On May 10, 2016
by www.taxexcel.net
Showing posts with label 89(1) arrears relief calculator for F.Y.2015-16. Show all posts
Showing posts with label 89(1) arrears relief calculator for F.Y.2015-16. Show all posts
Tuesday, 10 May 2016
Sunday, 31 January 2016
Section 80C
The deduction under section 80C is allowed from your Gross Total Income. These are available to an Individual or a HUF. The deduction is allowed for various investments, expenses and payments.
Total Deduction under section 80C, 80CCC and 80CCD(1b) together cannot exceed Rs 1,50,000 for the financial year 2015-16 (assessment year 2016-17).
Thursday, 28 January 2016
Download All in One Tax preparation Excel based software for Govt & Non Govt employees for Financial Year 2015-16 [ This Excel Utility can prepare at a time Individual Salary Sheet + Individual Salary Structure + Individual Tax Compute Sheet + Automatic Arrears Relief Calculation U/s 89(1) + Form 10 E + Automatic HRA Exemption Calculation + Automated Form 16 Part A&B and Form 16 Part B for Financial Year 2015-16 & Ass Year 2016-17 with all amended tax section by the Finance Budget 2015-16]
Sunday, 3 January 2016
Download All in One Income Tax Preparation Excel Based Software for Govt & Non-Govt Employees for Financial Year 2015-16 [ This Excel Utility can prepare at a time Income Tax Compute Sheet + Individual Salary Structure + Individual Salary Sheet+ Automatic HRA Exemption Calculation + Automatic Arrears Relief Calculator with Form 10E + Automatic Form 16 Part A&B and Par-B for Financial Year 2015-16 with all amended the tax limit as per Finance Budget 2015-16]
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Salary Structure for Govt & Non Govt Employees
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All salaried are very much familiar with HRA and how to get the benefit of the rent they pay. However, what about those who not get HRA in their salary or for self employed? Will they still get rent benefit? The answer to both the questions is Section 80GG of Income Tax.
So as I said above this section only applies to those who have not availed HRA in their salary or not claiming the deduction on their rent in any of the other sections of income tax. Below are a few conditions to avail the deduction under this section.
- This section is only applicable to Individual or HUF.
- Tax Payer may be either salaried or a self-employed. However, must not be getting HRA.
- Tax Payer himself or spouse/Minor Child/HUF of which he is a member should not own any accommodation at a place where he is doing a job or business.
- If Tax Payer owns house at a place other than the place noted above, then the concession in respect of self occupied property is not claimed by him [Under Section 23 (2) (a) or 23 (4) (a)].
- Tax Payer has to file a declaration in Form No.10BA regarding the expenditure incurred by him towards the payment of rent.
How much amount of deduction one can avail under Sec. 80GG?
If the above five conditions are satisfied, the amount deductible under Section 80GG is LEAST OF THE FOLLOWING.
- Rs.2, 000 per month;
- 25% of total income of taxpayer for the year; or
- Rent Paid less 10% of total income (Rent Paid-10% of Total Income).
What is total income for the purpose of Sec. 80GG?
We can calculate it as below.
Total Income=Gross Total Income-LTCG-STCG-Income referred under the Sec.115A-Amount deductible under Sec.80C to 80U (except Section 80GG).
Let us try with one example-
Mr. X’s total income (calculated as per above formula) is Rs.4, 00,000. He pays an annual rent of Rs.1, 50,000. Then least of the below will be applicable for deduction under Sec. 80GG.
- Rs.24, 000 per year.
- Rent Paid-10% of Total Income=Rs. 1,50,000-Rs.40,000=Rs.1,10,000.
- 25% of Total Income i.e Rs.1, 00,000.
So least of the above will be Rs.24, 000, which one can claim under Section 80GG for that particular Financial Year.
Friday, 7 August 2015
As per the New Finance Budget 2015 the Tax Slab have not change and the Tax Slab is the same as previous Financial Year 2014-15. Some Changes in this Budget and hike the limit of some Section which is given below :-
1) Travelling Allowances hike up to Rs. 19200/- P.A.
2) U/s 80CC hike the limit Rs. 1.5 Lakh
3) U/s 80U hike the Max Limit Rs. 75,000/- up to 80% and 1,25,000/- above 80% for Phy.disable person.
4) New insert a deduction U/s 80C " Sukanya Samriddhi Account" Max.Limit Rs. 1.5 Lakh. for minor Girl Child.
5) U/s 80D hike the limit up to Rs. 25,000/- for below 60 years age and Rs. 30,000/- for Sr.Citizen
Below given a Excel Based Automated Form 16 Part A&B and Part B with the all changes has incorporate in this Excel Utility as per the New Finance Budget as stated above.
Download the Automated Form 16 Part A&B and Part B for FY 2015-16 and Ass Yr 2016-17 [ This Excel Utility can prepare One by One Form 16 Part A&B and Part B for FY 2015-16]
Feature of this Excel Utility:-
- Automatic prepare the Form 16 Part A&B and Part B both in a single Excel Utility for FY 2015-16
- All the Changes of each Tax Section as per the Budget 2015 has incorporate in this Utility
- You can use this utility as Income Tax Calculator for Assessment Year 2016-17
- In this Excel Utility have this facility to change the Period of Financial Year. Automatic Convert the Amount in to the In Words
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Main Input Sheet
Form 16 Part A&B
Form 16 Part B
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Some of the Concerned have need to prepare the Form 16 in the middle of the Financial Year 2015-16. If any employee change his present Concerned and join to another Concerned, the Form 16 must be given to the employee as he is entitled to get the Form 16 for his previous Concerned.So the Form 16 may prepare by the deductor of the previous Concerned. In this Excel Utility have this facility to change the Period of Financial Year.
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