After budget 2017, there are many doubts in respect of changes in individual taxation which affects the individual tax liability. In news & social media they are writing that there is no tax on annual income of Rs. 3.5 Lakh. People are taking that tax slab has changed from Rs. 3.5 Lakh to 5 Lakh.
Actually, there are only three new key changes for an individual in this Budget and new slabs are as follows.
1. Tax slab remains same but the rate for tax slab of 2,50,000 to 5,00,000 has Tax Rate @ 5% and rest rates are same as the previous financial year.
New slabs for the F.Y.2017-18 & A.Y. 2018-19 is given below:-
2. Rebate under section-87A – has been Rs. 2,500 and eligibility for rebate of Sec 87A has reduced for individual of total income of Rs.3,50,000
3. Surcharge @ 10% will be charge from income above Rs.50 Lakh, & @ 15% for income above Rs. 1 Crore.
You all have to how much tax is payable in the financial year 2017-18. This Excel Based Utility can prepare at a time Tax Computed Sheet + Individual Salary Structure + Automated H.R.A. Calculation U/s 10(13A) + Automated Arrears Relief Calculation with Form 10E from F.Y.2000-01 to F.Y. 2017-18 + Automated Form 16 Part A&B and Form 16 Part B for FY 2017-18 with new income tax slab for F.Y.2017-18 & A.Y. 2018-19.
This Excel Utility will help you to calculate the income tax in a very simple way with less time and fewer efforts. After calculating your tax liability you will be able to plan your tax saving accordingly.