October 24, 2020

Itax Software

Income Tax Software

Download Automated Income Tax Preparation Excel Based Software for West Bengal Govt Employees for F.Y. 2018-19 With personal finance – Highlights of Budget 2018

1. No change in income tax slabs for individuals
Stating
that the government had made many positive changes in the personal
income tax rate applicable to individuals in the last three years, Mr.
Jaitley left the income tax slabs unchanged in this Budget.
2. Cess on income tax hiked to 4%
The
budget has proposed to hike the cess on income tax from 3% to 4%
thereby increasing the tax payable by all categories of taxpayers. Due
to this change, the tax liability for highest tax bracket (assuming Rs
15 lakh income) goes up by Rs 2,625.
For
middle-income taxpayers (between Rs 5 lakh and Rs 10 lakh) the tax
liability increases by Rs 1,125 and for lowest tax brackets (Rs 2.5
lakhs to Rs 5 lakhs) by Rs 125.
3. Standard deduction reintroduced
Budget
2018 has proposed to provide a standard deduction of Rs 40,000 from
salary income to employees. The standard deduction is essentially a flat
amount subtracted from the salary income before calculation of taxable
income. The standard deduction was a part of the Income-tax Act until
former finance minister, P. Chidambaram, withdrew it in the Union budget
of 2005-06.

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4. Medical reimbursement and transport allowance knocked out of your salary
While
the Budget 2018 proposes to provide a standard deduction of Rs 40,000
from salary income to employees, it also proposes to take away existing
annual transport allowance of Rs 19,200 and Rs 15,000 medical
reimbursement. Prima facie income exempted from tax after setting off
the gain and loss is Rs 5,800 only. The tax saved for each employee on
this income would depend on the tax slab that income falls into.
Consequently, individuals with income above Rs 5 lakh would end up
shelling out more tax after taking into account the standard deduction,
the removal of the allowances and the increase in cess.
5. EPF contribution of new women workers capped at 8%
Women
joining the workforce for the first time will have to contribute only
8% instead of 12% or 10% as the case may be, for the first three years.
The proposed move will enhance their take-home pay. Further, for new
employees coming under the ambit of EPFO would be provided 12 percent
contribution from the government.
6. Section 80D limit proposed to be hiked to Rs 50,000 for senior citizens & Less than 60 Years categories Max Rs. 25,000/-
The
limit of deduction under section 80 D for senior citizens has been
proposed to be hiked Rs 30,000 to Rs 50,000. This is good news for
senior citizens.
7. Exemption of interest income on deposits to be hiked for senior citizens

It
has been proposed to hike the exemption on the interest income on bank
and post office deposits for senior citizens from Rs. 10,000 to Rs.
50,000. This is for all FDs and RDs.

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