Budget 2019: Changes in Income Tax Rules With Automated All in One TDS on Salary for Govt & Non-Govt Employees for the F.Y. 2019-20 & Ass Yr 2020-21

1. Increased Tax Rebate u/s 87A: For individuals with a net assessable salary of Rs 5 lakh or less the duty discount would be lesser of expense risk or Rs 12,500 whichever is lower

2. The standard deduction for Salaried and Pensioners expanded from Rs 40,000 to Rs 50,000

3.         Increased Tax for the super-rich: Surcharge expanded to 25% for money between 2 to 5 crore and to 37% for money past Rs 5 crores

4.         Additional Tax Deduction of Rs 1.5 lakhs u/s 80EEA on home advances on a buy of reasonable home

5.         Additional Tax Deduction of Rs 1.5 lakhs u/s 80EEB on Auto credits on a buy of Electric vehicles

6.         No Tax on Notional Rental Income from Second House

7.         TDS edge expanded from Rs 10,000 to Rs 40,000 on Bank Interest Income

1. Section 80C/80CCC/80CCD

These 3 are the most well-known segments for expense sparing and have a parcel of alternatives to spare assessment. The most extreme exception consolidating all the above Section is Rs 1.5 lakhs. 80CCC arrangements with the benefits items while 80CCD incorporates the Central Government Employee Pension Scheme.

PICTURE OF DEDUCTION 80C

2. Section 80CCD(1B) -Investment in NPS

Spending limit 2015 has permitted the extra exclusion of Rs 50,000 for interest in NPS. This proceeds with this year as well. We have completed a total investigation which you can peruse by tapping the connection underneath.

3. Installment of enthusiasm on Home Loan (Section 24)

The intrigue paid up to Rs 2 lakhs on home advance for self-involved or leased home is exempted u/s 24. Prior there was NO point of confinement on intrigue finding on leased property. Spending limit 2017 has changed this and now the assessment exclusion limit for intrigue paid on home advance is Rs 2 lakhs, independent of it acting naturally involved or leased. Anyway, for leased homes, any misfortune in abundance of Rs 2 lakhs can be conveyed forward for as long as 7 years.

4. Installment of Interest on Education Loan (Section 80E)

The whole intrigue paid (with no maximum farthest point) on instruction credit in a money related year is qualified for finding u/s 80E. Anyway, there is no reasoning on chief paid for the Education Loan.

The advance ought to be for training of self, mate or kids just and ought to be taken for seeking after full-time courses as it were. The advance must be taken essentially from an endorsed magnanimous trust or a money related foundation as it were.

The derivation is material for the year you begin paying your advantage and seven additional years following the underlying year. So in everything, you can guarantee instruction advance conclusion for most extreme eight years.

Download Automated All in One TDS on Salary for The Govt & Non-Govt Employees for the Financial Year 2019-2020 and Assessment Year 20120-2021 With New Format ofForm 16 Part B.

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 Govt & Non-Govt employees 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 Arrears Relief Calculator U/s 89(1) with Form 10E for the F.Y. 2019-20

7) Automated Income Tax Form 16 Part A&B for F.Y. 2019-20

8) Automated Income Tax Form 16 Part B for the F.Y. 2019-20 

5. Medicinal protection for Self and Parents (Section 80D)

Premium paid for Mediclaim/Health Insurance for Self, Spouse, Children, and Parents meet all requirements for finding u/s 80D. You can guarantee the most extreme conclusion of Rs 25,000 on the off chance that you are beneath 60 years old and Rs 50,000 over 60 years old.

An extra derivation of Rs 25,000 can be asserted for purchasing medical coverage for your folks (Rs 50,000 if there should arise an occurrence of either guardian being senior natives). This conclusion can be guaranteed regardless of guardians being subject to you or not. Anyway, this advantage isn’t accessible for purchasing medical coverage for in-laws.

HUFs can likewise guarantee this reasoning for a premium paid for safeguarding the wellbeing of any individual from the HUF.

To benefit derivation the premium ought to be paid in any mode other than money. Spending limit 2013 had presented reasoning of Rs 5,000 (within the Rs 25,000/30,000 utmost) is likewise took into account preventive wellbeing checkup for Self, Spouse, subordinate Children, and Parents. Its proceeded to this year as well.

6. Treatment of Serious illness (Section 80DDB)

Cost caused for treatment of certain malady for self and wards gets a conclusion for Income charge. For senior natives, the conclusion sum is up to Rs 1,00,000; while for all others it’s Rs 40,000. Ward can be guardians, mate, youngsters or kin. They ought to be completely subject to you.

To guarantee the duty exclusion you need authentication from authority from Government Hospital as evidence for the sickness and the treatment. In the event that the costs have been repaid by the insurance agencies or your manager, this reasoning can’t be claimed. In the instance of incomplete repayment, the parity sum can be guaranteed as a derivation

Ailments Covered:

•          Neurological Diseases

•          Parkinson’s Disease

•          Malignant Cancers

•          AIDS

•          Chronic Renal disappointment

•          Hemophilia

•          Thalassemia

7. Physically Disabled Taxpayer (Section 80U)

The citizen can guarantee to reason u/s 80U on the off chance that he experiences certain inabilities or infections. The derivation is Rs 75,000 if there should be an occurrence of typical inability (40% or greater handicap) and Rs 1.25 Lakh for serious incapacity (80% or greater handicap)

An authentication from nervous system specialist or Civil Surgeon or Chief Medical Officer of Government Hospital would be required as verification for the affliction.

Inabilities Covered

1.         Blindness and Vision issues

2.         Leprosy-relieved

3.         Hearing impedance

4.         Locomotor inability

5.         Mental hindrance or disease

6.         Autism

7.         Cerebral Palsy

8. Physically Disabled Dependent (Section 80DD)

On the off chance that you have a subordinate who is distinctively abled, you can guarantee derivation for costs on his support and therapeutic treatment up to Rs 75,000 or real consumption caused, whichever is lesser. The point of confinement is Rs 1.25 Lakh for extreme incapacity conditions for example 80% or a greater amount of the incapacities. Ward can be guardians, companion, youngsters or kin. Likewise, the ward ought not to have guaranteed any conclusion for self incapacity u/s 80DDB.

To guarantee the tax break you would require inability testament issued by the state or focal government restorative board.

You can likewise guarantee charge exclusion on premiums paid for life coverage strategy (in citizens’ name) where the incapacitated individual is the recipient. On the off chance that the handicapped ward terminates before the citizen, the arrangement sum is returned back and treated as salary for the year and is completely assessable.

40% or a greater amount of the following Disability is considered for the motivation behind duty exclusion

1.         Blindness and Vision issues

2.         Leprosy-restored

3.         Hearing disability

4.         Locomotor handicap

5.         Mental impediment or disease

6.         Autism

7.         Cerebral Palsy

9. Gifts to Charitable Institutions (Section 80G)

The administration urges us to give to Charitable Organizations by giving duty finding to a similar u/s 80G. A few gifts are exempted for 100% of the sum gave while for others its half of the gave sum. Likewise, for most gifts, the greatest exception you can guarantee is restricted to 10% of your gross yearly pay. It would be ideal if you note that lone gifts made in real money or check are qualified for reasoning. Gifts in kind like giving garments, sustenance, and so forth isn’t secured for assessment exception.

Download Automated All in One TDS on Salary for The Non-Govt (Private ) Employees for the Financial Year 2019-2020 and Assessment Year 20120-2021 With New Format of Form 16 Part B.

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 Non-Govt employees 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

7) Automated Income Tax Form 16 Part B for the F.Y. 2019-20 

10. House Rent in the event that HRA isn’t a piece of Salary (Section 80GG)

In the event that, you don’t get HRA (House Rent Allowance) as a paid part, you can at present case house lease reasoning u/s 80GG. The citizen might be either salaried/beneficiary or independently employed.

To benefit this you have to fulfill the accompanying conditions:

1.         The lease paid ought to be more than10% of the salary

2.         No one in the family including mate, minor youngsters or self should claim a house in the city you are living in. On the off chance that you claim a house in various city, you need to think about rental salary on the equivalent

The House Rent derivation is lower of the 3 numbers:

1.         Rs. 5,000 every month [changed from Rs 2,000 to Rs 5,000 in Budget 2016]

2.         25% of yearly salary

3.         (Rent Paid @ 10% of Annual Income)

You have to fill structure no 10BA alongside the assessment form structure

Alongside the assessment sparing areas and ventures for both salaried and business, it additionally has insights concerning all the normal compensation segments and their duty treatment. This segment can assist you with planning your compensation parts on the off chance that your organization offers such an office.

11. Extra Deduction to Home Loan Interest Max Rs.1.5 Lakh (Section 80EEA)

In the Budget 2019 ( Full Budget) a greater amount of one Section has incorporated for Home Loan Interest U/s 80EEA Max Rs. 1.5 Lakh. Criteria:- The Home Loan must be taken from 1/4/2019 to 31/3/20120, for example, one can get this Exemption just for this Financial Year 2019-20.

11. Extra Deduction to Auto Loan (Electric Vehicles) (Section 80EEB)

Extra Tax Deduction of Rs. 1.5 Lakh U/s 80EEB on Auto Loan on a buy of Electric Vehicles.

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