I.Tax

Automatic Income Tax Calculator which Can prepare at a time Tax Computed Sheet + Salary Sheet + Form 16 Part A&B + Form 16 Part B + Automatic HRA relief calculation + Automatic Arrears Relief Calculation in one file. This Automatic Excel Utility can use the both of Govt and Non Govt Employees for the Financial Year 2013-14 and Assessment Year 2014-15.

TDS Calculator 2014-15

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In the Budget 2013 Speech, The Finance Minister had said, “Nevertheless, I am inclined to give some relief to the tax payers in the first bracket of Rs. 2 Lakh to Rs. 5 Lakh. Assuming an inflation rate of 10% and a notional rise in the threshold exemption from Rs. 2,00,000/- to Rs. 2,20,000/- I propose to provide a tax credit of Rs. 2,000/- to every person who has a total income upto Rs. 5 Lakh”. As stated by the Finance minister above, the detailed explanation of the newly inserted section is mentioned below:

  1. The above amendment was bought by inserting a new Section 87A in the Income Tax Act, 1961.
  2. It is to be noted that, the above amendment does not mean that basic Exemption Limit has been raised from Rs. 2,00,000/- to Rs. 2,20,000/-.
  3. It is a Rebate and not a deduction, meaning an assessee will get reduction in the “Income tax payable” by him.
  4. It is available ONLY to an ‘INDIVIDUAL’ assessee, resident in India who’s “Total Income” during the PY does not exceeds Rs. 5 Lakh.
  5. However, the above rebate benefit is not applicable to a super senior citizen, since he is already fully exempted up to Rs. 5 lakh.
  6. It is applicable for Assessment Year 2014-15 and thereafter.
  7. This Rebate not available to a Non resident individual.
  8. If the total tax payable is less than Rs. 2000/-, rebate is restricted to “total tax payable”.

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  • Income Tax Circular -No.8/2013

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Comments

  1. Sir,
    Kindly give the solution about my Transit Leave on Transfer to a Hard Station in following case:
     I got transfer in the List Transfer Order published on 30/05/2014 (date was during 14/05/2014 to 23/06/2014, which was Summer Vacation) from KV AFS Salua, WB to Hard Station KV Kandhamal, Orissa.
     I got relived on 07/06/2014 from KV AFS Salua and Joined in KV Kandhamal on 09/06/2014 then I returned to KV AFS Salua on the same day after joining because my family was in KV, AFS, Salua.
     Again after the Summer Vacation on 23/06/2014, I came to KV Kandhamal without my Family because there was no vacancies of Quarters and also I could not able to find a suitable rented House for my family.
     Now on 27/06/2014 a Quarter was allotted to me after the 2nd Transfer List Vacancy (5 Teachers were transferred from KV Kandhamal to different place).
     Now the problem is to take my Family from Kharagpur (near KV AFS Salua) to KV Kandhamal Quarter. I want to know, whether Transit Leave is allowed for me in this case or not?

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