The Finance Bill for the Financial Year 2017-18 and Assessment Year 2018-19 has already passed by the Parliament. As per the Finance Budget 2017-18, some changes has comes to the notice for the Salaried Persons for the Financial Year 2017-18. Given below the changes as per Finance Budget 2017-18.
The Financial Year will be end on 31st March 2017 & now it is necessary to prepare the Income Tax Salary Certificate Form 16 Part A&B and Part B for the F.Y.2016-17.
Below given an Excel Based Software which can prepare at a time 50 and 100 employees Form 16 Part B for F.Y.2016-17.
Download & Prepare at a time 50 employees Excel Based Software Form 16 Part B. [This Excel Utility most easy to install to any Computer and you can prepare more than 500 employees Form 16 Part B by this One Software. All the feature, as well as all the amended Income Tax Section, have in this Utility For the F.Y.2016-17]
Download & Prepare at a time 100 employees Excel Based Software Form 16 Part B. [This Excel Utility most easy to install to any Computer and you can prepare more than 500 employees Form 16 Part B by this One Software. All the feature, as well as all the amended Income Tax Section, have in this Utility For the F.Y.2016-17]
Main changes in the Finance Budget for the Financial Year 2017-18 and Assessment Year 2018-19 is given below:-
1. Reduced Tax for Lower slab:
The tax rate for income between Rs 2.5 lakh to Rs 5 lakhs has been reduced to 5% from 10%. This reduction would not benefit Very Senior Citizens ( the person who are aged 80 years or more) and the Sr.Citizen Tax Slab from Rs. 3 Laks and most Sr.Citizen Rs. 5 Lakhs. It appears from the Finance Budget the Tax Slab @ 10% has abolished. However, there has been NO change in tax rates for other slabs.
2. Rebate under Section 87A reduced to Rs 2,500
The income tax rebate under section 87A has been reduced from Rs 5,000 to Rs 2,500. Also, the eligibility of taxable income limit has been reduced from Rs 5 lakh to Rs 3.5 lakh.
3. 10% Surcharge for Income above Rs 50 Lakhs
Budget 2017 has introduced @10% surcharge for people with taxable income of more than Rs 50 lakhs but less than Rs 1 crore. The surcharge of @15% on income above Rs 1 crore applies.
4. NO RGESS U/s 80CCG Tax exemption from FY 2017-18
Tax exemption under section 80CCG for RGESS (Rajiv Gandhi Equity Scheme) would NOT be available from FY 2017-18 onwards.
5. Aadhaar number must for applying for filing Income tax Return
Effective July 1, 2017, Aadhaar number would be compulsory to obtain you will also have to mention your Aadhaar number in the income tax return form from this year (AY 2017-18 onwards).
6. Simple Tax Return Form has to be introduced:
A simple one-page income tax return (ITR) form would be introduced for people with income less than Rs 5 lakhs with no income from Business.
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