Income Tax Software 2018-19 for AP, TS Employees.Pay tax in advance IT returns the financial year 2018. This software is useful for teachers and employees for Andhra Pradesh and the Telangana States.
Rates of income tax for the Financial year 2017-2018 assessment for the year 2018-2019. No change in the Income Tax Slabs rate and exemption limit for Individual Person in Assessment Year 2017-18. There is no change in the rate of Education Cess and Secondary Higher Education Cess 1% on.
Why need employees pay tax advance?
Many of the teachers and employees in the Telugu states increased salary after implementation of PRC 2015. Without pay, IT returns at the end of February 2018 their salaries won’t credit for the month of February 2018.
Housing Loan amount Exemption and loan Interest Deduction for the year 2017-2018. No tax on educational loan and Two Children Tuition fee reimbursement.Tax Slabs for the Individual (Below 60 Years Age) for the Assessment Year.
How to calculate tax exemption for HRA? The maximum House Rent Allowance that can be claimed for tax exemption is min. of Actual HRA Received or 40% (50% for metros) of Basic + Dearness Allowance or Rent paid (-) 10% of (Basic + D.a). Read Also: Aadhaar Card Attached to PAN Card Last Date Extended to 31st December
How to calculate Income Tax Software 2018:
AP, TS Employees Basic Pay : Rs.603860, DA : Rs.160824, HRA : Rs.72463 << Data taken from Annexure -I Actual House Rent paid per annum Rs.8300 X 12 Months = Rs.99600 10% of salary(B.P+DA)>> (Basic Pay Rs.603860+ D.A Rs.160824) X 10% = Rs.76468 Actual House Rent paid Rs .99600 – 10% of Salary Rs.76468 = Rs. 23132.
Save Tax U/s 80C, Section 80CCC, Section 80CCD of the Income Tax Act The maximum collective deduction is Rs. 1,50,000. Public Provident Fund Accounts 5 Year Tax Saving Fixed Deposit Pension Plans Contribution to Employee P.F. Life Insurance Policy National Savings Certificate (NSC). Equity Oriented Mutual Fund You can avail the benefit of deduction u/s 80C by investing in the following schemes (Max Rs.1,50,000/-) Employee/ Voluntary Provident Fund (EPF/VPF) PPF (Public Provident fund) etc. Download Here Tax Software.
Updated on 31-01-2018
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