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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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]

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 Calculator For Non-Govt employees for F.Y. 2016-17 with Arrears Relief Calculator up to F.Y.2016-17 +Tax Benefit on Home Loan – F.Y 2016-17, A.Y 2017-18


Here is a key to tax benefit on home loans as per 2016-2017 budget presented on Feb 29th 2016 applicable for financial year 2016-17 and assessment year 2017-18 as compared to previous year and practical tips to avail these to maximize your tax savings on home loans. Continue reading

Income Tax Calculator for Govt and Non-Govt employees with Income Tax Slab and limit of max of some Tax Section for FY 2016-17 / AY 2017-18 as per Budget 2016-17


Tax Calculator 1

Download Income Tax Calculator  with Arrears Relief Calculator + H.R.A.Exemption Calculation for Govt & Non-Govt employees for Financial Year 2016-17& Assessment Year 2017-18

Arrears 1

Download Automated Income Tax Arrears Relief Calculator with Form 10E From F.Y.2001-02 to F.Y.2016-17 ( Up to date)

Arrears 2

Indian Finance Minister, Shri Arun Jaitley has tabled today, the Union General Budget 2016-17 in the Parliament.  No changes have been made to the existing Income Tax slabs & rates. Below are the Income Tax Slab Rates for FY 2016-17 or AY 2017 -18.

(FY is Financial Year. AY is Assessment Year)

Latest Income Tax Slab Rates for FY 2016-17

The income tax slabs & rates are categorized as below;

  • Individual resident aged below 60 years.
  • Senior Citizen (Individual resident who is of the age of 60 years or more but below the age of 80 years at any time during the previous year).
  •  Super Senior Citizen (Individual resident who is of the age of 80 years or more at any time during the previous year).

Budget 2016-17 & Important Tax Amended

  • Deduction amount under 80GG increased from Rs 24,000 per annum to Rs 60,000 per annum. Section 80GG is applicable for all the individuals who do not own a residential house & do not get HRA (House Rent Allowance).
  • Section 87A Rebate : Benefit of Rs 5,000 upto the income of Rs 5,00,000. If you are earning below Rs 5 lakh, you can save an additional Rs 3,000 in taxes. Tax rebate under Section 87A has been raised from Rs 2,000 to Rs 5,000. Effectively, this means now the basic exemption is of Rs 3 lakh.
  • 15 % Surcharge on income of more than 1 crore rupees yearly has been proposed, earlier it was 10 %.
  • National Pension System : 40% of corpus withdrawal at the time of retirement will be tax exempted.
  • As per the Budget 2016 proposal, at the time of retirement, 40% of the EPF (Employees Provident Fund) lump sum withdrawal is tax-exempted, 60% of the corpus is taxable as per the applicable Income Tax Slab. To avoid this, the EPF member has to invest this 60% balance in an Annuity life insurance product. The Annuity income will be Tax-free.  Section 80EE – First time Home Buyers can claim an additional Tax deduction of up to Rs 50,000 on home loan interest payments u/s 80EE.
  • The home loan should have been sanctioned in FY 2016-17
  • Loan amount should be less than Rs 35 Lakh
  • The value of house should not be more than Rs 50 Lakh

Autofill Excel Based Form 16 Part B and Part A&B for the Financial Year 2015-16 & Assessment Year 2016-17


Download the Excel Based Automated Form 16 for Financial Year 2015-16 & Assessment Year 2016-17 from the below link


Main Feature of this Excel Utility are :-

  • Automatic calculate the Form 16 Part A&B and Part B
  • Automatic Calculate the Income Tax Liability 
  • Automatic Prepare the Form 16 after filling the employees data
  • Automatic Convert the Amount in to the In words
  • Easy generate the Utility
  • Easy install this utility more than One System and work from both System
  • All Amended Income Tax Section as per New Finance Budget 2015-16

1) Download the On by One Prepare Form 16 Part A&B and Part B( Prepare One by One Form 16 Part A&B and Part B for FY 15-16)

 

2)Download 50 employees Master of Form 16 Part A&B  ( This utility can prepare at a time 50 employees Form 16 Part A&B for FY 2015-16)

 

3)Download  100 employees Master of Form 16 Part A&B  ( This utility can prepare at a time 100 employees Form 16 Part A&B for FY 2014-15)

 

4)Download 50 Master of Form 16 Part B( This can prepare at a time 50 employees Form 16 Part B for FY 2015-16)

 

 5)Download 100 Master of Form 16 Part B( This can prepare at a time 50 employees Form 16 Part B for FY 2015-16)

 

6) Download the Master of Form 16 Part B with Form 12 BA ( This utility can prepare at a time 50 employees Form 16 Part B with 12 BA for FY 2015-16)

The Income Tax Department have notifies that the the Income Tax Form 16 Part A is now Mandatory to download from the Traces Portal (www.tdscpc.gov.in) by the all of deductors. But most of the deductor have not able to download the Form 16 Part A or they have not well known to how to download the Form 16 Part A from the TRACES Portal. Some of the Deductor yet not known about this new Notification of CBDT. It appears that the most of Deductor have not known that the new format of Form 16 and the Form 16 have in two parts Part A and Part B.Various Govt and Non Govt Concerned could not download the Form 16 Part A from the TRACES Portal. But the Form 16 must be distribute to their employees within this month positively, so they can fill the Income Tax return online or off line.

The Part A of Form 16 have only have the Quarter ended Income Tax deducted and deposited in to the Central Govt Account. and another Part of Form 16 Part B have the Details of employee’s Salary with the Tax liability of employee.

Any employee can view and download the Tax Deducted and Deposited through the view and download the 26A through the TRACES Portal ( www.tdscpc.gov.in). this 26A is like as the Form 16 Part A.

If you are not able to download the Form 16 Part A you can look the above given some Excel Based Form 16 preparation Software which can prepare both of Form 16 Part A&B and Part B for the financial Year 2013-14 and Assessment Year 2014-15.