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Income Tax Software Tools

Income Tax Calculator Software for 2017-18

The Income tax for the financial year 2017-18 should be calculated and be paid completely with the salary bill for the month of February 2017. The software tools for doing these calculations and preparing statements are ready for use. Tax is calculated and remitted for the income of the period- from April 1st to March 31st. Since the salary for a month is encashed and received in the next month, inclusion of the salary for the month of March of the previous year and exclusion of the salary of the present year March exist(ie March 2017 to February 2018). All deductions that are possible till March 31st should be considered while calculating the tax amount. Salary means Basic salary, Dearness Allowance, House Rent Allowance, Earned leave Surrender, Festival allowance, bonus, pay revision arrear etc have to be included for tax calculations.
How to Prepare Income Tax Statement
How to Prepare Income Tax Statement for 2017-19. Guidelines Prepared by Alrahiman[PDF]

Net Salary,Gross Salary and Taxable Income

After calculating gross income as said above, the things given below can be deducted.
1.House Rent Allowance (HRA)
2.Vehicle Allowance
3.Amount remitted towards professional tax
The salary received after above said deductions from the gross salary income is called Net salary Income. The income received from rented buildings, business and professional capital gains, income from other sources should be added with this. The income from other sources added to the Net salary is known as Gross Income. As per chapter VI A, 80c, 80ccc, 80CCD sections, maximum Rs.1,50,000/- can be lessened. Apart from this 80CCD(1), 80CCG,80D, 80DD, 80DDB, 80E,80EE,80G,80U deductions are allowed.
The amount of income received after all said deductions should be rounded off to next 10 Rs amount. It is called the Taxable income. This income is considered for tax rate to be remitted. With the tax amount calculated, 2% education cess, 1% secondary and higher education cess (total -3%) should be added. The amount received thus is the tax to be remitted.

Tax Slab 2017-2018

The significant change in the tax rate of the present year is the reduction of rate amount from 10% to 5% for those income with above Rs 2 ½ lakh to Rs.5 lakh. It would be 20% for people whose income is above Rs.5 lakh – 10 lakh and 30% for above Rs 10 lakh as done early. Another change is that, a rebate of Rs.5000/- given to the people with income below Rs.5 lakh is reduced to Rs 2500/- as well as the income limit to avail of this is reduced to Rs.3.5 lakh. Here income means the taxable income received after all such deductions.
Category
Taxable Income
Tax Rate
Till the age of 60Taxable upto Rs.2.5 lakhNil
Above Rs 2.5 lakh to 5 lakh5%
Upto Rs.10 lakh20%
Above Rs.10 lakh30%
From the age of 60Taxable upto Rs.3 lakhNil
Above Rs 3 lakh to 5 lakh5%
Upto Rs.10 lakh20%
Above Rs.10 lakh30%
From the age of 80Taxable upto Rs.5 lakhNil
Above Rs 5 lakh to 10 lakh20%
Above Rs.10 lakh30%
Income tax software tools, supporting files, guidelines etc. can be downloaded from the link below. 
Income Tax Calculator by Sudheer Kumar
Easy Tax 2018 Income Tax Calculator by Sudheer Kumar
Income Tax Calculator by Babu Vadukkumchery
ECTAX 2018 Income Tax Calculator by Babu Vadukkumchery
Help File by Babu Vadukkumchery
Income Tax Calculator by Alrahiman
Easy Tax 2018 Income Tax Calculator by Alrahiman
Relief Calculator by Alrahiman
Income Tax Guidelines by Alrahiman 
Income Tax Calculator by Jijo George
iTax Calculator 2017-18 by Jijo George
Income Tax Calculator by Anson Francis
Income Tax Calculator 2017-18 by Anson Francis
Income Tax Calculator by Ajit John
Income Tax Calculator 2017-18 by Ajit John
Income Tax Calculator by Saji V Kuriakose
Income Tax Calculator 2017-18 by Saji V Kuriakose(with Spark data input option)
Related Downloads
Anticipatory Income Tax Statement Software
Income Tax Statement for the Financial year 2017-18(Blank Form)
Deduction of Tax at Source - Income Tax Deduction from Salaries during the financial year 2017-18 under Section 192 of the Income -Tax Act 1961

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2 comments to ''Income Tax Software Tools"

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  1. sir pls ubuntu16.4 lts work cheyunna income tax software koodi publish cheyane

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  2. How to prepare the form 16 through
    SPARK?

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