In India, income tax is a tax levied on the financial income of individuals and businesses. The tax is imposed by the central government and is administered by the Income Tax Department.
In India, there are different tax rates for different levels of income. For example, individuals with an annual income of up to INR 2.5 lakh (about $3,400) are not required to pay any income tax.
For individuals with an annual income between INR 2.5 lakh and INR 5 lakh (about $6,800), the tax rate is 5%. For incomes between INR 5 lakh and INR 10 lakh (about $13,600), the tax rate is 20%, and for incomes above INR 10 lakh, the tax rate is 30%.
In addition to these tax rates, individuals are also required to pay a surcharge on their tax if their annual income exceeds INR 50 lakh (about $68,000). The surcharge ranges from 10% to 37% depending on the individual’s income level.
In India, businesses are also required to pay income tax on their profits. The tax rate for businesses depends on the type of business and the amount of profits. For example, the tax rate for companies is 22%, and the tax rate for partnerships and sole proprietorships is 30%.
Income tax in India is typically paid in installments throughout the year, rather than all at once. Individuals and businesses are required to file an income tax return each year to report their income and pay any taxes owed.
It is important for individuals and businesses in India to understand their income tax obligations and to seek professional guidance if needed. Failure to pay income tax can result in fines and penalties.
APMS IT Income Tax Software Programme has been developed by Sri Ch Venkat Ramana Murty. APMS IT Income Tax Software Programme program is generated with the aim of assisting the APMS employees to ready the Income Tax Calculations without delay.
This program is prepared based on the Tax Slabs & Tax Rebate as declared in Finance Acts for the financial year 2019-2020. This program is limited to Rupees 50,00,000 of taxable income. Hopefully, all of us come under this range.
After complete filling of the Data Sheet, the program concludes on HOW MUCH TAX IS TO 4 BE PAID IN THE FINANCIAL YEAR 2019-19. This program is integrated with FORM-10E calculations (OPTIONAL). Formats of Forms 10-IA & 10-I are included.
The Form-16 generated by this program contains the following blanks: (i) The Acknowledgement Numbers of the Quarterly Returns in the sheet “Form-16-Pagel” and (ii) The details of the Tax Deducted and Deposited into the Central Government Account.
These blanks may be filled appropriately by DDO during April-May’ 2020 and then issue the Form-16 to the employees if TAXES PAID THROUGH TAN. Note : The taxes should be paid by the DDO to the GOI within dates specified and file TDS returns before stipulated date.
There was a restriction on the Arrear Component Entries to be non-negative. Many of the staff members has some arrear components in negative. So RESTRICTION ON ARREAR COMPONENT ENTRIES IS REMOVED. Note: The Arrear Component Entry Restrictions are updated as per the queries raised by many staff members across the state
For queries/suggestions, kindly contact via SMS / WHATSAPP to 9247248544. DISCLAIMER : The developer of this program do not hold any responsibility for errors that may arise. The responsibility of correctness is solely held with the Assessee (Employee) and the concerned DDO. Hence, it is advised to verify the Printed Documents by the individual and the DDO (or A Tax Consultant on behalf of the DDO) before submission.
Direct Link: Download IT Income Tax Software Programme (link)
Steps to use APMS IT Income Tax Software Programme: Step 1: Finalise the Salary Bills upto the month of Jan-2020 (if not done) as we need this information in this program.
Step 2: Enter the Dates of generating & Select the MODE OF TAX PAYMENT – with TAN” or “without TAN” in Data Sheet. Kindly fill in the GREEN/YELLOW/ORANGE/BLUE CELLS of Data Sheet in the following order.
Step 3: Fill in the BASIC DATA. PAN of the House Owner is must if you are paying Annual House Rent > Rupees 1 Lakh. Step-4 Fill in the INCOME PARTICULARS as per Office Records. If there is any TAX(TDS) deducted from your salaries for the months of Mar-2019 to Jan-2020, the corresponding deduction must be entered in the TDS column (YELLOW cells). The balance tax payable will automatically be shown in TDS for the month of Feb-2020.
Step 5: Fill in the DEDUCTION ON HOUSE PROPERTY INTEREST. Please make a note that HRA deduction and Housing Loan Interest Deduction cannot be claimed simultaneously. If you need to claim both simultaneously, please seek the assistance of an authorized consultant or CA before claiming.
Step 6: Fill in the DEDUCTIONS under CHAPTER-VIA. Step 7: Check the TOTAL TAX & TDS payable that is displayed.
Step 8: If you are adding any Arrears in INCOME PARTICULARS and a part/whole of such arrears belong to previous financial year(s), then you may claim TAX RELIEF U/S 89(1). For it, select whether you want to claim TAX RELIEF (Yes/No).
IF YES, fill in the ORANGE CELLS by referring to the ITR’s of previous year(s) & fill the BLUE CELLS with the Arrear Amounts financial year wise by referring to office copy of the Arrear Bills and find the TAX RELIEF at the bottom. IF NO, leave the ORANGE & BLUE CELLS with values as ZEROES.
Step 9: Finally, take the prints in A4 : Annexure-I, Annexure-II, Form-12BB, Rent Receipt (if claiming) and Form-10E (along with Annexure-I, Table-A, Arrear Split Statement & Calculation Tables) (if claiming).
Also attach the self-attested copies of: PAN of self, Receipts /Evidences /Declaration of Deductions under Chapter VIA, Bank Certificate of Home Loan Principal & Interest separately (if claiming), PAN of house owner (if rent paid > Rs. 1,00,000) & previous ITR’s (if claiming relief u/s 89(1)) etc. Form-l6 Page1 & Form-16 Page 2 shall be printed and issued to employees after filing TDS RETURNS.
- APMS IT Income Tax Software 2020
- 3 TDS-Schedule 2020
- APMS IT Income Tax Software 2019
- APMS IT Income Tax Software 2019
1) HRA-Deduction calculation is made to depend on PAY-DA-HRA of current FY income only.
2) HRA-Deduction-Certificate u/s 10(13A) is annexed along with Rent Receipt.
3) The Arrears of Past FYs are separated in Annexure-I and sufficient rows are inserted for arrears.
4) 10E calculations are corrected accordingly.
5) The TDS payable for the salary month of Feb-2020 is highlighted at the end in ANNEXURE-II.
6) Deductions under Chapter-VIA are modified according to the Circular No 1/2020 by CBDT.
7) IR Entries are permitted in Salary Particulars.
8) Arrear Split Statement format is included.
9) Some minor errors are corrected and User Interface is improved.