Income Tax Software 2017-2018 Updated for AP & TS Teachers. Income Tax for the Financial Year 2017-2018, the Assessment year 2018-2019. No change in the Income Tax slab rates and exemption limit of for individual personal in Assessment Year 2017-18 and Financial year 2016-17.
There is no change in the rate of Education cess and Secondary 2% and Higher Education Cess 1%. Housing loan principal amount exemption on Housing loan interest deduction from income tax 2015-16. Education loan and Two children Tuition fees reimbursement No Tax.Income Tax Software 2018-2019 Updated for AP & TS Teachers.
INCOME TAX 2018-2019 Slab rates:
Income Tax slab rates for the individual below 60 years for the assessment year 2017-18
- 0 to 250000 – No Tax
- 2,50,001 to 5,00,000 – 5%
- 5,00,001 to 10,00,000 20%
- 10,00,001 to and above
Income Tax Slabs For the Senior citizen 60 to 80 years for the Assesment year 2017-2018
- 0 to 3,00,000 – No Tax
- 3,00,001 to 5,00,000 – 5%
- 5,00,001 to 10,00,000 – 20%
- 10,00,001 and above
80C and 80CCE Max Exemption up to Rs.1,50,000 (savings):
Savings up to Rs.1,50,000 in PF, VPF, PPF Employee contribution in NPS, Insurance Premium, Housing loan principal repayment, NSC, ELSS, long-term bank Fixed Deposit, Post Office Term Deposit, etc. are deductible from the taxable income. There is no limit on individual items; all one lack can be invested in NSC or PPF etc.Income Tax Software 2018-2019 Updated for AP & TS Teachers.
- Pension Funds or Pension Policies Section 80 CCC.
- Infrastructure Bonds.
- NABARD rural bonds.
- Senior Citizen Savings Scheme 2004 (SCSS) Income Tax Deductions Section wise
- Provident Fund-PF & Voluntary Provident Fund-VPF.
- Postal Life Insurance-PLI
- APGLI – TGLI
- Life Insurance Premiums
- Unit-linked Insurance Plan
- Public Provident Fund-PPF
- National Savings Certificate-NSC
- Home Loan Principal Repayment & Stamp Duty and Registration
- Tuition fee for 2 children
- Equity Linked Savings Schemes
- Five(5) years bank deposits-FDS
Income Tax Deductions SECTIONS wise Details :
- For amount deposited in annuity plan of LIC or any other insurer for the pension from a fund referred to in Section 10 -23AAB-80CC
- Employee’s contribution to NPS account (maximum up to Rs 1,50,000)-80CCD(1)
- Employer’s contribution to NPS account – Maximum up to 10% of salary – 80CCD(2)
- The additional contribution to NPS – Rs.50,000 – 80CCD(1B)
- Interest Income from Savings account – Maximum up to 10,000 – 80TTA(1)
- For rent paid when HRA is not received from employer – Least of rent paid minus 10% of total income Rs.5000/- per month 25% of total income – 80GG
- Interest on education loan – interest paid for eight years – 80E
- Interest on home loan for first-time homeowners – Rs 50,000 – 80EE
- Rajiv Gandhi Equity Scheme for investments in Equities – Lower of 50% of amount invested in equity shares or Rs 25,000 – 80CCG
- Medical Insurance Self, spouse, children Medical Insurance, Parents more than 60 years old or (from Financial Year 2015-16) uninsured parents more than 80 years old – Rs.25,000, Rs.30,000 – 80D
- Medical treatment for physically disabled dependent or payment to specified scheme for maintenance of physically handicapped dependant Disability is 40% (forty) or more but less than 80%, Disability is 80% or above – Rs.75,000, Rs.1,25,000 – 80DD
- Self-suffering from disability Individual who has a physical disability (including blindness) or mental retardation. Individual suffering from severe disability – Rs.75,000, Rs.1,25,000 – 80U
- Contribution by companies to political parties – Amount contributed (not allowed in cash) – 80GGB
- Contribution by individuals to political parties – Amount contributed (not allowed in cash) – 80GGC
- Deductions Income by way of Royalty of a Patents – Lower of Rs.3,00,000 or income received – 80RRB
Teachers INCOME TAX Softwares AP/TS FY 2017-2018 Final Updated Versions 15-2-2018- Download:
(Updated Softwares): Final Updated Versions 15-02-2018
- KSS PRASAD Sir – Software – Download
- C.RAMANJINEYULU Sir – Software – Download
- PUTTA SRINIVAS REDDY Sir – AP – Software – Download
- PUTTA SRINIVAS REDDY Sir – TS – Software – Download
- K VIJAY KUMAR Sir – AP – Software – Download
- K VIJAY KUMAR Sir – TS – Software – Download
- Perumal Ramanjineyulu Sir – Mobile Tax Software – Download
Read Also: previous years Income Tax Software 2018-19 IT returns for AP and Telangana Teachers and Employees