Download Income Tax Software FY 2018-19 for AP and Telangana Govt Employees (Click Here)
About Income Tax Software 2018-19
S.Seshadri working as math teacher at high school level has been released Income Tax Software FY 20018-19(AY 2019-20) for all salaried govt employees of Andhra Pradesh and Telangana States. Just entering the basic pay and increment month, and certain deductions one can get full details of salary details(Annexure-I) as well as income tax particulars(Annexure-II), Form16, Rent Sheet, 10E Form. The software is enriched with VBScript in order to get printout directly without navigating File Print. We hope all State Govt. employees can use this software and take printouts and same can submit to the concerned DDOs.
How Rs.40000 Standard Deduction Helps Salaried Tax Payers
In Budget 2018, Finance Minister has proposed Rs.40,000 standard deduction, which is a fixed amount and helps to reduce tax burden to salaried persons as well as pensioners. This standard deduction not useful to family pensioners. For the tax purpose, one can reduce Rs.40,000 from their gross salary.
Previously we were getting tax rebate to the transport allowance and medical allowance. These two are generally deducted from the gross salary. Now instead of these two, Rs.40000 has been given as standard deduction as per the amendments to Section 17(2)(viii) of the Income-tax Act, 1961.
How it Standard Deduction Helps to Salaried Individual
By availing the Rs.40000 standard deduction tax payers, who fall in the 5% tax slab can save only Rs.2080/-, those who are in 20% slab can get Rs.8320/- as deduction.
Income Tax Slabs FY 2018-19 AY 2019-20
|Individual resident (Age below 60 Yrs.)||For resident senior citizen (60 Years and Above)||For super senior citizen (80 years and Above)||For any other person excluding companies and co-operative societies||Income Tax rates|
|Up to Rs 2,50,000/-||Up to Rs 3,00,000/-||Up to Rs 5,00,000/-||Up to Rs 2,50,000/-||NIL|
|Rs 2,50,001–5,00,000/-||Rs 3,00,001–5,00,000/-||-||Rs 2,50,001–5,00,000/-||5%|
|Rs 5,00,001–10,00,000/-||Rs 5,00,001–10,00,000/-||Rs 5,00,001–10,00,000/-||Rs 5,00,001–10,00,000/-||20%|
|Above Rs 10,00,000/-||Above Rs 10,00,000/-||Above Rs 10,00,000/-||Above Rs 10,00,000/-||30%|
80C Tax Exemption Provisions Income Tax Act
- Tuition Fee- Two Children Max Rs150,000
- National Savings Certificates (NSC) Max Rs150,000 -
- Repayment of Home Loan Principle Max Rs 150,000
- LIC Insurance Premium- Annual Max Rs 150,000
- Unit linked Insurance Plan Max Rs 150,000
- Public Provident Fund Max Rs 150,000 80C
- ULIP Max Rs 150,000
- PLI 150,000 Max Rs 150,000
- Equity linked Savings Schemes (ELSS) Max Rs 150,000
- 5-Years fixed deposits with bank/post office Max Rs 150,000
IT Act Section 80C
Section 80C , entitles an employee to deductions for the whole of amounts paid or deposited in the current financial year in the following schemes, subject to a limit of Rs.1,50,000/-Read more
In section 80C of the Income-tax Act, in sub-section (1), for the words one lakh rupees, the Amendment of words one hundred and fifty thousand rupees shall be substituted with effect from the 1st day of section 80C. April, 2015 .
Read Complete information about 80C, 80CCC, 80CCD, 80CCF Click Here
IT Act Section 80CCC
Life Insurance Corporation of India or any other approved insurer for receiving pension from the Fund referred to in clause (23AAB) of section 10, he shall, in accordance with, and subject to the provisions of this section, be allowed a deduction in the computation of his total income, of the whole of the amount paid or as does not exceed the amount of 1 lakh rupees in the previous year. Read more about EPF/VPF, PPF, NSC POTD, SCSS, 80CCD, ELSS, ULIP
Read more related Income Tax
- How to Get Tax Rebate Under Section 87A upto Rs.2500/- Budget 2016 Click Here