.3,50000/-
Other Related Deductions available u/s 10 of Income Tax:
A. Exemption of transport allowance Rs 19,200 /-P.A & Phy.disable persons can get Rs.38500/- P.A.
B. Tax-free infra bonds proposed for funding irrigation, rail & road infrastructure projects.
C. Income tax exemption on Interest paid on Housing Loan u/s24B of Rs.200000. on a self-occupied property.
D. HRA (House Rent Allowance) Least of HRA paid or Rent paid less 10% of salary or 40% of salary (50% in case of Metro city)
E. Leave Travel Allowance
F. Children Education Allowance Rs.100 per month per child and max 2 children.
G. Hostel Allowance, Allowance Rs.300 per month per child and max 2 children.
H. Deduction u/s 80 EE. Additional House Building Loan Interest up to Rs. 1,00,000/- will be admissible who have paid the HBL Interest w.e.f. 1/4/2013 (Excluding the Section 24 B)
A. Exemption of transport allowance Rs 19,200 /-P.A & Phy.disable persons can get Rs.38500/- P.A.
B. Tax-free infra bonds proposed for funding irrigation, rail & road infrastructure projects.
C. Income tax exemption on Interest paid on Housing Loan u/s24B of Rs.200000. on a self-occupied property.
D. HRA (House Rent Allowance) Least of HRA paid or Rent paid less 10% of salary or 40% of salary (50% in case of Metro city)
E. Leave Travel Allowance
F. Children Education Allowance Rs.100 per month per child and max 2 children.
G. Hostel Allowance, Allowance Rs.300 per month per child and max 2 children.
H. Deduction u/s 80 EE. Additional House Building Loan Interest up to Rs. 1,00,000/- will be admissible who have paid the HBL Interest w.e.f. 1/4/2013 (Excluding the Section 24 B)
I. U/s 80TTA: - Interest of Savings Bank Max Rs. 10,000/-