The Financial Year 2016-17 has already started From the 1st April 2016 and Tax deduction can be made as per the Finance Budget 2016, the Tax Slab have not changed, same as the previous financial year 2016-17.
But Limit of some Tax Section has Increased by this Finance Budget.
The Section 80U have increased 75000/- P.A. and Rs. 125000/- P.A. for Blind persons.
Traveling Allowances also raised up to 1600/- P.M. and Blind Person can avail Rs. 3200/- P.M.
Section 80D Raised Rs. 25000/- and Sr.Citizen Rs. 30,000/-
Additional House Building Interest U/s 80EE has increased from Rs.1 Lakh to 1.5 Lakh, excluding the Tax Section 24B.
It is necessary to calculate your Tax Liability for the Financial Year 2016-17 for guessing the actual Tax Liability for the Financial Year 2016-17 and you can Plan how to save tax for this Financial Year FY 2016-17.
Below Given Excel Based updated Income Tax Software All in One for all type of Employees like as Govt employees and also Non-Govt employees.
The below given Excel based Software which can prepare at a time Income Tax Computed Sheet + Automatic Arrears Relief Calculator + Automatic House Rent Exemption calculation + Inbuilt Salary Structure for both Govt & Non Govt employees which can prepared on the basis of Salary Pattern of each Govt and Non Govt concerned +Automated Arrears Relief Calculation with Form 10E + Automated Form 16 Part A&B + Automated Form 16 Part B for the Financial Year 2016-17 and Assessment Year 2017-18.
It is most hazards to calculate individually HRA Calculation separately another sheet and also it is a hazard to calculate the Arrears Relief Calculation from the financial Year 2001-02 to 2016-17. This Excel Utility can prepare all the calculation just a moment. Thus your time may reduce for calculating the actual Income Tax of each employee.
Feature of this Utility:-