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 ]
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 ofINR 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 Section80Cand 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 latestbudget, theFinanceMinister of India announced that anadditional deduction of INR 50, 000would be available to new house owners. Section80EEwould offer the additional deduction provided the cost of a house is not greater than INR 50, 00, 000 and the loan sanctioned amount isnot 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]
For the financial year 2013-14 and Assessment Year 2014-15, have some changed in Income Tax Section and also change the Form 16 Format from the financial year 2012-13 and on wards. As per the New Finance Budget 2013 have introduce some Income Tax Section as well as the great benefits for Tax Rebate U/s 87A which Maximum Tax rebate Rs. 2,000/- who’s total Taxable Income less than 5,00,000/-. The Section 80EE have also introduce regarding the New House Building Loan Interest who have got the HBL interest after 1/4/2013 and the Maximum Limit Rs.1,00,000/- excluding the U/s 24B where the get the benefits as HBL interest Max Limit Rs. 1,50,000/-.
In this regard it necessary to calculate the Income Tax liability of an each employees Govt and Non Govt employees for the Financial Year 2013-14 and Assessment Year 2014-15.You should plan for how to relief the Tax Liability from the depositing the various invest.
Below Given Excel Based Software can prepare at a time 50 employees Tax Computed Sheet with the preparation of form 24Q and 26Q (Quarter ended) statement.