Download and prepare at a time Tax Compute Sheet + Individual Salary Sheet + Individual Salary Structure as per Govt & Non-Govt employees Salary Pattern + Automated H.R.A. Exemption Calculation + Automatic Arrears Relief Calculation with Form 10E + Automated Form 16 Part A&B and Form 16 Part B for F.Y.2016-17

Main Data Input Sheet for Deductor

Employees Salary Structure 

Form 16 Part A&B

Form 16 Part B

Arrears Relief Calculator with Form 10E

At the investment stage, National Pension System (NPS) offers the income tax benefits under different sections of the Income Tax Act – Section 80CCD (1), Section 80CCD (1b) and Section 80CCD (2).

NPS is especially useful for investors who may have exhausted the Rs 1.5 lakh investment limit under Section 80C but want to save more.

Under Section 80CCD (1) – Investment up to Rs 1.5 lakh into NPS in a financial year is eligible for deduction under Section 80CCD(1). This deduction comes under the overall ceiling of Rs 1.5 lakh for deduction under Section 80C.

Under Section 80CCD (1b) – In budget 2016, the government had introduced additional tax benefit for investment up to Rs 50,000 in NPS. If the taxpayer contributes more than Rs 1.5 lakh to the NPS in a year, the amount in excess of Rs 1.5 lakh can be claimed as a deduction under the new Section 80CCD(1b).

Under Section 80CCD(2): Over and above the ceiling limit of Rs 1.5 lakh provided under Section 80C and limit of Rs 50,000 under Section 80CCD(1B), contribution from the employer up to 10% of Basic Salary + Dearness Allowance is also eligible for deduction under Section 80CCD(2). There is no upper cap (in terms of amount) on this tax deduction and it is available only to employees.

On February 09, 2017 by www.taxexcel.net

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What is HRA? What is House Rent Allowance?

House Rent Allowance or HRA is given by the employer to the employee to meet the expenses of rent of the accommodation which the employee has taken for his residential purpose. Salaried individuals who live in a rented house can claim House Rent Allowance or HRA to lower taxes. This can be partially or completely exempt from taxes. The allowance is for expenses related to rented accommodation. If you don’t live in a rented accommodation, this allowance is fully taxable. House Rent Allowance (HRA) Exemption would be calculated by your employer and shown in Form 16 if rent receipt is submitted on time.

Self-employed professionals cannot be considered for HRA exemption under this act, as they do not earn a salary. However, they can claim benefits on the house rent expenses incurred under section 80GG, which resembles section to 10 (13A) but is subject to certain conditions.

Download All in One automated Income Tax Preparation Excel Based Software for Govt & Non-Govt(Private) employees for the F.Y.2016-17. [This Excel Utility can prepare at a time your Tax Compute Sheet + Individual Salary sheet + Individual Salary Structure as per Govt & Private Employees Salary Pattern + Automatic H.R.A. Calculation + Automatic Arrears Relief Calculation with Form 10E + Automated Form 16 Part A&B and Form 16 Part B]

Understanding 80GG

What is section 80GG?

Section 80GG provides for Deductions for House Rent paid, provided that a deduction for payment of House Rent has not been claimed under any other section of the income tax act. In other words, if a salaried employee is being given house rent allowance by his employer and he is claiming a deduction from the same, he won’t be eligible to claim deduction under Section 80GG for payment of Rent. All other taxpayers who are neither getting the benefit of House Rent Allowance and nor have they claimed the expense for rent paid under any other section of the income tax act, can claim deduction under Section 80GG. HRA limit under section 80GG has been proposed to be increased from 24,000 to Rs.60,000/- from the F.Y.2016-17

What is Form 10BA?

If the taxpayer is claiming deduction under Section 80GG, he would also be required to furnish a declaration in Form 10BA that he satisfies all the conditions stated above. An image below shows the Form 10BA . You can Download Form 10BA.

On December 05, 2016 by www.taxexcel.net

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The deduction is available up to Rs. 30,000/- for senior citizens and up to Rs. 25,000/ in other cases for insurance of self, spouse, and dependent children. Additionally, a deduction for insurance of parents (father or mother or both) is available to the extent of Rs. 30,000/- if parents are senior Citizen and Rs. 25,000/- in other cases. Therefore, the maximum deduction available under this section is to the extent of Rs. 55,000/-. From AY 2016-17, within the existing limit, a deduction of up to Rs. 5,000 for preventive health check-up is available.

If an employee has the Sr.Citizen member who can get max Rs. 30,000/- and if the self, has Medical Insurance he can also get Max Rs. 25,000/-, in this case, the employee can get total Medical Benefits Rs. 25,000/- + 30,000/- = 55,000/-

If an employee has the Sr.Citizen member who can get max Rs. 30,000/- and if the self, has Medical Insurance he can also get Max Rs. 25,000/-, in this case, the employee can get total Medical Benefits Rs. 25,000/- + 30,000/- = 55,000/-

Download the Automated All in One Income Tax Preparation Excel Based Software for Govt& Non-Govt employees for F.Y.2016-17

Feature of this Excel Utility :-

1) Prepare both of Govt and Non-Govt(Private) employees Income Tax

2) If you have to need only Govt employees Income Tax you can do the same

3) If you have to need Only Non-Govt employees Income Tax you can do the same

4) Prepare automated Individual Income Tax Compute Sheet for both Govt & Non-Govt employees for F.Y.2016-17

5) Automated Calculate the Arrears Relief Calculation U/s 89(1) with Form 10E up to the F.Y.2016-17

6) Automated House Rent Exemption Calculation U/s 10(13A)

7) The Individual Salary Structure have in this Excel Utility for both can use Govt & Non-Govt employees Salary Pattern.

8) Automated prepare the Form 16 Part A&B for F.Y.2016-17

9) Automated prepare the Form 16 Part B for F.Y.2016-17

10. Automatic Convert the Amount into the In-words without any excel formula.

11.All the Income tax amended section have in this utility as per the Finance Bill 2016.

On September 21, 2016 by www.taxexcel.net

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TAX BENEFIT ON HOME LOAN (INTEREST AMOUNT)UNER SECTION 24

Tax Benefit on Home Loan for payment of Interest on Home Loan can be claimed as Deduction underSection 24 as well as under the newly inserted section 80EE (Inserted in the Budget 2013, to be applicable from 1^st April 2013)

Download Automated All in One Income Tax preparation Excel Based Software for Non-Govt employees for Financial Year 2016-17 and Assess Year 2017-18 [ This Excel Utility can prepare at a time your Tax Computed Sheet + Individual Salary Structure as per Private Concerned + Individual Salary Sheet + Automated House Rent Exemption Calculation U/s 10(13A) + Automated Form 16 Part A&B and Form 16 Part B + Automated Form 12 BA.

Section 24: Income Tax Benefit on Interest on Home Loan

Tax Benefit on Home Loan for payment of Interest is allowed as a deduction under Section 24 of the Income Tax Act. As per Section 24, the Income from House Property shall be reduced by the amount of Interest paid on Home Loan where the loan has been taken for the purpose of Purchase/ Construction/ Repair/ Renewal/ Reconstruction of a Residential House Property.

The maximum tax deduction allowed under Section 24 of a self-occupied property is subject to a maximum limit of Rs. 2 Lakhs (increased in Budget 2014 from 1.5 Lakhs to Rs. 2 Lakhs).

In case the property for which the Home Loan has been taken is not self-occupied, no maximum limit has been prescribed in this case and the taxpayer can take the tax deduction of the whole interest amount under Section 24.

Note: In case a property has not been self-occupied by the owner by reason of the fact owing to his employment, business or profession carried on at any other place, he has to reside at that other place not belonging to him, then the amount of tax deduction allowed under Section 24 shall be Rs. 2 Lakhs only.

It is also important to note that this tax deduction of Interest on Home Loan under Section 24 is deductible on the payable basis, i.e. on the accrual basis. Hence, the deduction under Section 24 should be claimed on the yearly basis even if no payment has been made during the year as compared to Section 80C which allows for deduction only on payment basis.

Moreover, if the property is not acquired/constructed completed within 3 years from the end of financial year in which the loan was taken, the interest benefit, in this case, would be reduced from 2 Lakhs to Rs 30 thousand only. This limit of 3 years has been increased to 5 years from Financial Year 2016-17 and onwards.

Quantum of Deduction allowed for Payment of Interest on Home Loan under Section 24
Type of Property	Self Occupied Property		Not Self Occupied Property
Completion Status	Completed within 3 years	Not completed within 3 years	Completed within 3 years	Not completed within 3 years
Deduction Allowed	Rs. 1,50,000	Rs. 30,000	No Limit	No Limit

The Quantum of Deduction allowed for payment of Interest on Home Loan under Section 24 has been summarized below:-

INCOME TAX TREATMENT OF PRE-CONSTRUCTION INTEREST

In many cases, the amount is paid for the purchase of property even before the construction is completed. Some home buyers, purchase properties on loan before the completion of construction and start paying EMI to the Bank.

In such cases, Section 24 very specifically states that Tax Deduction for payment of Interest shall not be allowed before the construction is complete. In such cases,

1.                 If Loan is taken for purpose of Repair/ Renewal/ Reconstruction: No Tax Deduction allowed for Interest paid before Completion

2.                 If Loan is taken for the purpose of Purchase/ Construction: The Interest that has been paid before the completion of construction should be aggregated and the whole aggregated amount shall be allowed as the tax deduction in 5 equal installments for 5 successive Financial Years starting from the year in which the construction has been completed.

For the purpose of simplicity and easy understanding, a comparison of Tax Benefit on Home Loan under Section 24 and Section 80C has been made here under:-

Particulars	Section 24	Section 80C
Tax Deduction allowed for	Interest	Principal
Basis of Tax Deduction	Accrual basis	Paid basis
Quantum of Tax Deduction allowed	Self Occupied Property:Rs. 2,00,000Non Self Occupied Property: No Limit	Rs. 1,50,000
Purpose of Loan	Purchase/ Construction/ Repair/ Renewal/ Reconstruction of a Residential House Property.	Purchase / Construction of a new House Property
Eligibility for claiming Tax deduction	Purchase/ Construction should be completed within 3 years	Nil
Restriction on Sale of Property	Nil	Tax Deduction claimed would be reversed if Property sold within 5 years

On July 31, 2016 by www.taxexcel.net

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The most popular All in One Income Tax preparation Excel Based Software have already published by the www.itaxsoftware.net for the Financial Year 2016-17 and Assessment Year 2017-18. In this All in One Excel Based Software, you can prepare at a time Salary Sheet + House Rent Exemption Calculation  + Arrears Relief Calculation U/s 89(1) with Form 10E + Form 16 Part A&B and Part B for the AY 2017-18.

The Salary Structure have prepared for the both of Govt and Non-Govt Concerned and both can use this Excel Utility. Most easy to understand and generate. The Arrears Relief Calculator which Starting since the Financial Year 2000-2001 to 20013-14.

Download All in One Income Tax Preparation Excel Based Software for Govt & Non-Govt employees for the Financial Year 2016-17 & A.Y. 2017-18 as per the Finance Budget 2016-17.

Feature of this Excel Utility :-

1) This Excel Utility can prepare at a time prepare at a time Salary Sheet + House Rent Exemption Calculation  + Arrears Relief Calculation U/s 89(1) with Form 10E + Form 16 Part A&B and Part B for the A.Y 2017-18. 

2) Easy to install in any computer or System

3) You can generate more than 100 employees Tax Calculator ( One by One)

4) Automatic Convert the Amount into the In-Words

5) All the Income Tax Section Amended by the Finance Budget 2016 have in this Utility.

6) Automated Arrears Relief Calculation will be made with Form 10E up to F.Y.2016-17

7) Automatic Calculate Your House Rent Exemption Calculation as per U/s 10(13A)

On July 21, 2016 by www.taxexcel.net

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