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

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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How Salaried Person can maximize tax saving?With Automatic All in One TDS on Salary for W.B.Govt employees for F.Y.2016-17

Tax saving and Tax Planning are important aspects for the salaried person. As it allows you to save more money. If as a salaried person you are earning Rs 10 Lac per year, you have very little scope to avoid tax. At the most, you can invest in tax saving scheme and get a tax benefit of few thousand rupees.

In any case, you have to pay income taxes, but with little tax planning, you can optimize your tax outgo. So, here is Tax Saving Tips for a Salaried person to maximize tax saving.

Income Tax Exemption for Salaried Person

The first thing you should do as a salaried person is to take maximum advantage of available tax exempted allowance/reimbursements. In order to take this benefit, you must be aware of such allowances. So, here is a detail of all applicable tax exempted allowances.

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Section 80GG – Exemption in respect of house rent paid, who have not get H.R.A., With Automated Master of Form 16 Part B for F.Y.2016-17

Latest Amended U/s  80GG have raised the limit from 2000/- to Rs. 5000/- as per Finance Bill 2016-17

  • Only individual and HUF are allowed exemption under this section.
  • Only rent paid for purpose of residence of assessee himself is considered under this section.
  • If an individual is a salaried employee and receives House Rent Allowance(HRA) at any time during the previous year, he is not eligible for deduction.
  • The individual, his spouse or minor child (including step or adopted child) or HUF of which he is a member must not own a residential accommodation at a place where he ordinarily resides or performs duties of his office or employment or carries on his business or profession.
  • Also if the assessee (only assessee not any other person mentioned above) owns a residential accommodation at any other place but claims it as a self-occupied property under head House Property, the exemption is not available under this section.
  • Declaration of form 10BA is required to be filed.

Calculation of deduction:-

The amount deductible is least of the following:-

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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 F.Y. 2016-17 A.Y. 2017-18 Exemptions, Deductions and Rebate for Salaried Employees for F.Y. 2016-17 A.Y. 2017-18, With Automated All in One TDS on Salary for Govt and Non-Govt employees for F.Y.2016-17

Income Tax F.Y.2016-17 A.Y. 2017-18, Exemptions, Deductions and Rebate for Salaried Employees under Section 10, Section 24, Section 89(1), Chapter VIA, and Section 87A as per the Finance Bill 2016-17.

Section 80C – Subject to the overall limit of Rs. 1,50,000 under Section 80CCE.

For investments in specified schemes, saving instruments etc.U/s 80C

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Employee’s Salary Structure