October 30, 2020

Itax Software

Income Tax Software

Download Automated Income Tax All in One TDS on Salary for Govt & Non-Govt Employees for F.Y.2019-20 With Tax Rebate Under Section 87A

Income Tax Act, which was brought into force in 1961, is the statute under which all matters relating to taxation in India are listed. It includes levy, administration, collection as well as recovery of income tax. Section 87A, one of the several sections of the Income Tax Act, was inserted by the Finance Act, 2013, to provide tax relief to individual taxpayers. Rebate under Section 87A provides for lower tax payment from individuals earning below a specified limit.
According to the Income Tax Department, “An individual who is resident in India and whose total income does not exceed Rs. 5,00,000/- is entitled to claim rebate under section 87A. Rebate under section 87A is available in the form of a
deduction from the tax liability. Rebate under section 87A will be lower of 100% of income-tax liability or Rs. 12,500. In other words, if the tax liability exceeds Rs. 12,500, rebate will be available to the extent of Rs. 12,500 only and no rebate will be available if the total income
(i.e. taxable income) exceeds Rs. 5,00,000/-.”

Important Points of Section 87A of the Income Tax Act, 1961

The following are some of the noteworthy points of Section 87A of the Income Tax Act, 1961:
·         The
amount of deduction that can be claimed under this section is either
100% of the income tax liability of Rs. 12,500 (whichever is lower).
·         The rebate is applicable to total tax prior to adding the educational cess of 4%.
·         Only
individuals are eligible to avail rebate under this section. Companies,
firms or Hindu Undivided Family cannot claim this rebate.
·         Rebate benefit is available to senior citizens (individuals above the age of 60 years and below 80 years)
·         Super senior citizens (individuals above the age of 80 years) are not eligible for a rebate under Section 87A.
·         Only Indian residents are permitted to claim this rebate, NRIs are not allowed rebate under Section 87A.

Claiming Refund under Section 87A of the Income Tax Act, 1961

rebate under this section is allowed to taxpayers – being a resident
individual – whose net total income is below Rs. 5,00,000/-. The rebate
available is up to Rs. 12,500 or 100% of
the income tax, whichever
is lesser. The taxpayer can claim the rebate at the time of filing tax
returns, prior to including education cess, secondary and higher
education cess.

Eligibility Criteria to get Benefits under Section 87A

For FY 2019-20
An individual is eligible to claim a rebate under Section 87A provided he or she meets the following conditions:
1.      The individual must be an Indian resident.
2.      His or her total income, fewer deductions under Section 80, has to be below or equal to Rs. 5,00,000/-.
– The rebate that can be claimed is limited to Rs.12,500. This means
that if the total tax payable is below Rs 12,500/-, that amount will be
the rebate under section 87A

All in One TDS on Salary for Govt & Non-Govt Employees for the
Financial Year 2019-2020 and Assessment Year 20120-2021 With Automated
Arrears Relief Calculator U/s 89(1) for F.Y. 2019-20

 The feature of this Excel Utility is the following:-

1) This Excel Utility can prepare automatic Tax Calculation as per new Finance Budget 2019
2) The Salary Structure as per the All of Govt and All Non-Govt (Private) employee’s Salary Pattern
3) Automated Individually Salary Sheet for each Employee
4) Automated Income Tax Salary Sheet for each Employee 
5) This Excel Utility calculate your House Rent Exemption Calculation U/s 10(13A)
6) Automated Income Tax Form 16 Part A&B for F.Y. 2019-20 in New Format
7) Automated Income Tax Form 16 Part B for the F.Y. 2019-20 in New Format
8) Automated Arrears Relief Calculator U/s 89(1) with Form 10E from the F.Y. 2000-01 to F.Y. 2019-20(Updated Version)

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