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Showing posts with label All in One TDS on Salary For Central Govt Employees for F.Y 2015-16 and A.Y.2016-17. Show all posts
Showing posts with label All in One TDS on Salary For Central Govt Employees for F.Y 2015-16 and A.Y.2016-17. Show all posts

Thursday 29 October 2015

Download All in One Tax Preparation Excel Based Software for Central Govt employeesfor F.Y.2015-16 and A.Y.2016-17 [ This Excel Utility can prepare at a time your Tax Compute Sheet + Individual Salary Structure + Individual Salary Sheet + Automatic HRA Exemption Calculation + Automatic Form 16 Part A&B and Form 16 Part B including the latest amended by the Finance Budget 2015-16]

Main Data Input Sheet

 
Central Govt Employees Salary Structure

Tax Benefits

Insurance Policies completely live up to the Phrase “Icing on the Cake!!!”. Insurance policies do not only safeguard your life and health but also gives you tax benefits for the premium paid and maturity amount received.
The very first step of a successful tax or financial planning start with getting yourself adequately Insured.
Let’s see how you can save tax through Insurance Policy in India.

Life Insurance Tax Benefit

Life Insurance Policy is a traditional plan which includes term plans, ULIPS (unit linked insurance plans), money back and whole life cover plan. All the plans except term plan are mix of investment as well as insurance, term plan gives your pure insurance. But for the purpose of taxation all these plans are treated same and the tax treatments of all plans are same.

Tax benefit on Life Insurance Policy

Premium Paid
  • Premium paid is eligible for deduction u/s 80C of the I-T Act.
  • Maximum deduction is Rs.1.50 lakh u/s 80C.
  • Premium must be paid through check, credit card or online transfer, cash payment of premium is not allowed for deduction.
  • Minimum sum assured for claiming deduction should be 10 times of the premium paid.
Insurance Sum Received:
1. On Surrendering Policy before maturity:
In case the policy is surrendered before the maturity than the whole sum received from the Insurer will be taxable, if 5 premiums have not been paid. If you have surrendered the policy after paying 5 premiums than the amount received from the insurer would be tax-free.

2. On Maturity:
Insurance Sum received on maturity is completely tax-free u/s 10 of the I-T Act.

3. On the Death of the Policy Holder:
Insurance Sum received on the death of the assesse by his family or legal heirs is completely tax-free u/s 10 of the I-T Act. But a death certificate of the policy holder is required to be given to the insurer along with the other documents to claim the insurance amount.

Health Insurance Tax Benefit or Mediclaim Policy

The earning members of most of the Indian households are one or two while they have dependent children and dependent parents to look after. Due to increasing cost of medical treatment Health Insurance Policy or mediclaim policy has become must for every household. Along with covering the cost of the medical expenses it also gives you tax benefits.

Tax benefit on Health  Medical Insurance

Premium Paid:
Under Section 80D of the I-T Act assesse can claim the deduction for premium paid for Health Insurance or Mediclaim Policy for up t0 Rs.25,000 p.a. for himself, his spouse and his children. In case he also buys Health Insurance or Mediclaim Policy for his dependent parents than a separate deduction of Rs.25,000 will also be allowed for deduction and if his parents are senior citizen (60 years or above) than deduction will be of Rs.30,000. This means an assesse can get maximum benefit of Rs.55,000 u/s 80D.

But to claim the deduction, few conditions have to be met:
  • Assesse should be an individual or HUF (Resident or NRI).
  • The premium is paid by any mode other than cash. Payment by cash does not qualify for deduction.
  • Receipt of Mediclaim Premium is required for claiming deduction as a proof of payment.
Insurance Sum Received:
Any sum received from the insurer against the health insurance policy or mediclaim policy does not constitute your income and thus would be exempt. The sum received from insurer is mere a reimbursement of expenses you have incurred. Thus it would completely be tax-free. Suppose you have received Rs.1 lakh against the mediclaim policy than this amount would not be taxable as your income, since this is just a settlement of the medical expenses you have already incurred and there is no element of the income in your claim.

Many of the Insurance Companies have started Cashless Health Insurance Schemes, under which you don’t need to pay any amount to the medical institutes. The medical bills are directly paid to the medical institute by TPA/Insurance Company.

Friday 16 October 2015

Download the All in One Income Tax Preparation Excel Based Software for Only Central Govt Employees for Financial Year 2015-16 [ This Excel Utility can prepare at a time your Tax Compute Sheet + Individual Salary Sheet + Individual Salary Structure as per Central Govt Salary Pattern + Automatic HRA Calculation + Automated Form 16 Part A&B and Form 16 Part B for F.Y.2015-16 with the all modified section by the Finance Budget 2015-16]

Salary Structure of Central Govt employees

Individual Salary Statement

Tax Compute Sheet

Automated Form 16 Part A&B 

Major Changes in Income Tax by the Budget for F.Y 2015-16 as given below



       Popular  Income Tax                            Section
Existing Provisions for FY 2014-15

AY 2015-16
Changes as per Budget for FY 2015-16


 AY 2016-17
Surcharge on taxable income exceeding Rs. 1 Crore for Individuals, Senior Citizens, Very Senior Citizens, HUFs, AOPs, BOIs, artificial juridical persons, firms, cooperative societies and local authorities
10% of Income Tax
12% of Income Tax
Comparison of Benefits under various IT Sections
Exempted amount of transport allowance
Rs. 800/- per month
Rs. 1,600/- per month & for Phy.Disable Persons Rs.3200/- P.M.
Section 80D - Deduction for Health  Insurance premium
Rs. 15,000/-
Rs. 25,000/-
Section 80D - Deduction for Health  Insurance premium for Senior Citizens
Rs. 20,000/-
Rs. 30,000/-
Investment in Sukanya Samriddhi Scheme
1.5 Lakh
Eligible for deduction u/s 80C and any payment from the scheme shall not be liable to tax.
Section 80DDB - Deduction in case of very senior citizens on expenditure on account of specified diseases
Rs. 60,000/-
Rs. 80,000/-
Section 80DD - Maintenance, including medical treatment of a dependent who is a person with disability
Rs. 50,000/-
Rs. 75,000/-
Section 80DD - Maintenance, including medical treatment of a dependent who is a person with severe disability
Rs. 1,00,000/-
Rs. 1,25,000/-
Section 80U - Person with disability 50% to 80%
Rs. 50,000/-
Rs. 75,000/-
Section 80U - Person with severe disability,above 80%
Rs. 1,00,000/-
Rs. 1,25,000/-
Section 80CCC - Contribution to provident fund of LIC or IRDA approved insurer
Rs. 1,00,000/-
Rs. 1,50,000/-
Section 80CCD - Contribution by the employee to National Pension Scheme (NPS)
Rs. 1,00,000/-
Rs. 1,50,000/-
Now under Section 80CCD, a deduction of upto Rs. 50,000  is allowed over and above the limit of Rs. 1.50 lakh under Section 80C  in respect of contributions made to NPS is also allowed.   Thus, now the total deduction that can be claimed under Section 80C+Section 80CCD = Rs 2 lakh.
In case any employer contributes to the NPS scheme on behalf of the employee and the benefit of the same would be availed by the employee, the employee would also be allowed a deduction under Section 80CCD(2) for the amount of contribution made by the employer.