Income Tax Software FY 2020-21(AY 2021-22) for AP and Telangana Govt Employees

 

Download Seshadri Income Tax Software FY 2020-21(AY 2021-22) for AP and Telangana Govt Employees  

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                                         (Updated On:11/02/2021)

About Income Tax Software 2020-21 by S.Seshadri

For the financial year 2020-21(AY 2021-22) Income Tax Software has been released for the salaries state government employee of Andhra Pradesh and Telangana by S.Seshadri SA(Maths), Z P High School, Thugundram, G D Nellore. Every financial year he is preparing and releasing the Income Tax Excel Software to ease the process of submission of Tax Returns(ITR-1) for the welfare of AP and Telangana State Government Employees.

In the Income Tax Software you can find it very intuitive. Just by entering the Basic Pay of March , Increment month and savings you can get the complete Salary Details(Annexure-I), IT Return(Annexure-II), Form-16, Rent Receipt.

The IT Software FY 2019-20 is enriched with VB Script to take printout easily. Once you take all printouts you can submit the same to concerned DDO.

Tax Rebate Rs.12,500 U/s 87A

The resident individual having taxable income is up to Rs.5,00,000/- can avail the rebate up to Rs.12,500/- as per the Budget 2019.

How Rs.50,000 Standard Deduction Helps Salaried Tax Payers

In Budget 2019, Finance Minister has proposed Rs.50,000 standard deduction, which is a fixed amount and helps to reduce tax burden to salaried persons as well as pensioners. This standard deduction not useful to family pensioners. For the tax purpose, one can reduce Rs.50,000 from their gross salary.

 

Latest Income Tax Slabs FY 2020-21 (AY 2021-22)

Individual resident (Age below 60 Yrs.)	For resident senior citizen (60 Years and Above)	For super senior citizen (80 years and Above)	For any other person excluding companies and co-operative societies	Income Tax rates
Up to Rs 2,50,000/-	Up to Rs 3,00,000/-	Up to Rs 5,00,000/-	Up to Rs 2,50,000/-	NIL
Rs 2,50,001–5,00,000/-	Rs 3,00,001–5,00,000/-	-	Rs 2,50,001–5,00,000/-	5%
Rs 5,00,001–10,00,000/-	Rs 5,00,001–10,00,000/-	Rs 5,00,001–10,00,000/-	Rs 5,00,001–10,00,000/-	20%
Above Rs 10,00,000/-	Above Rs 10,00,000/-	Above Rs 10,00,000/-	Above Rs 10,00,000/-	30%

80C Tax Exemption Provisions Income Tax Act FY 2019-20

• Tuition Fee- Two Children Max Rs1,50,000
• National Savings Certificates (NSC) Max Rs 1,50,000 -
• Repayment of Home Loan Principle Max Rs 1,50,000
• LIC Insurance Premium- Annual Max Rs 1,50,000
• Unit linked Insurance Plan Max Rs 1,50,000
• Public Provident Fund Max Rs 1,50,000 80C
• ULIP Max Rs 1,50,000
• PLI 1,50,000 Max Rs 1,50,000
• Equity linked Savings Schemes (ELSS) Max Rs 1,50,000
• 5-Years fixed deposits with bank/post office Max Rs 1,50,000

IT Act Section 80C

Section 80C , entitles an employee to deductions for the whole of amounts paid or deposited in the current financial year in the following schemes, subject to a limit of Rs.1,50,000/-

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In section 80C of the Income-tax Act, in sub-section (1), for the words one lakh rupees, the Amendment of words one hundred and fifty thousand rupees shall be substituted with effect from the 1st day of section 80C. April, 2015 .

Read Complete information about 80C, 80CCC, 80CCD, 80CCF Click Here

IT Act Section 80CCC

Life Insurance Corporation of India or any other approved insurer for receiving pension from the Fund referred to in clause (23AAB) of section 10, he shall, in accordance with, and subject to the provisions of this section, be allowed a deduction in the computation of his total income, of the whole of the amount paid or as does not exceed the amount of 1 lakh rupees in the previous year. Read more about EPF/VPF, PPF, NSC POTD, SCSS, 80CCD, ELSS, ULIP