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Showing posts with label All in One TDS on Salary for Assessment Year 2016-17. Show all posts
Showing posts with label All in One TDS on Salary for Assessment Year 2016-17. Show all posts

Tuesday 25 August 2015

Download All in One TDS on Salary for Govt and Non-Govt employees for the Financial Year 2015-16 and Assessment Year 2016-17 [ This Excel Utility can prepare at a time your Income Tax Compute Sheet + Individual Salary Structure + Individual Salary Sheet + Automatic HRA Exemption Calculation + Automatic Arrears Relief Calculator with Form 10E + Automated Form 16 Part A&B and Form 16 Part B as per the new Finance Budget 2015-16 ]

Brief in Section 80EE ( New deduction Under Chapter VIA as House Building Loan Interest Max Rs. 1 Lakh.


First time individual home buyers can get tax deduction on interest of home loan, under newly inserted section 80EE of the Income Tax Act, applicable form assessment year 2014-15 on words Financial Year. This is in addition to tax rebate on interest payment of home loan, under section 24B.

Eligibility for 80EE rebate


This rebate on home loan interest is applicable only for home loans satisfying the following conditions:

i. Loan is sanctioned by a financial institution or housing finance company between 1st April 2013 and 31st March 2014.

ii. Loan amount is Rs. 25 lakhs or less and cost of residential house is Rs. 40 lakhs or less
This should be the only house owned by the taxpayer at the time of sanction.

Maximum deduction limit under 80EE

Up to Rs. 1 lakh can be claimed towards interest payable on home loan from the financial year 2013-14. If interest payable in this year is less than Rs. 1 lakh then the balance can be claimed in the following year.

For instance if interest payable in FY 2013-14 is Rs. 75,000 then tax rebate on remaining Rs. 25,000 can be claimed in FY 2014-15.

The amount claimed under 80EE cannot be claimed for tax rebate under any other sections in any year.

The deduction under sub-section shall be subject to the following conditions, namely:—

 (i)  the loan has been sanctioned by the financial institution during the period beginning on the 1st day of April, 2013 and ending on the 31st day of March, 2014 and on words financial years.

 (ii) the amount of loan sanctioned for acquisition of the residential house property does not exceed twenty-five lakh rupees;

(iii) the value of the residential house property does not exceed forty lakh rupees;

(iv) the assessee does not own any residential house property on the date of sanction of the loan.

(4) Where a deduction under this section is allowed for any interest referred to in sub-section 

(1), deduction shall not be allowed in respect of such interest under any other provisions of the Act for the same or any other assessment year.

(5) For the purposes of this section,—


(a) "financial institution" means a banking company to which the Banking Regulation Act, 1949 (10 of 1949) applies including any bank or banking institution referred to in section 51 of that Act or a housing finance company;

(b) "housing finance company" means a public company formed or registered in India with the main object of carrying on the business of providing long-term finance for construction or purchase of houses in India for residential purposes. 

Monday 29 June 2015

Download All in One TDS on Salary for Govt and Non-Govt Employees for the Financial Year 2015-16 and Assessment Year 2016-17 [ This Excel utility can prepare at a time your Tax Compute Sheet + Salary Structure for Govt and Non-Govt Employees Salary Pattern + Automatic HRA Calculation + Automatic Arrears Relief Calculation with Form 10E + Automated Form 16 Part A&B and Part B ]




Tax planning has always been the test of efficiency for people along with being a test of they  can save their taxes in a lawful manner. Here are some of the tips that can help you to plan your taxes for the F.Y. 2015-16 & A.Y. 2016-17. As per the New Finance Budget 2015-16, In this Budget the Tax Slab is same as previous Financial Year 2014-15

 

1) Various Investment in :- U/s 80C
Policies are a prominent way to save a handful amount of tax. Up to Rs. 1, 50, 000 (A.Y.2016-17) can be saved by way of investing PPF, EPF, Fixed Deposit for 5 years, Pension Plans, etc. as specified u/s 80C, 80CCC and 80CCD.

2) Contribute to NPS U/s 80CC :- Under Chapter VIA
NPS stands for New Pension Scheme was has recently been initiated by the Government under which investors can claim a deduction as a have a Tax free NPS return, however, withdrawal under such system is till taxable. Max Rs. 1.5 Lakh
3) The aid of Medical Insurance:- U/s 80D
A deduction of Rs. 25, 000 is available for people who wish to invest in medical insurance for self. This deduction increases to Rs. 30, 000 when it is done by senior citizens.
4) Expenditure towards disabled dependent :- U/s 80DDB
When certain amount is spent in form medical insurance for a disabled dependent, deduction up to Rs. 80, 000 is available where the disablement is normal in nature.
5) Repayment of Higher Education Loan  Interest :- U/s 80E
When repayment is carried out for higher education loan, the same is also allowed as a deduction and hence can reduce ample amount of tax liability. Max Rs.1 Lakh
6) Donate :- U/s  80G
Donation to charitable trusts and organizations have always been regarded as an auspicious event, therefore, 50% or 100% deduction is available in such context.
7) House Building loan interest U/s 24B
People who are liable to pay house loan interest can also claim deduction upto Rs. 2 Lakh U/s 24B and Rs. 1.5 Lakh U/s 80C as HBL Principal amount and Rs. 1 Lakh more can be availed U/s 80EE w.e.f. 01/04/2013
8) Transportation / Conveyance allowance :- U/s 10
A sum of Rs 19200/- P.A. can be claimed as a deduction for transportation and conveyance, additionally, and the Phy. Disable person can get the benefits up to Rs. 38,400/- P.A.


Download All in One TDS on Salary for Govt and Non-Govt Employees for the Financial Year 2015-16 and Assessment Year 2016-17 

Thursday 28 May 2015

Download All in One TDS on Salary for Govt and Non-Govt Employees for the Financial Year 2015-16 and Assessment Year 2016-17 [ This Excel utility can prepare at a time your Tax Compute Sheet + Salary Structure for Govt and Non-Govt Employees Salary Pattern + Automatic HRA Calculation + Automatic Arrears Relief Calculation with Form 10E + Automated Form 16 Part A&B and Part B ]



Tax planning has always been the test of efficiency for people along with being a test of they  can save their taxes in a lawful manner. Here are some of the tips that can help you to plan your taxes for the F.Y. 2015-16 & A.Y. 2016-17. As per the New Finance Budget 2015-16, In this Budget the Tax Slab is same as previous Financial Year 2014-15

 

1) Various Investment in :- U/s 80C
Policies are a prominent way to save a handful amount of tax. Up to Rs. 1, 50, 000 (A.Y.2016-17) can be saved by way of investing PPF, EPF, Fixed Deposit for 5 years, Pension Plans, etc. as specified u/s 80C, 80CCC and 80CCD.

2) Contribute to NPS U/s 80CC :- Under Chapter VIA
NPS stands for New Pension Scheme was has recently been initiated by the Government under which investors can claim a deduction as a have a Tax free NPS return, however, withdrawal under such system is till taxable. Max Rs. 1.5 Lakh
3) The aid of Medical Insurance:- U/s 80D
A deduction of Rs. 25, 000 is available for people who wish to invest in medical insurance for self. This deduction increases to Rs. 30, 000 when it is done by senior citizens.
4) Expenditure towards disabled dependent :- U/s 80DDB
When certain amount is spent in form medical insurance for a disabled dependent, deduction up to Rs. 80, 000 is available where the disablement is normal in nature.
5) Repayment of Higher Education Loan  Interest :- U/s 80E
When repayment is carried out for higher education loan, the same is also allowed as a deduction and hence can reduce ample amount of tax liability. Max Rs.1 Lakh
6) Donate :- U/s  80G
Donation to charitable trusts and organizations have always been regarded as an auspicious event, therefore, 50% or 100% deduction is available in such context.
7) House Building loan interest U/s 24B
People who are liable to pay house loan interest can also claim deduction upto Rs. 2 Lakh U/s 24B and Rs. 1.5 Lakh U/s 80C as HBL Principal amount and Rs. 1 Lakh more can be availed U/s 80EE w.e.f. 01/04/2013
8) Transportation / Conveyance allowance :- U/s 10

A sum of Rs 19200/- P.A. can be claimed as a deduction for transportation and conveyance, additionally, and the Phy. Disable person can get the benefits up to Rs. 38,400/- P.A.