Income Tax Software 2021-2022 for IT Calculation (AP, TS Employees)

Download Income Tax Software 2021-2022 for calculation of IT from here for Financial Year 2020-2021 – the Assessment Year 2021-2022. Instructions should be followed for using the IT Software which was given in IT program file. Always use a new copy for preparation of IT Bill. Enter the particulars in IT Software datasheet very carefully with one by one column.

If you found anyone on it not related of you please ignore them in it. Don’t use once used copy because there may be broken links which may lead to software wrong. Final Version IT Software are available soon here.

“Finance Act 2013 provided relief in the form of rebate to individual taxpayers, resident in India, who are in the lower-income bracket, i. e. having total income not exceeding Rs 5,00,000/-. The amount of rebate is Rs 2000/- or the amount of tax payable, whichever is lower. This rebate is available from A.Y. 2015-16 and subsequent assessment years.”

Income Tax Information: Finance Act 2014 has made the following changes relating to the determination of Income Tax payable by Salaried Employees:

1. Taxable Income eligible for full exemption from income tax increased from Rs. 2 lakh to Rs. 2.5 lakh
2. Additional deduction of Rs. 50,000 under Section 80 C, CCC, CCD(1): Deduction allowed under Section 80C, 80CCC, and Section 80 CCD(1) for savings/investments, premium for annuity / pension fund and employee contribution to NPS respectively has been increased to Rs. 1.5 lakh from Rs. 1 lakh (Section 80CCE Limit)
3. Income Tax exemption on Interest paid on housing loan under Section 24 of the Income Tax Act increased from Rs. 1.5 lakh to Rs. 2 lakh
4. In addition to the above three new changes, Income Tax Rebate of Rs. 2000 for taxable income up to Rs. 5 lakh continues this year also under Section 87A of Income Tax Act

IT Income Tax Software 2021-2022:

IT Software 2020-2021: IT Excel Program file links are provided for download. If anyone prepared on this, please send to the email: teachersbadi.in@gmail.com and also user can read the information and download excel files with out any hesitate.

K Vijay Kumar Income Tax Program 2021-2022	Download File
KVK AP Employee IT Software 2021	Get The File for AP
KVK TS Employee IT Software 2021	Get The File for TS
Pensioner IT Software 2021	Pensioner IT Software
Minority Welfare CPS Employee IT Software 2021	Get the File

Prepared by	Download File
KSS Prasad IT Software 2021-2022 (Final)	Get The File
BS Chary IT Software 2021-2022 (Desktop version)	Get The File AP & TS
BS Chary IT Excel Program 2021-2022 (Mobile Version)	Get The File AP & TS
Seshadri IT Software 2021-2022	Get The File AP & TS
PUTTA IT Software 2021-2022 for TS Employees	Get The File
PUTTA IT Software 2021-2022 for AP Employees	Get The File
PUTTA IT Software for Contract JL 2021-2022	Get The File
PUTTA IT Software for Pensioners 2021-2022	Get The File
APMS IT Income Tax Software 2021-2022	Get The File
JAYARAM IT 2020-21 SOFTWARE (FINAL)	Get The File

The list of IT Software have been provided here in the above tables for FY 2020-2021 prepared by above said persons. This allows you to assess Income Tax through the option in the Old / New Regime.

Those with an annual income of less than Rs.6 lakh and above Rs.18 lakh are advised to do IT calculation with 7 level IT slabs in New Regime. Also those with annual income above Rs.6 lakh and above Rs.18 lakh are advised to do Income Tax calculation in Old Regime.

IT can be computed with / without DA Arrears (@ 30.392%) coming in January, February 2021. No Savings other than CPS, Conveyance Allowance will be Allowed in New Regime. All Savings like Standard deduction, PT, CMRF, Housing loan interest, Section 80E, 80DDB, 80 U, 80DD, 80CC, 80G are Allowed in Old Regime. According to 87A of the New Regime, Relief is Rs12,500 so there will be no IT up to a net income of Rs.5 lakh.

Every Employee can use this Software facility. Every employee can download the software individually for using this for IT Calculation.

PDF Files – Forms

1. IT Calculation Process 2020-2021 by PRTU AP
2. IT Section-wise Info 2020-2021
3. IT Income Tax Information in TELUGU
4. Income Tax Details in Telugu
5. IT Slabs and Calculation In Telugu 
6. Income Tax Rules in Telugu
7. IT Preparation Filling Form (IT Preparation Form New)
8. Data Capture for IT Calculation (IT Preparation Form)
9. Get Your ‘Total Yearly Salary” (PDF Form)
10. Income Tax Circular: Circulars page
11. IT Act 2017-2018
12. Brief description video on 80ccd (1) 80ccd(1b)&80ccd(2) in Telugu 
13. INCOME TAX DEPT CIRCULAR  FY 2019-2020

GAD Instructions on Income Tax 2021: Government Of Telangana General Administration (Claims – A) Department has given Circular.No.10 on Income Tax for deduction of Tax at source from salaries of Officers & Staff working in General Administration Department and salary particulars during the financial year 2020-21 (AY 2021-22).

A proforma for Self Assessment of Income Tax payable for the financial year 2020-21 (Assessment year 2021-22) has been communicated along with circular instructions to the all officers and staff of General Administration Department.

They have to submit their Income tax particulars in the prescribed statement in duplicate on before deadline so as to enable the Drawing & Disbursing Officer to take further action in the matter.

From 1st April, 2020 onwards a new tax regime under section 115BAC is concurrently introduced to provide for a concessional rate of tax on the total income. Hence from FY: 2020-21 (AY: 2021-22) there are two are operative tax regimes.

• Old Tax Regime
• New Tax Regime

I. One is the old tax regime shown below, where are all the applicable deductions and exemptions are available and the tax rates per the tax specified in the Finance Act, 2020.

Income Level	Income Tax Rate
Where the total income does not exceed Rs.2,50,000/-.	NIL
Where the total income exceeds Rs.2,50,000/- but does not exceed Rs.5,00,000/-	5% of amount by which the total income exceeds Rs.2,50,000/-
Where the total income exceeds Rs.5,00,000/- but does not exceed Rs.10,00,000/-	Rs.12,500/- + 20% of the amount by which the total income exceeds Rs.5,00,000/-
Where the total income exceeds Rs.10,00,000/-	1,12,500/- + 30% of the amount by which the total income exceeds Rs.10,00,000/-

II. Second One is the new tax regime shown below, Section 115AC(l) of the Income Tax Act, 1961 provides an options for assesses to opt for the rates of Income Tax applicable for Financial Year 2020-21 (AY: 2021-22)

Income Level	Income Tax Rate
Up to Rs.2,50,000/-.	NIL
From Rs.2,50,000/- to Rs.5,00,000/-	5%
From Rs.5,00,000/- to Rs.7,50,000/-	10%
From Rs.7,50,000/- to Rs.10,00,000/-	15%
From Rs.10,00,000/- to Rs.12,50,000/-	20%
From Rs.12,50,000/- to Rs.15,00,000/-	25%
Above Rs.15,00,000/-	30%

Note: 1. Employees should exercise an option in writing to claims section on or before 31.01.2021 regarding the rates of Tax to be applied in respect of their taxable income.

2. Option once exercises shall be final and can be alter only at the time of filing IT Return for FY :2020-21 (AY 2021-22) with Income Tax Department.

Such Employees opting for the New Tax Regime will have to forego the following:

Exemptions and Deductions:

• The Standard deductions Professional Tax and Entertainment Allowances on Salaries.
• Leave Travel Allowance(LTA)
• House Rent Allowance
• Children Education Allowance
• Other Special Allowances
• Interest on Housing Loans on the Self Occupied property or Vacant property(Section24)
• Chapter VI-A deductions (80C,80D,80E and so on) Exception Section 80CCD(2) and 80JJAA)
• Any other Allowances.

Tax Rates For A Senior Citizen Who Is 60 Years Or More But Less Than 80 Years Are As Follows:

Income Level	Income Tax Rate
Where the total income does not exceed Rs.3,00,000/-.	NIL
Where the total income exceeds Rs.3,00,000/- but does not exceed Rs.5,00,000/-	5% of amount by which the total income exceeds Rs.3,00,000/-
Where the total income exceeds Rs.5,00,000/- but does not exceed Rs.10,00,000/-	Rs.10,000/- + 20% of the amount by which the total income exceeds Rs.5,00,000/-
Where the total income exceeds Rs.10,00,000/-	1,10,000/- + 30% of the amount by which the total income exceeds Rs.10,00,000/-

Relief (Rebate) U/ S 87 A (Total income does not exceed 5 lacs. The amount of rebate shall be 100% of income tax or Rs.12,500/- whichever is less.

Surcharge: C.P.S:- If total income of an assessee up to 50 Lacs – NIL , more than 50 Lacs but upto 1 crore 10%

CESS: 4% of the income tax (Health Cess and 2%, Education Cess)

CPS: C.P.S subscribers submit NSDL Statement to G.A (Claims-A) Department on or before 31.03.2021.

Deductions under Section 80

Deductions	Under Section 80
New Pension Fund:- Payment subject to maximum of Rs.l to keep in force any annuity plan of the L.I.C. or any other insurer for Receiving pensions from the fund.	80CCC
80CCD(1 B): Any amount period in the National Pension Scheme(Pension Fund) upto Rs.50,000/-
80CCD (2) (CPS): Employee shall be allowed a deduction from his total income(Pay + DA) contributed by the Central Govt. subject to a limit of 10% of his salary(Pay + DA). This deduction shall be excluded from the limit of Rs. 1,50.000/-. Deductions under 80C, 80CCC and 80 CCD(I) shall not exceed FRS.
Medical Insurance – Any Premium paid by CHEQUE for medical insurance subject to a maximum of Rs.25,000/- (Rs.50,000/- in case of Senior Citizens)	80D
Handicapped dependant: -If any expenditure is incurred towards Treatment/ maintenance/rehabilitation of a physically handicapped/ Blind/ mentally retarded dependent relative, subject to maximum of Rs.75,000.(Rs.1 in the case of severe disability)	80DD
Deduction in respect of medical treatment: -Special Deduction of actual expenditure limited to Rs.40,000/- to the patient of guardian of a patient incurred on the medical transferred of such disease or aliment as may be specified in the Rules 1 IDD i.e Neurological diseases and 40% & above disability caused by Cancer, Full blown Aids, Chronic Renal Failure, Nemophiha & Thalasseamia. (This deduction cannot be taken into account bv the DDO)	80DDB
Education Loan:- Interest paid by an individual on loan taken for purpose of Higher Education, for self/Spouse/ChiIdren can be deducted till the loan is cleared or for 7 years whichever is earlier. There is no restriction on the amount that can be claimed.	80E
Handicapped Assessee:- If the employee is a person with disability, an amount of Rs.75,000/- or Rs.1,25,0000/- as the case may be, shall be deducted from the total income. The following disabilities are regarded as permanent physical disability:- a) Permanent physical disability of more than 50% in one limb; or b) Permanent physical disability of more than 60% in two or more limbs; or c) Permanent deafness with hearing impairment of 71 decibels and above; or d) Permanent and total loss of voice.	80U
Interest on HBL (Sec 24): Limit for deduction of Interest borrowed capital in respect of self occupied property, prior to 1-4-1999 was a maximum of Rs.30,OOO/-. This limit was raised to Rs.2.00 lakhs in cases where loan was obtained after 1-4-1999, provided that the construction/ acquisition is completed within three(3) years from the end of the Financial year in which the loan was borrowed. (Please furnish the copy of sanction letter) H.B.A (REPAIRS) Interest -maximum deduction allowable-Rs.30,000/-	24(b)
A deduction of maximum Rs. 10,000/- against interest income from 80 TTA savings A/c only with a bank, Co-operative Societ or Post office	80 TTA
A deduction from HRA is allowed, which is least of the following Sec. 10(1 3A) Actual HRA received. 40% of salary(Salary includes Pay and DA only) Actual Rent paid less 10% of salary. If annual rent paid by the employee exceeds Rs.1,00,000/-p.a, it is mandatory for the employee to produce rent receipt along with PAN NO. and Address of the HOUSE OWNER. In case the House owner does not have a PAN, a declaration from the House Owner along with the Name and Address of the House Owner.	Sec.10 (13A)

Scale & Basic Pay Details:

• Know your Salary Details: AP Employees
• Know your Salary Details: Telangana Employees
• Month wise Online Salary Particulars: Telangana Employees
• Income Tax:  Additional Rs.50000 Tax Benefit for NPS(CPS) Employees
• Read below: Income Tax Calculation for Financial Year (Assessment Year)

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IT Income Tax Software 2020-2021

Prepared by	Download File
K Vijay Kumar Income Tax Excel Program 2020-2021 (Software)	Get The File – AP Get The File – TS
KSS Prasad IT Software 2020-2021	Get The File
BS Chary IT Excel Program 2020-2021	Get The File AP & TS
Seshadri IT Software 2020-2021	Get The File AP & TS
PUTTA IT Software for Employees 2020-2021	Get The File – TS
PUTTA IT Software for Contract JL 2020-2021	Get The File
PUTTA IT Software for Pensioners 2020-2021	Get The File
APMS IT Income Tax Software 2020-2021	Get The File
Download IT Software	Income Tax Software

SLAB RATES:

A. Normal Rates of tax – Every Individual Less than of the age 60 Years

Income In	Tax
Upto Rs. 2,50,000/-	No Tax ( Nil )
Between Rs.2,50,001 to 5,00,000	5% (Total Income minus Rs.2,50,000)
Between Rs.5,00,001 to 10,00,000	Rs.25,000+ 20% of (Total income minus Rs.5,00,000 lakhs)
Above Rs.10,00,000	Rs. 1,25,000/- plus 30 per cent of the amount by which the total income exceeds Rs. 10,00,000/-

B. Every Individual up to 60 years to Less than of the age 80 years: (Senior Citizens)

Rates of tax for every individual, resident in India, who is of the age of sixty years or more but less than eighty years at any time during the financial year:

Income In	Tax
Upto Rs. 3,00,000/-	No Tax ( Nil )
Between Rs.3,00,001 to 5,00,000	5% Income in excess of Rs.3,00,000
Between Rs.5,00,001 to 10,00,000	Rs.30,000+ 20% of income in excess of Rs.5,00,000 lakhs
Above Rs.10,00,000	Rs.1,30,000+30% of income in excess of Rs.1,00,000

C. In case of every individual being a resident in India, who is of the age of eighty years or more at any time during the financial year: (Super Senior Citizens)

Income In	Tax
Where the total income does not exceed Rs.5,00,000/-	No Tax ( Nil )
Where the total income exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000/-	20 per cent of the amount by which the total income exceeds Rs. 5,00,000/-
Where the total income exceeds Rs. 10,00,000/-	Rs. 1,00,000/- plus 30 per cent of the amount by which the total income exceeds Rs. 10,00,000/-

Income Tax Assessment

Net income range	Income-tax rates	Surcharge	Education cess	Secondary and higher education cess
Up to Rs.2,50,000	Nil	Nil	Nil	Nil
Rs. 2,50,000 to Rs. 5,00,000	10% of (total income minus Rs. 2,50,000)	Nil	2% of income-tax	1% of income-tax
Rs. 5,00,000 to Rs. 10,00,000	Rs. 25,000 + 20% of (total income minus Rs. 5,00,000)	Nil	2% of income-tax	1% of income-tax
Rs. 10,00,000 to Rs. 1,00,00,000	Rs. 1,25,000 + 30% of (total income minus Rs. 10,00,000)	Nil	2% of income-tax	1% of income-tax
Above Rs.1,00,00,000	Rs. 28,25,000 + 30% of (total income minus Rs. 1,00,00,000)	10% of income-tax	2% of income-tax and surcharge	1% of income-tax and surcharge

Section 80C:

1. Life Insurance Premium
2. Premium / Subscription for deferred annuity For the individual, on the life of self, spouse or any child.
3. Sum deducted from salary payable to Govt. Servant for securing deferred annuity for self-spouse or child Payment limited to 20% of salary.
4. The contribution made under the Employee’s Provident Fund Scheme.
5. Contribution to PPF For the individual can be in the name of self/spouse, any child & for HUF, it can be in the name of any member of the family.
6. Contribution by an employee to a Recognised Provident Fund.
7. Sum deposited in 10 year/15 year account of Post Office Saving Bank
8. Subscription to any notified securities/notified deposits scheme. e.g. NSS
9. Subscription to any notified savings certificate, Unit Linked Savings certificates. e.g. NSC VIII issue.
10. Contribution to Unit Linked Insurance Plan of a Mutual Fund
11. Contribution to fund set up by the National Housing Scheme.
12. Housing Loan Principal amount paid
13. Tuition fees paid at the time of admission or otherwise to any school, college, university or other educational institution situated within India for the purpose of full-time education of any two children. Available in respect of any two children.

Section 80CCG: As per the Budget 2012 announcements, a new scheme Rajiv Gandhi Equity Saving Scheme (RGESS) will be launched. Those investors whose annual income is less than Rs. 10 lakh (proposed Rs. 12 lakh from A.Y. 2015-16) can invest in this scheme up to Rs. 50,000 and get a deduction of 50% of the investment. So if you invest Rs. 50,000 (maximum amount eligible for an income tax rebate is Rs. 50,000), you can claim a tax deduction of Rs. 25,000 (50% of Rs. 50,000).

Section 80E: Deduction in respect of Interest on Loan for Higher Studies

Section 80G: Deduction in respect of Various Donations 100% or 50% without Restrictions.

Section 80GGC: Deduction in respect of contributions given by any person to political parties. | – Source: Income Tax of India

I. Income Tax Slabs

A. Income Tax Slabs for Men and Women employees.
a. Up to Rs. 2.5 Lakhs – Nil
b. From Rs. 2.5 to 5 Lakhs @5%
c. From Rs. 5 to 10 Lakhs @20%
d. Above Rs. 10 Lakhs @30%

B. For senior citizens above 60 yrs.

a. Up to Rs. 3 Lakhs Nil
b. From Rs. 3 to 5 Lakhs @ 5%
c. From Rs. 5 to 10 Lakhs@20%
d. Above Rs. 10 Lakhs @30%

II. Surcharge and Cesses:

A. Surcharge @ 0% will be levied below Rs. 1 crore
B. Education Cess @ 3% on I.T. paid.

III. 100% Exemption from Income:

1. HRA as per formula u/s 10, (without counting D.A.)
2. Conveyance allowance u/s 10 Rs. 3,200/- p.m.
3. Medical Reimbursement, P.T. u/s 16,
4. Housing Loan interest upto Rs.1.5 Lakh u/s 24 (borrowed after 1-4-99) / interest upto Rs. 2 Lakh u/s 24 (if borrowed after 1-4-2014)
5. Interest on Education loan taken for self or dependents (spouse, son, daughter, brother) u/s 80E,
6. Contribution to CMRF/PMRF/U/s 80G,
7. P.P.F. Interest,
8. Retirement benefits.
9. LTC,
10. LPG subsidy

IV. Deductions allowed under chapter VIA from Income:

1. Health Insurance premium of self & Dependents up to Rs.25,000/ p.a. U/s 80D ( Rs. 30,000/- in case of senior citizens Expenses of Medical Treatment of Handicapped Dependent upto Rs. 75,000/ 80DD (for disability 80% or more deduction in Rs.1,25,000/).
2. Expenses of Medical Treatment for cancer, Heart, Neuro, AIDS, chronic Renal failure, Haemophilia for self or dependent upto Rs. 40,000/- U/s 80DDB (Form 10-1 need no be enclosed from the Govt. Civil Surgeon from Fy 15-16) Rs.60,000/- for senior citizen (DDOs CAN NOT ALLOW IT)
3. Physically Handicapped assessee (proper certificate should be enclosed) upto Rs. 75,000/- (for more than 80% disability Rs. 1,25,,000/-) may be exempted from income U/s 80U.V)
   TOTAL DEDUCTIONS UPTO 1.5 LAKH ONLY
4. Amount deposited for getting pension scheme upto Rs.1,50,000/- U/s 80CC (Ex. LIC,Pension Fund)
5. Premium to Contributory pension scheme upto 10% of the salary U/s 80CCD
6. U/s 80C SAVINGS (Total Rs. 1.5 Lakh only)
   LIC + PF +APGLI + NABARD BONDS + TAX SAVINGS Bonds + FIXED DEPOSITS FOR
   MORE THAN 5 YEARS + HOUSING LOAN PRINCIPLE + GIS + PLI + ICICI BONDS + IDBI BONDS +TUITION FEES OF TWO CHILDREN (limited to 1.5 Lakh)+ Sukanya Samrudhi Yojana (Maximum 1.5 lakhs). Maybe deducted FROM INCOME UPTO Rs. 1.5 Lakh (savings, U/s80CC+80CCD+80C should be less than Rs. 1,50,001/- only.

VI. NEW SECTION 80 CCG FROM FINANCIAL YEAR 2017-2018:

1. Maximum savings @ Rs. 25,000/- (on 50% ofRs. 50,000/-investment) for savings under Rajiv Gandhi equity share U/s 80CCG from this financial Year . Hence the limit of 80C + 80CC + 80CCD + 80CCG = 1.75 lakhs).

VII. u/s 80EE: deduction of an amount maximum Rs.1 lakh is allowable in respect of interest payable on home loan if it sanctioned in FY 2013-14 not exceeding Rs. 25 lakhs and the interest claimed for deduction under this section cannot be claimed u/s 24.

Income Tax Model Calculation

Income Tax Model Calculation Financial Year 2017-18 (A.Y. 2018-19). Details of income Tax Calculation for the salaried for the Financial Year 2015-16, Assessment Year 2016-17

1. Pay: Rs. 8,36,400
2. D.A.: Rs. 3,58,500
3. H.R.A.: Rs. 1,28,000
   • Total of Rs. 13,22,900
4. C.C.A.: Rs. —–
   • Total: Rs. 13,22,900
5. H.R.A.: (as per formula) (-) Rs. 92,000
6. P.T.: (-) Rs. 2,400
7. Housing loan interest: (-) Rs. NIL
8. CMRF/PMRF: (-) Rs. NIL
9. PH allowance: (-) Rs. NIL
10. Medical Reimbursement: (-) Rs. NIL
11. EWF/SWF: (-) Rs. 70
12. Interest on educational loan U/s 80E (-) Rs. 42,500
13. Health insurance premium U/s 80D (-) Rs. 13,400
    • Total (-) Rs. 1,50,370
    • Gross Income Rs. 11,72,530

Deductions under Chapter VI-A

1. U/s 80CC NIL
2. U/s 80CCD NIL
3. U/s 80U NIL
4. U/s 80C
   a) Housing loan principal: NIL
   b) P.F. 63,000
   c) GIS 720
   d) APGLI 12,000
   e) LIC 38,460
   f) PLI 5,400
   g) NSC Bonds 12,000
   h) PPF 12,000
   i) Tuition Fees (2 children) 32,000 limited to (-) 1,50,0005) U/s 80CCG (RGESS) NIL

• Net Income Chargeable under Head salaries(Gross Income – Total deductions allowed) Rs. 10,22,530
• Total 1,75,580

NOTE:

1. IT to be paid through IT Department challan/salary deductions
2. TDS e-filing may be made from any Registered IT Practitioner by DDOs
3. TAN & PAN should be taken by DDO. Any Returns to be filed with reference to TAN & PAN
4. Every employee should take PAN Cards (MANDATORY)
5. ALL employees NEED to file IT returns in SAHAJ FORM ONLY IF NET INCOME EXCEEDS 5 LAKHS
6. Every employee should submit FORM – 16 along with calculation sheet to DDO in 1/2016so as to enable him to make arrangements for TDS before 2/2016
7. Salary includes Pay, DA, HRA, IR, CCA, PH allowance, Addl. FP increments, arrears, surrender leave taken as per the acquittance from 03/2015 to 2/2016 and also PRC & Notional/AAS/DA/HRA/STEP UP arrears etc.
8. It is the responsibility of the DDO to deduct the TDS at the average rate of Income Tax as applicable before disbursing the salary. To enable e-filing of TDS returns, a free TDS return preparation software is available on sites & Income Tax department

Senior Citizen: Individual who is of the age of 60 years or more but below the age of 80 years at any time during the previous year

Super Senior Citizen: Individual who is of the age of 80 years or more at any time during the previous year

Exemption of House Rent Allowance: A salaried individual having a rented accommodation can get the benefit of HRA (House Rent Allowance). This could be totally or partially exempted from income tax. However, if you aren’t living in any rented accommodation and still continue to receive HRA, it will be taxable. If you couldn’t submit rent receipts to your employer as proof to claim HRA, you can still claim the exemption while filing your income tax return. So, please keep rent receipts and evidence of any payment made towards rent. You may claim the least of the following as HRA exemption.
a. Total HRA received from your employer.
b. Rent paid less 10% of (Basic salary +DA)
c. 40% of salary (Basic+DA) for non-metros and 50% of salary (Basic+DA) for metros – How to claim HRA exemption.

Standard Deduction: The Indian Finance Minister, while presenting the Union Budget 2018, announced a standard deduction amounting to Rs. 40,000 for salaried employees. This was in the place of the transport allowance (Rs. 19,200) and medical reimbursement (Rs. 15,000). As a result, salaried people could avail an additional income tax exemption of Rs. 5,800 in FY 2018-19. The limit of Rs. 40,000 has been increased to Rs. 50,000 in the Interim Budget 2019. – Standard Deduction

Leave Travel Allowance (LTA): The income tax law also provides for an LTA exemption to salaried employees, restricted to travel expenses incurred during leaves by them. Please note that the exemption doesn’t include costs incurred for the entire trip such as shopping, food expenses, entertainment and leisure among others. You can claim LTA twice in a block of four years. In case an individual doesn’t use this exemption within a block, he/she could carry the same to the next block. Below are the restrictions which are applicable to LTA: LTA only covers domestic travel and not the cost of international travel. The mode of such travel must be either railway, air travel, or public transport – How to claim LTA

Section 80C, 80CCC and 80CCD(1): Section 80C is the most extensively used option for saving income tax. Here, an individual or a HUF (Hindu Undivided Families) who invests or spends on stipulated tax-saving avenues can claim deduction up to Rs. 1.5 lakh for tax deduction. The Indian government too supports a few as the tax-saving instruments (PPF, NPS etc.) to encourage individuals to save and invest towards retirement.
Expenditures/investment u/s 80C isn’t allowed as a deduction from income arising due to capital gains. It means that if the income of an individual comprises of capital gains alone, then Section 80C cannot be used for saving tax. Some of such investments are given below which are eligible for an exemption under Section 80C, 80CCC and 80CCD(1) up to a maximum of Rs 1.5 lakh.

• Life insurance premium
• Equity Linked Savings Scheme (ELSS)
• Employee Provident Fund (EPF)
• Annuity/ Pension Schemes
• Principal payment on home loans
• Tuition fees for children
• Contribution to PPF Account
• Sukanya Samriddhi Account
• NSC (National Saving Certificate)
• Fixed Deposit (Tax Savings)
• Post office time deposits
• National Pension Scheme

Medical Insurance Deduction (Section 80D): Section 80D is a deduction you can claim on medical expenses. One could save tax on medical insurance premiums paid for the health of self, family and dependent parents. The limit for Section 80D deduction is Rs 25,000 for premiums paid for self/family. For premiums paid for senior citizen parents, you can claim deductions of up to Rs 50,000. Additionally, health checkups to the extent of Rs 5,000 are also allowed and covered within the overall limit.

Interest on Home Loan (Section 80C and Section 24): Another key tax-saving tool is the interest paid on home loans. Homeowners have the option to claim up to Rs. 2 lakh as a deduction for interest on home loan for self-occupied property. If the house property is let out, you can claim a deduction for the entire interest pertaining to such a home loan. Please note that from FY 2017-18, the loss from house property that can be set off against other sources of income has been restricted to Rs. 2 lakh. In addition to the above, one can also claim the principal component of the housing loan repayment as a deduction under 80C up to a maximum limit of Rs 1.5 lakh. – Deductions from house property

Deduction for Loan for Higher Studies (Section 80E): Income Tax Act provides a deduction for interest on education loans. The significant conditions attached to claiming such deduction are that the loan should have been taken from a bank or a financial institution for pursuing higher studies (in India or abroad) by the individual himself or his spouse or children. One may begin claiming this deduction beginning from the year in which the loan starts getting repaid and up to the next seven years (i.e. total of 8 assessment years) or before repayment of the loan, whichever is earlier. Even a legal guardian could avail this income tax deduction. – Deductions from Section 80E

Deduction for Donations (Section 80G): Section 80G of the Income Tax Act, 1961 offers income tax deduction to an assessee, who makes donations to charitable organizations. This deduction varies based on the receiving organisation, which implies that one may avail a deduction of 50% or 100% of the amount donated, with or without restriction. – Section 80G

Deduction on Savings Account Interest (Section 80TTA): Section 80TTA of the Income Tax Act, 1961 offers a deduction of up to INR 10,000 on income earned from savings account interest. This exemption is available for Individuals and HUFs. In case the income from bank interest is less than INR 10,000, the whole amount will be allowed as a deduction. However, in case the income from bank interest exceeds INR 10,000, the amount after that would be taxable. – Deduction from Section 80TTA

Additional Deduction for Interest on Home Loan (Section 80EE)
Section 80EE allows homeowners to claim an additional deduction of Rs.50,000 (Section 24) for interest component of the home loan EMI. Provided, the loan must not be for more than Rs 35,00,000 and the value of the property must not be more than Rs 50,00,000. Furthermore, the individual must not have any other property registered under his name at the time the loan is sanctioned. – Deduction from Section 80EE

Additional Deduction for Interest on HBA (Section 80EEA):

• Loan Sanctioned between 1.4.2019 to 31.3.2020 from financial institution /HFC
• Stamp Duty Value of House Property (HP) not exceed Rs.45 Lakh
• Not own any residential HP on the date of sanction of loan i.e. 1st-time buyer
• when the deduction is allowed under Section 80EEA, not allowable in other section
• Only to Individual (not for HUF, AOP etc)
• Rs.1.50 Lakh is over and above Rs.2 Lakh u/s 24, hence total Rs. 3.50 Lakh
• The carpet area of HP does not exceed 60 sqm (645 sq ft) in metropolitan cities including Delhi NCR & carpet area not exceed 90 sqm (968 sq ft) in any other cities
• if a person jointly owns HP with spouse and they both paying the instalments of the loan, then both of them can claim this deduction
• Section 80EEA Interest deduction is available from FY 2019-20 (AY 2020-21)
• Note: Housing for all, the Govt has now extended the interest deduction allowed for LOW-COST housing loans & This Section 80EEA deduction is over and above Rs.2 Lakh, hence total upto Rs.3.50 Lakh allowable

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IT Software 2019

Software Name	State	Download
Income Tax Software	AP & TS	B S Chary Get the File
APMS Income Tax Software	AP	Ch V R Murthy Get the File
Income Tax Software	TS	Putta Get the File Get the File Pensioner IT
Income Tax Software	AP & TS	KSS Prasad Get the File
Income Tax Software	AP	Vijay K Get the FILE
Income Tax Software	TS	Vijay K Get the FILE

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IT Excel Software 2018

1. B Srinivasa Chary IT Software (TS + AP)
2. KSS PRASAD IT SOFTWARE
3. Putta IT Software / IT Software (TS)
4. Putta IT Software / IT Software  (AP)
5. K Vijay Kumar IT Software (TS) 
6. K Vijay Kumar IT Software (AP)
7. V.Srinivasulu SA IT Software
8. Jaladi Ravi IT Software
9. Nagendra IT Software
10. Perumal Ramanjaneyulu IT Software ( AP )
11. John Sunder IT Software
12. Jayaram IT Software
13. CV Prasad IT Software
14. Income Tax Software FY for AP Govt Employees
15. Income Tax Software for Telangana Govt Employees
16. IT Software for AP Model Schools – Ch V Ramana Murthy

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IT Income Tax Software 2017

1. IT Software (Trial Version)
2. Income Tax Software(KSS Prasad)
3. Income Tax Software(KSS Prasad)
4. IT Software by PUTTA  or Link (Telangana -PUTTS)
5. IT Software by PUTTA  or Link (AP -PUTTA)
6. VIjay kumar’s IT Software (AP – Vijaykumar)
7. Vijay kumars’ IT Software (Telangana – Vijaykumar)
8. BS CHary’s IT Software (B Srinivasa Chary)
9. KCS Reddy’s IT Software
10. INCOME TAX SOFTWARE By JAYARAM
11. IT 2016-17 Excel Programme ( Trial Version ) for TS & AP 

• Income Tax Calculation in Telugu PDF File download
• Income Tax Exemption Guide
• Circular No .1/2017 Dt,10/1/2017 Income tax Deduction from Salaries 2016-17 

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Income Tax Software 2016:

Software Name	Prepared By	Download here
Income Tax Software	RRGR	Download
Income Tax Software	Putta	Download for AP Download For TS
Income Tax Software for AP-TS	BSC	Download
Income Tax Software	ChNR	Download Download (Mobile)
Income Tax Software	KSSP	Download
Income Tax Software for AP	VK	Download
Income Tax Software for TS	VK	Download
Income Tax Software	John	Download
Income Tax Software for Agency Areas	VK	Download
Income Tax Software	NZVD	Download
Income Tax Software	KADAPA	Download

• Income tax circular by IT department for salaried- Get Circular
• Income Tax Data Sheet for For Employees for Preparing IT: Get Data Sheet
• More details on IT Calculations – Download Income tax of India Circular
• Income tax calculator AY (by the Income Tax department)

IT Software 2015

Software Name	Prepared By	Download here
Income Tax Software	Putta	Download
Income Tax Software	BSC	Download
Income Tax Software	KSSP	Download
Income Tax Software	KSSP	Download
Income Tax Software for AP	VK	Download
Income Tax Software for TS	VK	Download
Income Tax Software for Those who are staying in Govt. Quarters	VK	Download
Income Tax Software for Agency Areas	VK	Download
Income Tax Software	R	Download
Income Tax Software		Download

Income Tax Software 2014

1. Income Tax Software by C. Ramanjaneyulu – Get The File      
2. Income Tax Software by Kota Vijay Kumar – Get The File  OR  Get The File
3. Income Tax Software by B. Srinivasa Chary – Get The File
4. Income Tax Software by K.S.S.Prasad – Get The File  OR Get The File
5. Income Tax Software by Putta Srinivasa Reddy – Get The File
6. Income Tax Software by Gandhamaneni – Get The File