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Income Tax Software Tools

Income Tax Calculator Software for 2018-19

The Income tax for the financial year 2018-19 should be calculated and be paid completely with the salary bill for the month of February 2019. 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 2018 to February 2019). 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 2018-19. 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 2018-2019

The significant change in the tax rate of the present year is the standard deduction of Rs.40000.
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%

Relief Calculator

The software for calculating arrear relief is also published. The video help for relief calculator is available here.
Income tax software tools, supporting files, guidelines etc. can be downloaded from the link below.
Income Tax Calculator by Alrahiman
Easy Tax 2018-19 Income Tax Calculator by Alrahiman
Relief Calculator by Alrahiman
Income Tax Guidelines by Alrahiman 
Income Tax Calculator by Babu Vadukkumchery
ECTAX 2019 Income Tax Calculator by Babu Vadukkumchery
10 E Form Preparation
Related Downloads
Anticipatory Income Tax Statement Software
Deduction of Tax at Source - Income Tax Deduction from Salaries

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