Income Tax Software 2017-2018 Updated for AP & TS Teachers

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Income Tax Software 2018-2019 Updated for AP and TS Teachers
Income Tax Software 2018-2019 Updated for AP & TS Teachers

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

  1. 0 to 250000 – No Tax
  2. 2,50,001 to 5,00,000 – 5%
  3. 5,00,001 to 10,00,000 20%
  4. 10,00,001 to and above

Income Tax Slabs For the Senior citizen 60 to 80 years for the Assesment year 2017-2018

  1. 0 to 3,00,000 – No Tax
  2. 3,00,001 to 5,00,000 – 5%
  3. 5,00,001 to 10,00,000 – 20%
  4. 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

  1. KSS PRASAD Sir – Software – Download
  2. C.RAMANJINEYULU Sir – Software – Download
  3. PUTTA SRINIVAS REDDY Sir – AP – Software – Download
  4. PUTTA SRINIVAS REDDY Sir – TS – Software – Download
  5. K VIJAY KUMAR Sir – AP – Software – Download
  6. K VIJAY KUMAR Sir – TS – Software – Download
  7. 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

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