Friday, 10 May 2019

Download New Auto Income Tax Calculator for FY 2019-20 version 14.0 in Excel

New financial year 2019-20 Tax and TDS calculation has begun and we have to calculate the Tax liability,Tax savings & TDS liability according to new scenario.
Auto tax calculator version 14.0 for FY 2019-20 is available to help you up to 31 July 2019 for calculation according to provision of Interim Budget 2019. Complete budget is expecting in June/July 2019. After formation of the new government, more changes are likely to come in effect after complete budget. New Auto Tax calculator will be modify accordingly.
Tax rates are not changed and remain same till final budget.
There are only 2 major changes which will impact the tax liability of a person.
1.      Standard deduction to all salaried people ( including Pensioners) has risen to Rs. 50,000/- from Rs 40,000/-
2.      A rebate u/s 87A up to 12500/-has risen to tax payers, who have their total taxable Income (after Exemption and all Deduction) up to Rs. 5,00,000/-. 
If total Income Increases even by Rs 10/- One will not get the rebate and will be taxed on total Income.
Please give me your feedback about the contents you would like to add or delete. 

Download New Auto Tax Calculator for FY 2019-20

Download Latest Form-16 Generator with Auto tax Calculator and Salary Statement - 3 in 1 in Excel.

Due to latest amendment made by Income Tax department in format of Form-16.  w.e.f 12/05/2019 vide notification_36_2019 dated 12/04/2019.
Now from AY 2019-20 every employer has to give form-16 part B to his employee in a new format. The department has made many new changes to give some more information & input regarding income and deduction etc.

Keeping in view I have made a 3 in 1 - Form-16 Generator, Auto Tax Calculator and Salary statement available to you in excel format.
Now with a less time, you can easily generate and print the
  1. ·         Salary statement,
  2. ·          Computation sheet,
  3. ·          Form-16 with Annexure to form -16, form 12BA,
  4. ·         Calculation of Income from house property with 80EE rebate,
  5. ·          Exempted allowances and Income from other sources.

Also you will be able to know the applicable rule (also hipper link) in Information & Rules for exemption and deduction section.

Download Form-16 Generator (New Format) with Auto tax Calculator and Salary Statement in Excel
from Calculator and form page

Form-16 Generator without Annexure & Salary Statement

If you want to Generate only Form-16 Part B without salary statement and its Annexure A & Form 12BA. You can use only Form-16 Generator with Auto Tax calculator. You have to fill the amount and select the heads in Tax calculator only.and print the

  1. Form-16 only.
  2. Computation sheet.
  3. Detail of  calculation of House Property & Exempted Allowances.  

 Download Form-16 Generator(without Annexures) in excel                                                  from Calculator and Form Page     (click here)                     

Form-16 new format from FY-2018-19

The CBDT has notified a new format for form-16 vide notification_36_2019 dated 12/04/2019..
The Income Tax department has made  many new changes in format of  Form-16 - the salary TDS certificate.requiring a detailed break-up of salary,tax exempted allowances paid to the employee and also all break-up of deduction claimed by employee.  
Also concurrent changes have been made in the format of TDS return (24Q) filed by employer with the tax department and form-16. Which will allow the taxman to cross check the employee's ITR, Form-16 and employer TDS return.
Now from AY 2019-20 w.e.f 12/05/2019 every employer has to give form-16 part B to his employee in a new format. 

Saturday, 7 April 2018

Auto Income Tax Calculator for FY 2018-19 (AY 2019-20)

Auto Income Tax Calculator for Financial Year- 2018-19 / Assessment Year 2019-20 in Excel Format after considering the amendment in Tax Rates, Deductions and Rebates vide Finance act 2018-19.
Thanks a lot to motivate me to do something new & subscribe my original version calculator earlier.

Financial Year 2018-19 has started and all have to calculate that how much tax is payable in financial year 2018-19. This tool of Auto Income Tax Calculator for FY 2018-19 from Taxationseva will help you to calculate the income tax in very simple way with less time and fewer efforts. After calculate your tax liability you will be able to plan your tax saving accordingly.
There are no major changes in income tax for financial year 2018-19. Tax rates for Individual assesses are same as previous financial year 2017-18.

  •     The government has allowed a standard deduction of Rs. 40,000/- to all salaried tax payers but transport allowance of Rs. 19200/- and reimbursement of medical allowances Rs.15,000/- has been abolished.
  • ·   Education Cess has been replaced with Health & Education Cess and rate has been increased from 3% to 4%.
  • ·   Senior Citizens taxpayers are allowed  to avail
  1.      Deduction up to Rs 50,000/- per annum for medical insurance u/s 80D.
  2.      Deduction of interest income for Rs. 50,000 on deposits with banks and post offices. (The exemption has been increased from Rs. 10,000 to Rs. 50,000 with a new section of 80TTB).
  3.   3. Deduction u/s 80 DDB up to Rs.1 lakh (Limit u/s 80DDB, has been raised to Rs 1Lakh for amount paid for medical treatment of specified diseases).
Auto Income tax calculator is very simple and user friendly, also know all current applicable rules.  You can use calculator hyperlinks to clear and understand all related rules, Information with aspects. This version 13.0 of Auto Tax Calculator is designed for salaried people with a standard deduction of Rupees 40,000/- also calculating the surcharge and marginal relief for income over and above of Rs 50 lakh & 1 Crore.

Download Auto Income Tax Calculator for FY 2018-19 from Calculator & Form section

Saturday, 4 February 2017

Auto Income Tax Calculator Version 12 for FY 2017-18

 After budget 2017, there are many doubts in respect of Key changes in individual taxation which affects the individual tax liability. In news & social media they are writing that there is no tax on annual income of ₹3Lakh. People are taking that tax slab has change from ₹3L to 5l etc.
Actually there are only three new major changes for an individual in this Budget and new slabs are as follows.

1. Tax slab remain same but rate for tax slab of 2,50,000 to 5,00,000 has reduced from 10% to 5% and rest rates are same.
    Now new slabs are     
       For Individual Male/Female with age <60 Yrs         
                                           Up to ₹2,50,000 -   Nil
                               ₹ 2,50,000 to 5,00,000 -    5%
                              ₹ 5,00,000 to 10,00,000 -  20%
                                   ₹10,00,000 & above -   30%
    For senior. Citizen of above 60 Yrs & less than 80 Yrs
                                         ₹ Up to 3,00,000 -    Nil
                                  ₹3,00,000 to 5,00,00 -    5%
                                ₹5,00,000 to 10,00,000 - 20%
                                    ₹10,00,000 & above -   30%
2.  Rebate under section-87A - has been reduced from ₹ 5,000 to 2,500 and eligibility for rebate of Sec 87A has reduced for individual of total income of ₹3,50,000,( instead of ₹ 5,00,000)

3.  Surcharge @ 10% will be charge from income above ₹50 Lakh, up to ₹1 cr  & @ 15% for income above ₹1 Cr. 

You all have to how much tax is payable in financial year 2017-18. This tool of Auto Tax Calculator from Taxationseva will help you to calculate the income tax in very simple way with less time and fewer efforts. After calculate your tax liability you will be able to plan your tax saving accordingly.
As a ready reconer related informations are also hyper linked in simple calculator. So calculate your tax, TDS , Exemptions, Deductions etc and know the related rules.