Download All in One TDS on Salary forW.B.Govt employees for F.Y. 2014-15 [ This Excel Utility can prepare at a time Tax Compute Sheet + Salary Structure + Automated HRA Calculation + Form 16 Part B and Form 16 Part A&B ]

Most of the Bengal Govt Offices, prepare the Income Tax  Form 16 through the COSA Software, but some kind of Section of Income Tax have not reflected in this COSA Software. Otherwise most of the Govt and Non Govt Concerned Prepare their Salary through the Salary Package Software, which also not available the recent modified Income Tax Section. 

Most of the Concerned choose the Excel Based any Software as well as Utility which can easily generate and operate. In this View the below given Excel Based Software which can prepare at a time your Tax Compute Sheet + Form 16

Feature of this Utility :-

• You can prepare more than 1000 employees Form 16 by this one Excel Utility
• It can prevent the Double Entry of Pan No automatically inform you when double Pan No insert
• Individual Salary Structure as per W.B.Govt Employees
• New all Income Tax Section have in this Excel Utility as per Budget 2014-15
• At a glance you can see the all Income Tax Section including the New Section 80CCG and 80TTA
• Calculation followed as per the Income Tax Act as far as possible.
• Automatic Convert the Amount to In Words.
• Automatic Calculation for HRA U/s 10(13A)

Download All in One TDS on Salary forW.B.Govt employees for F.Y. 2014-15 [ This Excel Utility can prepare at a time Tax Compute Sheet + Salary Structure + Automated HRA Calculation + Form 16 Part B and Form 16 Part A&B ]

On February 05, 2015 by www.taxexcel.net

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Investments can be made in denominations of Rs 1,000, Rs 5,000, Rs 10,000 and Rs 50,000 in the new KVP

The re-launched Kisan Vikas Patra (KVP) might add to concerns related to black money, among other issues, say investment experts. The notification on the re-launch of the scheme is silent on whether one will have to furnish his/her Permanent Account Number (PAN) for investing in it. Also, one can transfer KVP certificates multiple times, as was the case earlier. One can also invest in cash, and hence tracing back the source of funds can be difficult. While there are other rules that make it mandatory to provide PAN in transactions beyond certain amounts, there are also ways to get around those.

Automated Form 16 Part B for the F.Y.2014-15 with all new Tax Section and Tax Slab as per Budget 2014-15

"The Income Tax Act prescribes the PAN requirement when investments of more than Rs 50,000 are made in instruments such as bank or post office fixed deposits, mutual funds, etc," says Kuldip Kumar, executive director (tax and regulatory services), PwC. However, for those looking at larger investments in KVP, experts say smaller amounts (less than Rs 50,000) can be made in KVP to avoid quoting the PAN. And, holding 200-300 certificates for someone with more than Rs 1 crore to invest might not be difficult.

KISAN VIKAS PATRA 2.0

·                                 Minimum investment should be Rs 1,000upper limit to the amount to be invested ·                                 Certificates can be transferred multiple times ·                                 These will mature in 8 years and 4 months ·                                 Premature withdrawal is allowed, after a lock-in of 2 years and 6 months

Investments can be made in denominations of Rs 1,000, Rs 5,000, Rs 10,000 and Rs 50,000 in the new KVP. By comparison, the earlier version allowed investments of at least Rs 100. There is no upper limit to investments in this instrument.

"The certificates can be issued in single or joint names and can be transferred from one person to any other person/persons multiple times. The facility of transfer from one post office to another anywhere in India and of nomination will be available," says a finance ministry press release.

But there are some experts who see long-term benefits. "There are three readings coming out of the re-launch of KVP: 1) The nation needs savings at any cost, as the savings in the country have dropped; 2) the economy, in addition to foreign funds, also wants to mobilise domestic savings; and 3) it does not want hot money being invested, as this won't be invested for the long term; comparatively, retail money is stable," says Ashvin Parekh, managing partner of Ashvin Parekh Advisory Services LLP.

Should you invest?
"Even in its new avatar, KVP is not compelling enough for individual investors," Though KVP is offering lucrative returns at 8.7 per cent, it does not enjoy any tax benefit. Therefore, it is not meant for those in the 20 per cent and 30 per cent tax brackets, he adds. In the highest tax bracket, KVP will give you 6.09 per cent after tax. By comparison, State Bank of India's fixed deposits maturing in 5-10 years will give 8.5 per cent pre-tax or 5.95 per cent after tax (highest tax bracket). Interest income is taxed at the slab rate even for tax-saving fixed deposits of five years.

National Savings Certificate (NSC) gives 8.5 per cent for certificates maturing in five years and 8.8 per cent for those maturing in 10 years. Here, too, the interest income is taxable - a five-year certificate will give 5.95 per cent, while a 10-year certificate will give 6.16 per cent. Public Provident Fund, which earns 8.7 per cent exempt of tax, is the most attractive among these instruments, though the money is locked in for 15 years and only partial withdrawal is allowed from the seventh year.

On February 02, 2015 by www.taxexcel.net

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Click here to Download Income Tax Arrears Relief Calculator with form 10E

It appears that the most of the salaried persons are got the salary amount from the previous Financial Year , and after got the arrears Salary the Income have raised in this Financial Year. But this amount which you have got this Financial year as Salary Income, this amount not for this Financial Year earning and this is not liable to paid the Tax in this Financial Year , as this amount received from the financial year.

As per the Income Tax Act 1961 the Income Tax Section 89(1) can get Arrears Relief relevant to the previous years earning. This Section too much prominent from the 6^th Pay Commission of Central and State Employees Arrears amount received. Previously this Section was introduce to the Tax payers only for the get the Relief From the Gratuity as this Section also can get relief the Arrears of Gratuity amount for the Pensioners.

Now it is another question that most of the employees have not concept about how to calculate the Arrears Relief or how to bifurcate the income. In this Section 89(1) it is calculate as per the Standard Deduction for the same financial year, if the Arrears Salary Received with Arrears Received amount cross the limit of the same financial year’s Standard Deduction, then he can not get the Relief. For an Example :- Mr. A,  received the Arrears Salary for the financial year 2012-13 Rs. 20,000/- in the financial Year 2013-14 and the Total Salary Income was Rs.1,50,000/- for the Financial Year 2013-14, then his Total Salary Income will be Rs. 20,000/- + 1,50,000/- = 1,70,000/- and the Standard Deduction is Rs. 2,00,000/-. Hence the Total Income below the Standard Deduction, and you can get the Arrears Relief for the Financial 3013-14, But if the Income is over Rs. 2,00,000/- than you can not get the Relief.

If you have received arrears of salary in Financial year 2014-15 or previous any years  related to previous years then your tax liability will be on higher side due to arrears but do you know that you can bifurcate your income  from arrears in respective years on notional basis and can avail relief u/s 89(1) of Income tax Act 1961.

This small excel calculator with the Automated Form 10E which will be helpful in calculate the relief under 89(1) for arrears received in financial year 2014-15 or any previous years  up to financial year 2000-01. This Excel Based Software can prepare and Calculate your Arrears Relief with Form 10E.

Main Feature of this Utility:-

• This Excel Utility Can Calculate your Arrears Relief just a moment
• This Calculator can prepare also the Annex Form 10E
• Easy to Generate and easy to install in any System
• Who can operate this utility
• This Utility can Calculate Since the Financial Year 2000-01 to FY 2014-15
• The Standard Deduction have also have in this utility you can view the Slab 

Click here to Download Income Tax Arrears Relief Calculator with form 10E

On July 15, 2014 by www.taxexcel.net

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