Best Banks To Take Home Loans In 2017, with All in One TDS on Salary for Central and State Employees for F.Y.2016-17


If you are planning to build your own dream house and confused as to which banks to get the best quote or which kind of loan you must opt for, we give you a list of best home loan providers you could approach in India in 2017 for your home loans. Here are a list of banks and housing finance companies that offer you the best interest and processing fees on home loans.
State Bank of India SBI charges an interest rate which varies from 9.10 per cent to 9.30 per cent, whereas the processing fee is zero and loan amount one will be getting varied. If your property is valued up to Rs 30 Lakhs you can get 90 percent of the property value as loan. On the other hand, if it is up to Rs 75 lakhs, you get 80 per cent and above Rs. 75 lakh it is 75 percent of the property value.

Download All in One Income Tax Preparation Excel Based Software for Central Govt employees & All State Govt Employees for the F.Y.2016-17 [ This Excel Utility can prepare at a time Individual Tax Compute Sheet + Individual Salary Sheet + Individual Salary Structure for Central & All State Employees + Automatic H.R.A. Exemption + Automatic Form 16 Part A&B and Form 16 Part B for F.Y.2016-17]

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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;

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Income tax Declaration of Employees for FY 2016-17, With Automated All in One TDS on Salary for Government and Non-Government Employees for F.Y.2016-17 and A.Y.2017-18


According to the income tax guidelines, income tax is deductible annually for each financial year commencing from 1st of April and ending on the 31st March. The responsibility of the employer has been affixed by the Income-tax Department to deduct income tax from the salary of employees monthly on a proportionate basis and deposit before the due date ( Monthly) as prescribed and report same to Income tax Department (quarterly as well as annually). The aggregate tax calculated on the estimated projected income will be deducted proportionately in 12 months, thus the assessment needs to be done on at the start of the year.

Download All in One TDS on Salary for Private employees for F.Y.2016-17 & A.Y.2017-18 [ This Excel utility can prepare at a time Tax Compute Sheet ( Income tax Declaration )+ Automatic H.R.A. Exemption Calculation + Individual Salary Structure as per Private Concerned Salary Pattern + Automatic Form 16 Part A&B + Automatic Form 16 Part B for F.Y.2016-17 + Form 12 BA, as per Finance Budget 2016-17]

Therefore, all employees are requested to declare their proposed investments for the financial year 2016–17 ,so that proportionate income tax could be calculated & systematic deducted from the salary can be started early

It has to be noted that only the expenditure actually incurred on payment of rent in respect of residential accommodation occupied by the assessee subject to the limits laid down in Rule 2A, qualifies for exemption from income-tax. Thus, house rent allowance granted to an employee who is residing in a house/flat owned by him is not exempt from income-tax.

Download All in One TDS on Salary for Govt & Non Govt Employees for F.Y.2016-17 [This Excel utility can prepare at a time Tax Compute Sheet ( Income tax Declaration )+ Automatic H.R.A. Exemption Calculation + Individual Salary Structure as per Govt & Non -Govt Concerned Salary Pattern + Automatic Arrears Relief Calculator U/s 89(1) with Form 10E + Automatic Form 16 Part A&B + Automatic Form 16 Part B for F.Y.2016-17 as per Finance Budget 2016-17]

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.

Income Tax Relief Under Section 89 Read with Rule 21A,With Automated Arrears Relief Calculator in Excel U/s 89(1) with Form 10E from f.Y.2001-2016 updated version.


Usually salary income is chargeable to tax either on due basis or on receipt basis. For the purpose of changeability salary consist of;

  1. Any salary due from an employer including former employer in the previous year, whether or not actually received.
  2. Any salary paid or allowed in the previous year by or on behalf of employer including former employer, although not due or before it became due, and
  3. Any arrears of salary paid or allowed in the previous year by or on behalf of employer including former employer, if not charged to income tax in any of the previous year.

If an employee is in receipt of any component of his salary in arrears or paid in advance, or receives profit in lieu of salary, he can claim relief as allowed by Section 89 read with rule 21A of Income Tax Act and Income Tax Rules. The relief can be claimed for following;

  1. Relief in respect of salary or family pension received in arrears or in advance [Rule 21A(2)]
  2. Relief in respect of gratuity [Rule 21A(3)]
  3. Relief in respect of compensation on termination of employment [Rule 21A(4)]
  4. Relief in respect of payment of commutation of pension [Rule 21A(5)]
  5. Relief in respect of other payment [Rule 21A96)]

Provided that no such relief shall be granted in respect of any amount received or receivable by an assessee on his voluntary retirement or termination of his service, in accordance with any scheme or schemes of voluntary retirement or in the case of a public sector company, if an exemption in respect of any amount received or receivable on such voluntary retirement or termination of his service or voluntary separation has been claimed by the assessee under clause (10C) of section 10 in respect of such, or any other, assessment year.

Now let us elaborate and understand the each case separately. Continue reading

Download Automated Arrears Relief Calculator with Form 10E from F.Y.2001-02 to F.Y.2016-17 and Reduce tax liability on arrears relief calculator U/s 89(1),


When salary or other income arrears are received in any particular year, one’s tax liability for that year increases. Simply because one’s total income for that year has increased. Most salaried individuals will be able to identify with such situations. But having to pay a higher tax on account of arrears is unfair to the taxpayer. Had he originally received the money in the year(s) that he was supposed to receive it, the additional tax would have been staggered over this time, instead of converging in one year as a lump sum payment.

Our Income tax law has taken the same into consideration and allows a tax deduction under Section 89(1) for this additional tax burden on the tax payer. At times, the employee appraisal process (where the employee can expect a revised salary), takes longer than expected, and the actual payments are postponed. Also, commissions and other cash incentives for sales and marketing personnel, could be reconciled at a later date.

SECTION 89(1)
Basically, the relief under Section 89(1) is arithmetical. It involves ascertaining the two amounts of tax, the first is the amount of tax applicable to the total income, including the extra amount in the year of receipt. The second is calculating the amount of tax by adding the arrears to the total income of the years to which they relate. The difference between the two amounts is the deduction allowed.

In other words, if the taxpayer is required to pay any additional amount of tax (in the year of receipt) than what he would have otherwise paid, had he received the money in the year(s) he was supposed to receive it, such additional tax can be reduced from the tax payable.

Download Automated Arrears Relief Calculator with Form 10E From the Financial Year 2001-02 to Financial Year 2016-17 (Up to date Version) as per Finance Budget 2016.

Income Tax Exemption for Salaried Persons as per Budget 2016,With All in One TDS on Salary for Non Govt employees for F.Y.2016-17 & A.Y.2017-18


Finance Minister Arun Jaitley had announced incremental tax benefits for common taxpayers in his recent Budget 2016

Here are some income tax changes that experts expect in the budget:

1) The basic income tax exemption limit should be raised from Rs. 2.5 lakh for male & female below 60 years age.

2) The current deduction limit of Rs. 2 lakh on home loan interest paid U/s 24B during a financial year is too & Additional Section 80EE where can get more Home Loan Interest Max Rs. 1.5 Lakh excluding U/s 24B.

3) A separate section for deduction on the principal paid on home loan should be introduced. Home loan principal repayment deduction is currently clubbed with other options under Section 80C, which has a ceiling of Rs. 1.50 lakh.

4) Home buyers can currently avail home loan interest deduction only after the completion of construction of property. In case construction is not complete within 3 years, the deduction is reduced to Rs. 30,000 per year from Rs. 2 lakh under current norms. This needs to be changed, given widespread construction delays.

5) The limit of Section 80C of Rs. 1.5 lakh which raised and linked to the Additional exemption U/s 80CCD(1B) Max. Rs. 50,000/- income-level of tax payers as some of the compulsory contributions like employee provident fund leave very little scope for other investments for people falling in highest tax bracket up to Rs. 2 Lakh.

6) Medical Insurance U/s 80D has raised the Max. limit of Rs. 25,000 per annum & Rs. 30,000/- for Sr.Citizen

7) The travel allowance, which is raised to Rs. 1,600 per month from Rs. 800 & Rs. 3200/- P.M. for above 80% Phy.disable persons.

8) The New Pension Scheme (NPS) should be made tax-exempt on withdrawal on the lines of other investments like PPF, insurance policies etc.

Click to Download All in One TDS on Salary for Non-Govt employees for Assessment Year 2017-18 & Financial Year 2016-17 [ This Excel based Software can prepare at a time Tax Compute Sheet + Individual Salary Structure + Individual Salary Statement + Automatic H.R.A. Exemption Calculation + Automatic Form 16 Part A&B and Form 16 Part B + Automatic Form 12 BA ]