Wednesday, 19 December 2018

Income Tax Software for the FY 2018-19 and AY 2019-2020.

Income Tax Software for the FY 2019-18 and AY 2019-20.   



        Individuals are required to file income tax return each year if they have taxable income of more than Rs.2.5 lakhs. The income tax rate AY 2019-20 or FY 2018-19 for salaried individuals is as follows.
Note: Financial year starts from 1st April and ends on 31st March. For example, the financial year 2018 – 19 would be 1st April 2018 to 31st March 2019. Assessment year is the year immediately following the financial year wherein the income of the financial year is assessed. Hence, in the assessment year, 2019–20 the income tax for the period from 1st April 2018 to 31st March 2019 would be assessed.

Income Tax Rate AY 2019-20, FY 2018-19 – Individuals less than 60 years:
Taxable income  – Tax Rate
Up to Rs. 2,50,000 – Nil
Rs. 2,50,000 to Rs. 5,00,000 – 5%
Rs. 5,00,000 to Rs. 10,00,000 – 20%
Above Rs. 10,00,000 – 30%

Income Tax Rate AY 2019-20, FY 2018-19 – Individuals between 60 years and 80 years:
Taxable income – Tax Rate
Up to Rs. 3,00,000 – Nil
Rs. 3,00,000 to Rs. 5,00,000 – 5%
Rs. 5,00,000 to Rs. 10,00,000 – 20%
Above Rs. 10,00,000 – 30%

Income Tax Rate AY 2019-20, FY 2018-19 – Individuals above 80 years:
Taxable income – Tax Rate
Up to Rs. 5,00,000 – Nil
Rs. 5,00,000 – Rs. 10,00,000 – 20%
Above Rs. 10,00,000 – 30%

In addition to the Income Tax amount calculated, based on the above-mentioned tax slabs, individuals are required to pay Surcharge and Cess.

1. Surcharge: 10% of income tax, where the total income exceeds Rs.50 lakh up to Rs.1 crore.
2. Surcharge: 15% of income tax, where the total income exceeds Rs.1 crore.
3. Health & Education Cess: 4% of Income Tax. (Newly introduced through 2018 Budget).

Why it Individuals File Income Tax Return?

Under the Income Tax Act, all individuals below the age of 60 years are required to file income tax return if total income exceeds Rs. 2.5 lakhs. In the case of individuals over the age of 60 years, but below 80 years, income tax filing is mandatory if total income exceeds Rs.3 lakhs. Individuals over the age of 80 years are required to file income tax return if the total income exceeds Rs.5 lakhs.

The penalty for Not Filing Income Tax Return:

Not filing your Income Tax Return would result in:
1. Receiving a notice from the Income Tax department.
2. Not being able to obtain a refund of excess TDS Deducted.
3. Penalty interest of 1% per month or part thereof will be charged until the date of payment of taxes. For returns of FY 2017-18 and onwards, the penalty of Rs 5,000 will be charged for returns filed after the due date but before 31st December. If returns are filed after 31st December, a penalty of Rs 10,000 shall apply. However, the penalty will be Rs 1,000 for those with income up to Rs 5 Lakhs.
4. Not being able to set off Losses. Losses incurred (other than house property loss) will not be allowed to be carried forward to subsequent years, to be set off against future gains.

Know more about the penalty for late filing income tax returns.


Due Date for Filing Income Tax Return for Salaried Individuals:

The income tax return of a salaried individual is due on 31st July.

Which ITR Form should a salaried individual use?

Salaried Individuals may have to file ITR-1 or ITR-2 based on certain criteria as detailed below :


Form ITR-1 must be used when the source of income is limited to Salary/Pension, One House Property and other sources (Excluding winning from lottery and race horses).

Form ITR-1 should not be filed for below cases:

1. Income that exceeds Rs. 50 Lakhs.
2. The Assessee has Taxable Capital Gains.
3. The Assessee has any of the below sources of income:

Income from foreign assets.
Agricultural income that exceeds Rs. 5000.
Income from Business or Profession.
Income from more than one house property.

Form ITR-2:

Form ITR-2 must be filed by individuals who are not eligible to file ITR-1, because of following reasons:

Income exceeding Rs. 50 Lakhs.
Having foreign assets/income.
Having agricultural income which is more than Rs. 5,000.
Having taxable capital gains.
Having income from business or profession as a partner.
Having more than one house property.

Form ITR-2 should not be filed by any individual who has income under the head of Business or Profession from a proprietorship. The ITR-2 form can also not be filed by a company or LLP or other types of legal entity.

Income Tax Softwares FY 2018-19:

1) C.Ramanjineyulu Sir Income Tax Software 2018-19 (updated 14-12-2018)– Download
2) Vijay Kumar Sir Income Tax Software 2018-19 (updated 14-12-2018)– Download
3) K.S.S Prasad Sir Income Tax Software 2018-19 (updated 14-12-2018)– Download
4) Putta  Income Tax Software 2018-19 (updated 14-12-2018)– Download
Instruction To DDOs and Employees to Pay IT
AP Model School Income Tax Software 2018-19 - Download
Mobile Tax Income Tax Software 2018-19 -Download
CPS Employees income tax 2017-18 Clarification of 80CCD 1B Copy Download

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