Automated All in One TDS on Salary for Govt. and Non-Govt Employees for F.Y.2017-18 and A.Y. 2018-19, Plus Income Tax Benefits on Joint Home Loan ?


All in One for Govt and Non – Govt employees For AY 2018-19 [ This Excel Utility can prepare at a time Tax Compute Sheet + Individual Salary Sheet + Individual Salary Structure as per Govt & Non-Govt Salary pattern + Automated H.R.A. Exemption Calculation + Automated Arrears Relief Calculation with Form 10E up to F.Y.2017-18 + Automated Form 16 Part A&B and Form 16 Part B for F.Y. 2017-18 as per the New Income Tax Slab ]

Govt-Non Govt Page 1Govt Non Govt Page 2Bihar Tax ComputeMaster Form 16 A&B Page 3Arrears Relief Page 1Arrears Relief Page 2Form 16 Part B

Income Tax Benefits to Own a House After Budget 2017,Plus Automated All in One TDS on Salary for Central and State employees for F.Y. 2017-18


Here are some of the exclusive income tax benefits to own a house as per the Finance Budget 2017-18

1 – House Loan Deduction under Section 80C

The very first tax benefit that comes to your mind is the house loan deduction. When you purchase a house for residential purpose and avail a loan for the same, the IT department gives you a deduction of INR 1, 50, 000 (upper cap) for loan repayment. This means that if you are paying a monthly installment of INR 10, 000 per month towards house loan, you would be getting a deduction of INR 1, 20, 000 while computing your payable tax. However, do make a note that the residential property should not be sold before 5 years from the date of possession, else the benefits would be reversed.

2 – Deduction for payment of Registration Chargers and Stamp Duty

Apart from availing deduction for repayment of house loan, the IT Department also lets you claim a deduction in respect of expenses such as registration charges, stamp duty, etc. This benefit is only available in the year of acquisition. The amount would be claimed under Section 80C and the upper cap would remain at INR 1, 50, 000.

3 – Deduction for interest paid on house loan [Section 24(b)]

Another opportunity lies in Section 24(b). Section 80C lets you grab a deduction in respect of repayment of house loan and Section 24(b) lets you claim a deduction for the interest paid on house loan. Unlike Section 80C, even if you sell your house within 5 years of its acquisition, there would be no tax reversal. An available deduction is INR 2, 00, 000.

4 – Benefit granted in Budget 2017

In the latest budget, the Finance Minister of India announced that an additional deduction of INR 50, 000 would be available to new house owners. Section 80EE would offer the additional deduction provided the cost of a house is not greater than INR 50, 00, 000 and the loan sanctioned amount is not more than INR 35, 00, 000. The deduction is only available if the loan is availed from a house finance company or a financial institute.

(Central and All State Govt employees)All in One TDS for A.Y 2018-2019[ This Excel Based Utility can prepare both of Central & State Govt employees Tax Computed Sheet + Individual Salary Sheet + Individual Salary Structure as per the Central & State Govt Employees Salary Pattern + Automatic Calculate the H.R.A. Exemption + Automatic Form 16 Part A&B and Form 16 Part B for F.Y.2017-18]Cental & State Page 1Cental & State Salary StructureGovt-Non Govt Page 3

Home Loan And Tax Benefits For F.Y 2016-17, With Automatic All in One Tax Preparation Excel Based Software for F.Y.2016-17


Home loan is a blessing in disguise as it will help us achieve our desire of owning a home and help us save tax along with it. The maximum tax benefit for repayment of principle which can be availed under 80C is Rs 1.5 lakh. The tax exemption on the interest paid on home loans is now capped at Rs 2 lakh.

Do you know that there is the higher advantage of owning multiple homes and availing loan for the same? Yes, individuals can claim a tax deduction for interest component part in case of the second home also.

Here are some home loan Exemption from the Income Tax to the borrowers;

Read More

All in One TDS on Salary for F.Y.2016-17,With New Amended Tax Section for F.Y.2016-17


Changes in Income Tax Rules as per the Finance Budget 2016-17 & A.Y.2017-18:

  1. There has beenno change in the income tax slabs for the Financial Year 2016-17 & Assessment Year 2017-18.
  1. Forpeople with net taxable income below Rs 5 lakh, the tax rebate has been increased from Rs 2,000 to Rs 5,000 u/s 87A. This would benefit people who have net taxable income between Rs 2.7 Lakhs to Rs 5 Lakhs.
  1. Additional exemption for first time home buyer up to Rs. 50,000 on interest paid on housing loans. This would be applicable where the property cost is below Rs 50 Lakhs and the home loan is below Rs 35 lakhs. The loan should be sanctioned on or after April 1, 2016.
  1. Tax Exemption u/s 80GG (for rent expenses who do have HRA component in salary) has been increased from Rs 24,000 to Rs 60,000 per annum.This is a good move to align the exemption amount with today’s rent and keep the section relevant.
  1. For people with net taxable income above Rs 1 crore, the surcharge has been increased from 12% to 15%
  1. Dividend Income in excess of Rs. 10 lakh per annum to be taxed at 10%
  1. 40% of lump sum withdrawal onNPSat maturity would be exempted from Tax. This rule now also applies to EPF. So now in the case of EPF income tax would be applicable on 60% of the corpus of maturity.
  1. Presumptive taxation scheme introduced for professionals with receipts up to Rs. 50 lakhs. The presumptive income would be 50% of the revenues.

Download All in One TDS on Salary for Govt & Non-Govt employees for F.Y.2016-17 & A.Y.2017-18 [This Excel Based Software can prepare at a time Tax Compute Sheet + Individual Salary Sheet + Individual Salary Structure + Automated Arrears Relief Calculation with Form 10E up to F.Y.2016-17 + Automatic H.R.A. Exemption Calculation + Automated Form 16 Part A&B + Automated Form 16 Part B ]

  1. Section 80C/80CCC/80CCD

These 3 are the most popular sections for tax saving and have a lot of options to save tax. The maximum exemption combining all the above sections is Rs 1.5 lakhs. 80CCC deals with the pension products while 80CCD includes Central Government Employee Pension Scheme.

You can choose from the following for tax saving investments:

  1. Employee/ Voluntary Provident Fund (EPF/VPF)
  2. PPF (Public Provident fund)
  3. Sukanya Samriddhi Account
  4. National Saving Certificate (NSC)
  5. Senior Citizen’s Saving Scheme (SCSS)
  6. 5 yearsTax Saving Fixed Deposit in banks/post offices
  7. Life InsurancePremium
  8. Pension Plans from Life Insurance or Mutual Funds
  9. NPS (New Pension Scheme)
  10. Equity Linked Saving Scheme(ELSS – popularly known as Tax Saving Mutual Funds)
  11. Central Government Employee Pension Scheme
  12. Principal Payment onHome Loan
  13. Stamp Duty and registration of the House
  14. Tuition Fee for 2 children

2. Section 80CCD(1B) – Investment in NPS

Budget 2015 has allowed additional exemption of Rs 50,000 for investment in NPS. We have done a complete analysis and concluded that it would be beneficial for you to discard this benefit and invest after-tax money in a good equity mutual fund.

Download All in One TDS on Salary for Central Govt Employees for F.Y.2016-17 & A.Y.2017-18 [This Excel Based Software can prepare at a time Tax Compute Sheet + Individual Salary Sheet + Individual Salary Structure as per Central Govt Salary Patterns + Automatic H.R.A. Exemption Calculation + Automated Form 16 Part A&B + Automated Form 16 Part B ]

  1. Payment of interest on Home Loan (Section 24/80EE)

The interest paid up to Rs 2 lakhs on home loan for the self-occupied home is exempted u/s 24. There is no limit for home given on rent.

Budget 2016 has provided additional exemption up to Rs 50,000 for payment of home loan interest for first time home buyers. To avail this benefit the value of the home should not exceed Rs 50 lakhs and loan should not be more than Rs 35 lakhs.

4. Payment of Interest on Education Loan (Section 80E)

The total interest paid on education loan can be claimed as tax exemption. There is no upper limit for the same.

5. Investment in RGESS (Section 80CCG)

Deduction Up to Rs 25,000 (50% of the amount invested) is allowed if you make the investment in preapproved stocks and mutual funds in Rajiv Gandhi Equity Savings Scheme (RGESS). This is available to first-time equity investors subject to certain conditions.

6. Medical insurance for Self and Parents (Section 80D)

You can get the tax deduction up to Rs 60,000 by paying the medical insurance premium for self, your dependents, and your parents. There is also sub-limit of Rs 5,000 for the preventive medical checkup.

7. Treatment of Serious disease (Section 80DDB)

You can claim deduction up to Rs 80,000 for treatment of certain diseases like AIDS, renal failure, etc for self or dependents

8. Physically Disabled Tax-payer (Section 80U)

Physically Disabled Tax-payer can get tax exemption up to Rs 1.25 lakhs u/s 80U

9. Physically Disabled Dependent (Section 80DD)

You can claim deduction up to Rs 1.25 lakhs for maintenance and medical treatment of Physically Disabled dependent

10. Donations to Charitable Institutions (Section 80G)

Deduction up to Rs 40,000 is allowed for Donation to certain charitable funds, charitable institutions, etc.

11. Donations to Charitable Institutions (Section 80GGA)

Deduction up to Rs 1 lakh is allowed for donations for scientific research or rural development

12. Donations to Charitable Institutions (Section 80GGC)

Deduction up to Rs 60,000 is allowed for donations to political parties

Download All in One TDS on Salary for Only Non-Govt employees for F.Y.2016-17 & A.Y.2017-18 [This Excel Based Software can prepare at a time Tax Compute Sheet + Individual Salary Sheet + Individual Salary Structure as per Non-Govt Salary Patterns + Automatic H.R.A. Exemption Calculation + Automated Form 12 BA + Automated Form 16 Part A&B + Automated Form 16 Part B ]

Along with the tax saving options, it also has details about all the common salary components and their tax treatment. This section can help you to plan your salary components in case your company offers such facility.

We hope that this eBook would help you in understanding, planning and saving taxes.

Know what is rounding off in Income Tax u/s 288A & 288B, with Automated One by One Prepare Form 16 Part A and B and Part B for F.Y.2016-17


Insertion of new sections 288A and 288B

34. After section 288 of the Income-tax Act, the following sections shall be inserted, namely:—

Rounding off of income

‘288A, (1) Subject to the provisions of sub-section (2), the amount of total income computed in accordance with the foregoing provisions of this Act shall be rounded off to the nearest multiple of ten rupees and for this purpose any part of a rupee consisting of paise shall be ignored and thereafter if such amount is not a multiple of ten, then, if the last figure in that amount is five or more, the amount shall be increased to the next higher amount which is a multiple of ten and if the last figure is less than five, the amount shall be reduced to the next lower amount which is a multiple of ten; and the amount so rounded off Shall be deemed to be the total income of the assessee for the purposes of this Act.

(2) If the total income of the assessee includes earned income chargeable under any head, the adjustment under subsection (1) shall, to the extent possible, be made in computing such earned income and, as to the balance, if any, against any other income; and if there is no earned income, the adjustment shall be made in computing any other income under any head.

Explanation.—In this section, the expression “earned income” has the meaning assigned to it in the Finance Act of the relevant year.

Rounding off of tax etc.

288B. The amount of tax (including tax deductible at source or payable in advance), interest, penalty, fine or any other sum payable, and the amount of refund due, under the provisions of this Act shall be rounded off to the nearest rupee and, for this purpose, where such amount contains a part of a rupee consisting of paisa, then, if such part is fifty paisa or more, it shall be increased to one rupee and if such part is less than fifty paisa, it shall be ignored.’

Download One by One Prepare Income Tax Form 16 Part A&B and Part B for Financial Year 2016-17 & Assessment Year 2017-18 [ This Excel Utility can prepare One by One Form 16 Part A&B and Part B for F.Y.2016-17]

Central Govt Employees All in One TDS on Salary ( Prepare at a time Tax Compute sheet+ Individual Salary Structure +Arrears Relief +HRA Exemption +Form 16 Part B +Form 16 Part A&B for FY 2015-16


The Limit of  some Tax Section has Increased by this Finance Budget 2015. The Section 80U have increased 75000/- P.A. and Rs. 125000/- P.A. for Blind persons. Traveling Allowances also raised up to 1600/- P.M. and Blind Person can avail Rs. 3200/- P.M. Section 80D Raised Rs. 25000/- and Sr.Citizen Rs. 30,000/-

It is necessary to calculate your Tax Liability for the Financial Year 2015-16 as the D.A. has also increased to the Govt employees time to time.

The below given Excel based Software Only for Central Govt Employees which can prepare at a time Income Tax Computed Sheet + Automatic Arrears Relief Calculator + Automatic House Rent Exemption calculation + In built Salary Structure for both Govt & Non Govt employees which prepared on the basis of Salary Pattern of each Govt and Non Govt concerned + Automated Form 16 Part A&B + Automated Form 16 Part B for the Financial Year 2014-15 and Assessment Year 2015-16.

It is most hazard to calculate individually HRA Calculation separately another sheet and also it is hazard to calculate the Arrears Relief Calculation from the financial Year 2000-01 to 2015-16. This Excel Utility can prepare all the calculation just a moment. Thus your time may reduce for calculating the actual Income Tax of each employee.

Feature of this Utility:-

·         Automatic Calculate Income Tax with Tax Computed sheet individually as per Central Govt Salary Pattern.

·         Individual Salary Structure for calculating the Gross Salary Income as per Central Govt employees

·         Automatic Calculate the House Rent Exemption Calculation U/s 10(13A)

·         Automatic Calculate the Arrears Relief Calculation with Form 10E since 2000-01 to 2015-16

·         Automated Form 16 Part A&B for F.Y.2015-16

·         Automated Form 16 Part B for F.Y.2015-16

·         Automatic Convert the Amount in to In Words

Click here to Download  CentralGovt Employees Excel Based Software [ This Excel based Utility can prepare at a time Tax Compute sheet+ Individual Salary Structure +Arrears Relief +HRA Exemption +Form 16 Part B +Form 16 Part A&B for FY 2015-16 ]

NPS Tax Benefit u/s 80CCD(1), 80CCD(2) and 80CCD(1B),+ Automated Master of Form 16 Part B for F.Y.2015-16 + All in One TDS on Salary for Govt and Non Govt employees for F.Y.2015-16


Tax Benefit on NPS Tier 1 and/or 2?

NPS has two Tiers – 1 and 2.

NPS Tier 1 is the long term investment, which has restricted withdrawals and meant primarily for retirement planning. On maturity, you can withdraw maximum of 60% of corpus as lumpsum and rest has to be used for annuity purchase.

NPS Tier 2 is for managing short to medium term investment. You can invest and withdraw anytime as per your wish. This is an optional feature and you are asked if you need Tier 2 account while opening NPS.

All the tax benefit related to NPS is available to investment in NPS Tier 1 account only.

Download Automated Master of Form 16 part B which can prepare at a time 50 employees Form 16 Part B including all amended Section as per the Finance Budget 2015-16

NPS Tax Benefits:

NPS tax benefits are available through 3 sections – 80CCD(1), 80CCD(2) and 80CCD(1B). We discuss each below:

  1. Section 80CCD(1)

Employee contribution up to 10% of basic salary and dearness allowance (DA) up to 1.5 lakh is eligible for tax deduction. [This contribution along with Sec 80C has 1.5 Lakh investment limit for tax deduction]. Self employed can also claim this tax benefit. However the limit is 10% of their annual income up to maximum of Rs 1.5 Lakhs.

  1. Section 80CCD(1B)

Additional exemption up to Rs 50,000 in NPS is eligible for income tax deduction. This was introduced in Budget 2015

  1. Section 80CCD(2)

Employer’s contribution up to 10% of basic plus DA is eligible for deduction under this section above the Rs 1.5 lakh limit in Sec 80CCD(1). This is also beneficial for employer as it can claim tax benefit for its contribution by showing it as business expense in the profit and loss account. Self employed cannot claim this tax benefit.

Download All in One TDS on Salary for Govt and Non-Govt employees for F.Y.2015-16 [ This Excel Utility can prepare at a time Tax Compute Sheet + Individual Salary Structure + Automatic Arrears Relief Calculation + Automatic Form 10E + Automatic H.R.A. Calculation + Automated Form 16 Part A&B and Form 16 Part B for F.Y.2015-16]

Tax Benefit for Compulsory NPS deduction:

The earlier pension structure was replaced by NPS in most central and state government jobs since 2004. So anyone who joined after that has compulsory deduction for NPS. The deduction is 10% of basic salary and dearness allowance (DA) and the employer too contributes the matching amount. The confusion for most employees is how they take tax benefit on their compulsory NPS deduction?

Here is an example:

Amit is a government employee and his employer deducts Rs 62,000 per annum (which is 10% of basic + DA) from salary as employee’s contribution in NPS. It also deposits Rs 62,000 per annum as employer’s contribution in NPS. How and under which section should he claim tax benefit on NPS?

Let’s take the easy part first. Employer’s contribution in NPS would be eligible for tax deduction u/s 80CCD(1).

The employee has a choice as to which section [80CCD(1) or 80CCD(1B)] he wants to show his contribution.  Ideally he should show Rs 50,000 investment in NPS u/s 80CCD(1B). The tax deduction on rest Rs 12,000 can be claimed u/s 80CCD(1). The section 80CCD(1) along with Section 80C has investment limit eligible for tax deduction as Rs 1.5 lakhs. So he should make additional investment of Rs 1,38,000 in Section 80C to save maximum tax. In all he can save Rs 2 lakhs tax u/s 80C and 80CCD(1B).