AP Model Schools IT 2024 Income Tax Software by CH V Ramana Murty APMS IT Software Updated latest caliculaton Program
AP Model School Teachers (APMS IT) Income Tax Software 2023-24 by CH V Ramana Murty APMS IT Software Updated latest calculaton Program.
Income Tax software 2024 for AP Model School Staff by CH V Ramana Murty
This program is prepared for IT-calculation and Form-16 of APMS employees for the financial year 2023-24. It is augmented with 10E calculations for needy employees. It is useful for APMS employees paying tax With TAN / Without TAN. This program is prepared based on the Tax Slabs & Tax Rebate as declared in Finance Acts 2018 for the financial year 2023-24. APMS IT Income Tax Software Programme for FY 2023-24 and AY 2024-2025 has been developed by Sri Ch Venkat Ramana Murty. APMS IT Income Tax Software Programme program is generated with the aim of assisting the APMS employees to ready the Income Tax Calculations without delay. This program is prepared based on the Tax Slabs & Tax Rebate as declared in Finance Acts for the financial year 2023-24. This program is limited to Rupees 50,00,000 of taxable income. Hopefully, all of us come under this range.
APMS-IT-2021 INTRODUCTION
1. Income Tax is a direct tax paid to the Government of India (GOI) basing on the Income or Profit, Residential Status and Gender of an individual. The Income Tax Act 1961 and Amendments from time to time are the guiding rules for the levy of Income Tax and it is administered by Central Board of Direct Taxes (CBDT). Every year the Union Budget Sessions bring necessary changes in the Income Tax Acts as Amendments.
2. For Salaried Employees, the DDO is responsible to determine whether the Incomes of his employees are taxable or not. If the tax is determined, it has to be deducted as TDS from the monthly salaries and credit the same to the GOI. The determination of the total tax to be deducted from an Employees’s Salaries depends upon the Estimated Gross Income, applicable Exemptions and Deductions that are declared in the Form-12BB submitted by the Employee at the start of the Financial Year. We the APMS regular employees come under State Govt and chargeable to Income tax.
3. The Returns are to be filed by the DDOs and Employees both. The DDOs file TDS returns and the Employees file IT returns as per the notified schedule.
4. To calculate the tax liability of an employee, the DDO (or Head of the Institution) shall consider the Incomes of the Employee from all the 5 Heads of Income viz
- SalaryIncome – Comprises of SALARY, STANDARD DEDUCTION, PROFESSIONAL TAX DEDUCTION & HRA EXEMPTION.
- HousePropertyIncome – Comprises of RENTS, MUNCIPAL TAX DEDUCTION, STANDARD DEDUCTION AND INTEREST DEDUCTION – (NEGATIVE VALUE ALLOWED).
- BusinessIncome /CapitalGainsIncome – These are generally not considered by our DDOs and advise us to show in IT Returns. So these are treated as 0 incomes.
- OtherIncome– Comprises of INTERESTS from FDs, RDs & SavingAccounts, Dividends from MutualFund, Debentures, Gifts, Lotteries etc. IT IS OPTIONAL.
The addition of incomes from these 5 heads is treated as GROSS INCOME. Then the deductions under chapter VIA of Income Tax Act are subtracted from the Gross Income and arrive at the TAXABLE INCOME (TI). The TAX ON INCOME is then calculated on the TI at the rates notified. An eligible rebate is applied and arrive at TAX AFTER REBATE. A Cess is then added to this tax and arrive at TOTAL TAX. An eligible tax relief with reference to Form-10E is then applied and arrive at TAX PAYABLE.
New in Income Tax FY 2023-24 and AY 2024-25:
The Tax Slab rate and exemption limit remain unchanged for individuals. A new tax regime giving taxpayers an option to pay taxes as per the new tax slabs
Any individual opting to be taxed under the new tax regime will have to give up certain exemptions and deductions. So, the employee or pensioner must know which of these two benefits would be available through Income Tax Calculation Software and choose the better one.
|
Income Tax Rates |
FY 2023-24 Income Tax Slab |
|
NIL |
Rs.0 – Rs.3 lakh |
|
5% |
Rs.3 lakh – Rs.6 lakh |
|
10% |
Rs.6 lakh – Rs.9 lakh |
|
15% |
Rs.9 lakh – Rs.12 lakh |
|
20% |
Rs.12 lakh – Rs.15 lakh |
|
30% |
Above Rs. 15 lakh |
Note : It’s important to note that these new tax rates are only applicable to those individuals who do not wish to avail specified exemptions or deductions
Income Tax Slab for HUFs & Individuals Old Regime (below 60 years – for both Men & Women):
Tax Rate for Individuals
Income up to Rs 2,50,000No Tax
Income from Rs 2,50,000 – Rs 5,00,0005%
Income from Rs 5,00,000 – 10,00,000 20%
Income more than Rs 10,00,000 30%
iii. TAX REBATE: Rebate of upto Rs 12,500 is allowed for Taxable Income upto Rs 5L.
iv. STANDARD DEDUCTION (SALARY): Upto Rs 50,000 on Salary Income.
v. INCOME FROM HOUSE PROPERTY : Upto 2 Residential House Properties may be declared as SELF-OCCUPIED. Maximum Set-Off Loss is Rs 2L.
vi. FIRST TIME HOME BUYER : Home Loan sanctioned in current FY for Registration Value upto Rs 45L gets additional Rs 1.5L exempt on Interest paying for FirstHome.
vii. ELECTRIC VEHICLE BUYER : Vehicle Loan sanctioned from current FY gets Rs 1.5L exempted on Interest paying for the ElectricVehicle.
viii. HRA & HOME-LOAN : If Self-occupied house is far away from the working place and the employee resides in the working place area on rent then HRA exemption is permitted apart from the HOME-LOAN deductions.
This program is prepared for IT-calculation and Form-16 of APMS employees for the financial year 2022-23. It is augmented with 10E calculations for needy employees. It is useful as long as the Taxable Income does not exceed Rs. 50,00,000. It is useful for APMS employees paying tax with TAN of the DDO. This program is prepared based on the Tax Slabs & Tax Rebate as declared in Budget for the financial year 2022-2023.
Steps to use APMS IT Income Tax Software Programme 2023 :
Step-1 Confirm with the office whether all the Salary Bills (except Feb2021) and all Arrear Bills claimable in the FY:2019-2020 are finalised and get a copy of them available for reference. Get a copy of Arrear Split Statement of all the arrears received/receiving from the office. If you are claiming tax relief then you will additionally need ITR1/Revised-ITR1 of AYs to which the Arrears belong. Now go to the Data Sheet.
Step-2 Enter the Dates of generating forms 12BB, Tax-Relief and Form-16.
Step-3 Fill the “Details of the Employee”.
Step-4 Fill the “Details of the Employer (DDO)”.
Step-5 In the “Details of House Rent & Residing Address”, fill “I live in” by selecting “Rented House” or “Own House”. If “Rented House” is selected then fill “Annual Rent (Rs.)”, “Owner’s Name”, “Rented Address” and “Owner’s PAN”(if Annual Rent > Rs.1L). If “Own House” is selected then fill the “Residing Address”.
Step-6 Fill in the “SALARY INCOME PARTICULARS” with Salaries and Arrears of Mar-2020 to Feb-2021, and Arrears of Past FYs as per the references mentioned in Step-1. If there is any TAX(TDS) deducted from your salaries of Mar-2020 to Jan-2021 then such amounts have to be entered in the yellow cells. The balance TDS deductible with salary of Feb-2021 will automatically reflect.
Step-7 Fill in the “INCOME/LOSS FROM HOUSE PROPERTY” with appropriate information. ITD has made it mandatory to furnish the details. Also, this year the Govt is allowing upto 2 self occupied houses without rental income, So multiple home owners may take its advantage.
Step-8 Fill in “Add Income” particulars (optional).
Step-9 Fill in the DEDUCTIONS under CHAPTER-VIA which are permitted by your DDO.
Step-10 Tax Relief:- If you are claiming tax relief on the Past FYs Arrears, then Select “Yes” and fill in the appeared Orange Cells with reference to ITR1/RevisedITR1 of past FYs and edit the appeared Blue Cells with reference to Arrear-Split-Statement as mentioned in Step-1. If you are not claiming, then Select “No” and edit all the following cells as 0.
Note :- Please make sure that your DDO permits tax relief before claiming. If your DDO do not permit it then you may have to claim it while filing ITR.
Step-11 Finally, take A4 prints of – Form-12BB,Annexure-I, Annexure-II, Annexure-III-RentReceipt (if claiming HRA), Annexure-IV (if claiming Loss from House Property) and Tax-Relief-Statements (if claiming). Sign on the sheets whereever necessary. Also attach the self attested copies of – PAN of self, Receipts/Evidences/Declaration of Deductions under Chapter VIA, Bank Certificates of Home Loan Principal & Interest separately (if claiming), PAN of house owner (if annual rent > Rs.1L) & previous ITR’s (if claiming tax relief) etc. Bunch the documents together and submit to the office.
Step-12 The DDO has to disburse the TDS amounts to ITD within stipulated dates and file TDS returns within stipulated dates and issue the Form-16 generated from TRACES website to individual (The Form-16 pg1 and pg2 generated with this Excel-Program are temporary and not valid as per ITD guidelines).
Step-13 Every employee has to file ITR1 after receiving Form-16 and before the deadline notified by CBDT (tentatively 31stJul2020).
Updated Models Schools Income Tax 2023 Softwares by Ch Venkat Ramana Murthy
APMS Salary Master Software- Salary Bills preparation Software 2021
https://drive.google.com/
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APMS-IT-2020 (01-Jan-2020) Guidelines
After complete filling of the Data Sheet, the program concludes on HOW MUCH TAX IS TO 4 BE PAID IN THE FINANCIAL YEAR 2020-21. This program is integrated with FORM-10E calculations (OPTIONAL). Formats of Forms 10-IA & 10-I are included.
The Form-16 generated by this program contains following blanks :
i) The Acknowledgement Numbers of the Quarterly Returns in the sheet “Form-16-Page” and
ii) The details of the Tax Deducted and Deposited into the Central Government Account.
These blanks may be filled appropriately by DDO during April-May’2021 and then issue the Form-16 to the employees if TAXES PAID THROUGH TAN.
Note : The taxes should be paid by the DDO to the GOI within dates specified and file TDS returns before stipulated date.
There was a restriction on the Arrear Component Entries to be non-negative. Many of the staff members has some arrear components in negative. So RESTRICTION ON ARREAR COMPONENT ENTRIES IS REMOVED. Note: The Arrear Component Entry Restrictions are updated as per the queries raised by many staff members across the state
UPDATIONS DATED
1) HRA-Deduction calculation is made to depend on PAY-DA-HRA of current FY income only.
2) HRA-Deduction-Certificate u/s 10(13A) is annexed along with Rent Receipt.
3) The Arrears of Past FYs are separated in Annexure-I and sufficient rows are inserted for arrears.
4) 10E calculations are corrected accordingly.
5) The TDS payable for the salary month of Feb-2021 is highlighted at the end in ANNEXURE-II.
6) Deductions under Chapter-VIA are modified according to the Circular by CBDT.
7) IR Entries are permitted in Salary Particulars.
8) Arrear Split Statement format is included.
9) Some minor errors are corrected and User Interface is improved.
For queries / suggestions, kindly contact via SMS / WHATSAPP to 9247248544
DISCLAIMER : The developer of this program do not hold any responsibility for errors that may arise. The responsibility of correctness is solely held with the Assessee(Employee) and the concerned DDO. Hence, it is advised to verify the Printed Documents by the individual and the DDO (or A Tax Consultant on behalf of the DDO) before submission.
Support/ Contact :
Ch V Ramana Murty
PGT-Mathematics, APMS-L.Kota-VZM
Mobile: 9247248544 / 9492928188
Email: chvrmy@gmail.com
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12 |
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