November 25, 2020

Itax Software

Income Tax Software

Enhanced the Limit of Tax Slab and Section 80 C with New Tax Slab for the Financial Year 2014-15 as per the New Central Budget 2014-15 with Automated All in One TDS on Salary for All State Employees for FY 2014-15

Click here to Download the All in One TDS on Salary for the Financial Year 2014-15 for All State Employees ( This Excel Based Software can prepare at a time your Tax Compute Sheet + Individual Salary Sheet + Individual Salary Structure as per all State Govt Salary Pattern + Arrears Relief Calculator+ Form 10E + Automatic Form 16 Part A&B and Part B) For the Financial Year 2014-15)



New Delhi, Jul 10: Finance
Minister Arun Jaitley announced the first Union Budget of Narendra Modi
government on Thursday. The Union Budget was similar to the Rail Budget
passed by Railway Minister D V Sadananda Gowda, concentrating more on
development and growth, avoiding populist measures taken by the previous
governments. The Union Budget 2014 saw few changes in the tax exemption
limits.

Following
is the table indicating the impact of changes in income tax provisions
proposed by Finance Minister Arun Jaitley in the Budget 2014-15. Tax
exemption limit has been raised to Rs 2.5 lakh from Rs 2 lakh.
1) Here’s the tax slab for Individual Tax Payers:
Income Age (< 60 Years)
Tax Rate
Impact
Up to Rs 2,50,000
NIL
Rs. 5,000 (Savings)
Rs 2,50,001 to Rs 5,00,000
10 per cent
Rs. 5,000 (Savings)
Rs 5,00,001 to Rs 10,00,000
20 per cent
Rs. 5,000 (Savings)
Above 10,00,000     
30 per cent
Rs. 5,000 (Savings)
Here’s the tax slab for Senior Citizens:
Income (For Senior Citizens)(>60 & < 80 Years)
Tax Rate
Impact
Up to Rs 3,00,000
NIL
Rs. 5,000 (Savings)
Rs 3,00,001 to Rs 5,00,000
10 per cent
Rs. 5,000 (Savings)
Rs 5,00,001 to Rs 10,00,000
20 per cent
Rs. 5,000 (Savings)
Above 10,00,000     
30 per cent
Rs. 5,000 (Savings)
Tax Slab for an Individual (resident & above 80 years)

Income Slabs (> 80 Years)
Tax Rates
Total income up to Rs. 5 Lac
0% Tax
Total income above Rs. 5 Lac and below Rs.10 Lac
20% on Income exceeding Rs. 5 Lac
Total income more than Rs. 10 Lac
30% on Income exceeding Rs. 10 Lac + Rs. 1 Lac

2. Hike deduction limit under Section 80C of the Income Tax Act:

This
section gives tax breaks to long-term financial savings instruments
such as housing loan repayment, five-year and above tenure fixed
deposits, provident funds (PFs) and life insurance policy
premiums. According to Ambit, Mr Jaitley should incentive financial
savings by expanding the current Section 80C limit from Rs. 1 lakh
to Rs. 1.50 lakh. PwC has called for doubling of deduction under 80C
to Rs. 2 lakh. An increase in 80C limits will increase domestic savings,
which can be utilised for infrastructure development
.

3. Increase in exemption limit for housing loan interest:

Currently,
interest up to Rs. 1.50 lakh on home loan for self-occupied property is
tax free. Analysts say the current ceiling should go up toRs. 4 lakh
or Rs. 5 lakh to account for the sharp rise in property prices over the
last ten years. Enhancing interest exemption limit will increase
affordability and benefit the entire real estate sector, which
contributes nearly 6 per cent to the GDP.

4) Kissan Vikas Patra (KVP) to be reintroduced in the Section 80C


5) The Tax Rebate Rs.2,000/- U/s 87A  will be continued for the Financial Year 2014-15
also.


6) The Tax Section 80EE ( Tax relief from HBL Interest up to Rs. 1 Lakh in addition to 24B) is also available for the financial year 2014-15

Click here to Download the All in One TDS on Salary for the Financial Year 2014-15 for All State Employees ( This Excel Based Software can prepare at a time your Tax Compute Sheet + Individual Salary Sheet + Individual Salary Structure as per all State Govt Salary Pattern + Arrears Relief Calculator+ Form 10E + Automatic Form 16 Part A&B and Part B) For the Financial Year 2014-15)

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