Download Automated Income Tax Preparation Excel Based Software All in One for the Govt & Non-Govt Employees for F.Y. 2019-20 With Deduction Under Section 87A
Taxes made easy’, was always an ever promoted agenda of the Indian government. With the announcement of the Budget 2019-2020, the government briefed for tax goals of the economy and the essential amendments required in the present direct tax laws. Several changes to the tax rules were proposed for the coming year 2019-2020. One such key amendment was made under Section 87A of the Income Tax Act.
As per the Income-tax Act, 1931 any individual being a resident of India, having a taxable income below the exemption limit is entitled to claim a rebate under Section 87A.
Section 87A – Basics
Section 87A in the Income-tax Act was proposed by the Finance Bill of 2013 to provide a basic tax rebate to the taxpayers having a low-income background. As per the existing provisions, any individual whose income lies below Rs 3,50,000 is eligible to claim a tax amount rebate under this section. The section states for the tax rebate available to an Individual taxpayer which can be 100% of the total tax amount calculated of his total income or Rs 2500 whichever is lower.
Budget 2019 Update: Adding numerous tax benefits for the taxpayer, the government further hiked the minimum tax rebate limit to Rs 12,500 from Rs 2500 under Section 87A.
Section 87A – Eligibility
To claim rebate under Section 87A one should:
– Be a resident individual taxpayer of India
– Hold total income after deducting eligible deductions under Section 80, below the total exemption limit.
Note: The rebate shall;
– be available on an amount of tax calculated before adding any Education or related cess.
– be available to only an Individual & not to any Firm/Company/HUF. Senior citizens above 60 years can also claim an exemption under this section.
Thus, as applicable from FY 2019-2020, an individual taxpayer having income below Rs 5,00,000 becomes eligible to claim tax rebate available under Section 87A.
Download in One TDS on Salary for Govt. & Non-Govt Employees for the F.Y.2019-20 & Ass.Yr 2020-21 With H.R.A. Exemption Calculation U/s 10(13A) +Automated Arrears Relief Calculator U/s 89(1) with Form 10e
The feature of this Excel The 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 Government and All of Non-Govt(Private) employee’s 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 in New Format
7) Automated Income Tax Form 16 Part B for the F.Y. 2019-20 in New Format
8) Automated Arrears Relief Calculator U/s 89(1) with form 10e for the F.Y. 2019-20