Download Automatic Master of Form 16 Part B for 100 & 50 Employees for F.Y. 2016-17.

1) Download Master of Form 16 Part B for 100 employees for F.Y.2016-17

2) Download Master of Form 16 Part B for 50 employees for F.Y.2016-17

The feature of this Excel Utility:-

1) Automatic Income Tax Calculate as per Tax Slab 2016-17

2) Prepare at a time 100 employees and 100 Employees form 16 Part B for F.Y.2016-17

3) Automatic Amount into the In-Words 

4) You can prepare more than 1000 employees Form 16 Part B

5) All the Income Tax Amended Section have in this Excel Utility

Chapter VIA List of All Deductions at a Glance, List of all Income Tax deductions from u/s 80C to 80U. Hi, Friends Here we are providing a list of all deductions covered under  Chapter VIA of Income tax act. In this article, we provide the complete list of deductions with Name of Section, Brief details for Section, List of Assessee’s who can avail that exemption, Amount of Deduction etc. Find Short details for Every Deduction like – Deduction under Section 80C, Maximum Deduction allowed u/s 80C, Deduction u/s 80CCC, Deduction u/s 80G, Deduction u/s 80U, Deduction u/s 80E, Deduction u/s 80D, Deduction u/s 80IA etc. Recently we provide a special article on “Paying Tax is better than Saving Tax!“. Now you can scroll down below and check more details for Chapter VIA List of All Deductions at a Glance

Chapter VIA List of All Deductions at a Glance

In this article, we provide a list of all Deductions are available under Chapter VIA of Income tax. In this article, we provide a list of all deductions by section wise covered under Chapter VIA. Now check below table for Chapter VIA List of All Deductions at a Glance.

Sections	Particulars	Allowed to	Quantum of deduction
80C	Deduction in respect of Life Insurance Premium, Contribution to Provident Fund, etc. Deduction in respect of contribution to certain pension funds	Individual and HUF	Max. Rs.1,50,000
80CCC	Deduction in respect of contribution to certain pension funds	Only individuals	Max. Rs.1,50,000
80CCD (1)	Deduction in respect of contribution to notified pension scheme of Central Government	Salaried employee or self-employed individual	Employer and employee contribution not exceeding 10% of salary in each case. Maximum deduction to an employee or self-employed person for his contribution limited to Rs.1,00,000
80CCD(2)	Deduction in respect of contribution to the Employee’s Pension Fund by the Emplyer	Salaried employee or self-employed individual	Contribution to the Employee’s Pension Fund by the Employer.This Additional Deduction out of the limit of U/s 80C Max. Rs.1.5 Lakh
80CCD(1B)	Additional deduction U.s 80C out of 1.5 Lakh to the employees Pension Scheme	Salaried employee or self	Max Rs. 50,000/ as additional deduction out of 1.5 Lakh.
80CCE	Limit on deductions under sections 80C, 80CCC and 80CCD (1)	N.A.	Rs.1,50,000
80CCG	Deduction in respect of investment made in an equity saving scheme	Individual who is resident in India	50%  of the amount invested or Rs.25,000 whichever is less
80D	Deduction in respect of medical insurance premium	Individual or HUF whether resident or non – resident	In case of individual – Maximum Rs.25,000 & Rs. 30,000/- for Sr.Citizen
80DD	Deduction in respect of maintenance including medical treatment of dependent who is a person with disability	For senior citizen Individual or HUF resident in India	Addl. Rs.5,000 Rs.75,000 or Rs.1,25,000 in case of a person with severe disability
80DDB	Deduction in respect of medical treatment, etc.	Individual or HUF resident in India	Max.Rs.60,000
80E	Deduction for interest paid on loan	For senior citizen Individual whether resident or not	Addl. Rs.20,000 Actual amount paid
80EE	Deduction in respect of interest on loan sanctioned during the financial year 2013 – 14 for acquiring residential house property	Individual only	Maximum Rs. 50,000
80G	Deduction in respect of donations to certain funds, charitable institutions, etc.	All assesses	(a)   100% or 50% of eligible donations, without applying qualifying limit in certain cases

On February 10, 2017 by www.taxexcel.net

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Download Automatic Master of Form 16 Part B for the Financial Year 2016-17 and Assessment Year 2017-18. This Excel Based software can prepare at a time 100 employees Form 16 Part B.

Feature of this Excel Utility:-

1) Prepare at a time 100 employees Form 16 Part B for F.Y.2016-17

2) All the Income Tax amended tax section with the enhance tax limit as per Finance Bill 2016-17

3)This Excel Utility can use both of Government and Private Concerned

4) This Excel utility can easy to install in any computer

5) You can prepare more than 1000 employees Form 16 Part B 

6) Automatic Tax calculate 

7)  Automatic Convert the Amount in to the In-Word without any Excel Formula.

Click here to Download Automatic Income Tax Form 16 Part B for F.Y.2016-17 ( 100 Employees)

On January 11, 2017 by www.taxexcel.net

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Download Automatic Master of Form 16 Part B for the Financial Year 2016-17 and Assessment Year 2017-18. This Excel Based software can prepare at a time 50 employees Form 16 Part B.

Feature of this Excel Utility:-

1) Prepare at a time 50 employees Form 16 Part B for F.Y.2016-17

2) All the Income Tax amended tax section with the enhance tax limit as per Finance Bill 2016-17

3)This Excel Utility can use both of Government and Private Concerned

4) This Excel utility can easy to install in any computer

5) You can prepare more than 500 employees Form 16 Part B ( First prepare 50 then prepare 50 etc)

6) Automatic Tax calculate 

7)  Automatic Convert the Amount in to the In-Word without any Excel Formula.

Click here to Download Automatic Income Tax Form 16 Part B for F.Y.2016-17

Deductor's Details Sheet

Tax deduction Salary Sheet Section Wise

Income Tax Form 16 

Part B

On January 09, 2017 by www.taxexcel.net

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It’s time of the year when everyone including your employer is worried about your taxes. Most people would have received mail from their Accounts department about “submission of proofs for investments done to claim income tax exemption”. In case you have not, it might be on its way.

This post helps you understand why salaried class needs to submit these proofs to their employers, how it should be done, what documents to be submitted and if there is a deadline?

Download & Prepare at a time 100 employees Income Tax Form 16 Part B for F.Y.2016-17[This Excel Utility can prepare at a time 100 employees Form 16 Part B as per the latest amended tax section as per the Finance Bill 2016-17]

Why Employers Ask for Tax Saving Investment Proofs?

Employers are responsible for deducting income tax (TDS – Tax deduction at source) from the salary paid to its employees and deposit the same to income the tax department. But income tax is complicated and the final tax depends on the tax saving investments a person makes or if the person lives on rent or if he has a house. So to compute your taxes correctly your employer asks for a declaration at the start of the financial year (in April). The TDS is deducted based on this declaration.

As we approach the end of financial year, an employer wants to make sure you did what you declared as it impacts the tax calculation. So it asks you to submit proofs for income tax saving investment that you made, rent receipts along with any other documents. Once the proof is submitted the employer computes tax based on the actual investments made and TDS is adjusted accordingly.

When does Employer ask for Proofs?

There are no guidelines about when any employer should ask for investment proofs. Some companies start asking for the same in December but most of them would ask for it before the end of January. This is asked so early on as the enhanced tax deduction can be done from 2-3 months’ salary. Also, this awakens the lazy ones and they start their tax planning.

What if you do not Submit the Proofs?

In case you do not submit the proofs, an employer would not be able to give you tax benefit on your tax saving investments. This would lead to higher deduction of taxes. You can claim the refund of these taxes only during filing of tax returns.

Documents to be Submitted

Indian income tax laws are complicated and have multiple exemptions and investment options. Below is the list of documents that needs to be submitted to your employer to get relevant tax deductions.

House Rent Allowance (HRA) u/s 10(13A)

Following documents need to be submitted to claim tax benefit on HRA:

§                    Rent receipt for starting and the end month and of the intermediate month in case there has been the change in rent or rented accommodation. So you need to submit rent receipt for April and Dec/Jan if there is no rent change.

§                    The rent receipt must have One rupee revenue stamp on it (ideally a revenue stamp is required for receipts if the rent is paid by cash and is over Rs.5,000 but most employers still ask for it).

§                    No rent receipt is required if the monthly rent paid is below Rs.3,000

§                    Some employers may also ask for the copy of rent agreement.

§                    If the annual rent paid exceeds Rs 1 lakh you also need to give PAN number of the landlord. In case your landlord does not have PAN card, a declaration needs to be submitted stating so.

Home Loan Interest u/s 24

§                    Copy of Provisional Interest certification from Bank/Financial Institution stating the amount of principle and interest separately.

§                    The certificate should also have the loan sanction date

§                    Copy of Possession Certificate

§                    Copy of Sale Deed (In case possession letter in not available)

§                    Copy of Lease deed, in case of letting out property

§                    In case of Joint Home Loan, self-declaration of the ownership proportion needs to be furnished

§                    Form 12C

Medical Insurance Premium u/s 80D

§                    Copy of Insurance Premium receipt paid

§                    Copy of receipt for Preventive Health Checkup for self, spouse, dependent children or parents

Interest on Repayment of Education Loan u/s 80E

§                    Copy of Provisional Interest certification from Bank/Financial Institution showing the interest and principle separately.

Rajiv Gandhi Equity Saving Scheme (RGESS) u/s 80CCG

§                    Demat Account Statement

§                    Self declaration stating RGESS enabled investments

Handicapped dependent u/s 80DD

§                    Amount paid or deposited under any scheme framed in this behalf by the LIC or UTI or any other insurer and approved by the Board for the maintenance of the handicapped dependent

§                    Physical disability certificate from a physician, a surgeon, or a psychiatrist, as the case may be, working in a Govt. hospital. The certificate should contain the employee’s name and percentage of Disability clearly.

§                    Form 10-IA.

Medical Treatment Expenses u/s 80DDB

§                    Medical Bills/expenditure incurred by way of medical treatment for a specified disease along with a certificate from a hospital in the prescribed form.

§                    Form 10-I

National Pension Scheme u/s 80CCD(1B)

§                    Photo copy of deposit receipt or account statement of Pension Scheme where you invest the amount.

Section 80C Deductions:

S.No.	Investment Type	Documents as Investment Proof
1	Life Insurance Premium	Copy of Premium Receipt. Late payment fees will not be included as premium paid For the premium falling due after submission deadline, attach previous year’s receipt with declaration (Download: Declaration for Insurance Premium Payment)
2	Public Provident Fund (PPF)	Copy of passbook/statement along with the cover page showing investor’s name OR Copy of the deposit challan duly acknowledged by the Bank
3	Senior Citizens’ Savings Scheme	Copy of passbook/statement along with the cover page showing investor’s name OR Copy of the deposit challan duly acknowledged by the Bank
4	NSC	Copy of the Certificates purchased during the financial year For accrued Interest on NSC – Copy of Certificates to be enclosed with date of purchase and the amount
5	ELSS (Tax Saving Mutual Fund)	Copy of Account Statement
6	Children’s Tuition Fees	Copy of receipts for Tuition Fees and Exam Fees (excluding Donations & Development fees, Bus / Transportation charges, Text Books, Private Tuitions or Tutorial Fees) paid to any University/College/School or Other Educational Institution in India during the current year for a maximum of 2 children.
7	Sukanya Samriddhi Yojana	Copy of passbook/statement along with the cover page showing investor’s name OR Copy of the deposit challan duly acknowledged by the Bank
8	Pension Plan from Insurance Companies	Copy of Premium receipt For premium falling due after Jan ’16. Please attach previous year’s receipt with declaration (Download: Declaration for Insurance Premium Payment)
9	Post Office Tax Saving Term Deposit	Copy of deposit receipt
10	Tax Saving Bank Fixed Deposits	Copy of Deposit Receipt OR Account Statement

On December 19, 2016 by www.taxexcel.net

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In an emerging market economy with high inflation rates such as India, it is only wise for people to save, invest and spend effectively in order to meet a general increase in prices and fall in the purchasing value of money over time. People’s savings are necessary to sustain an optimum level of demand which boosts manufacturing, services and thereby jobs in the economy.

The government encourages people to save by providing tax deductions to those who do it. The income tax code provides income tax deductions under Section 80C to Section 80U for various investments, expenses, and payments made by the individual or a Hindu Undivided Family (HUF) in a given financial year.

Download All in One Income Tax Preparation Excel Based Software for Non-Govt ( Private) Employees for F.Y.2016-17 & A.Y.2017-18 

[ This Excel Utility can prepare at a time Individual Salary Sheet + Individual Salary Structure + Individual Tax Computed Sheet + Automatic H.R.A. Calculation + Automated Form 16 Part A&B and Form 16 Part B + Automated Form 12 BA for F.Y.2016-17]

Tax Deductions available under section 80 of Income Tax Act, 1961

Section 80C (Individual & HUF)

In all, total deductions under section 80C, 80CCC, and 80CCD (1) cannot exceed Rs 1.50 lakh for the current assessment year. Which means total investments, expenses, and payments up to a limit of Rs 1.50 lakh are eligible for tax deductions mentioned in the above-mentioned sections. These sections cover many savings schemes like National savings certificates (NSCs), Public Provident Fund (PPF) and other pension plans, life insurance premiums, government bond investments. Here’s a section-wise breakup of deductions and exemptions available under the above-mentioned codes:

Section 80CCC (Individual)

This section provides tax deductions for any investments made in an annuity plan or Life Insurance Corporation (LIC) or pension received under funds mentioned in Section 10(23AAB).

Section 80CCD (1) (Individual)

The deductions under this section are aimed at encouraging people to save. These deductions are allowed to people who avail the National Pensions savings scheme (NPS). Under this, an individual can avail a deduction of up to 10 percent of his/her salary or Rs 1.50 lakh whichever is lower if the person has employed or the lower of Rs 1.50 lakhs or 10 percent of gross income, if the individual is self-employed.

Section 80CCD (2) (Individual)

This is applicable in the case of employer’s contribution. The maximum deduction of 10% of salary.

Section 80CCD (1B) (Individual)

For the financial year 2015-16 or assessment year 2016-17, this new section provides for an additional tax deduction for the amount contributed to NPS of up to Rs 50,000. So for AY2016-17, total deductions under Section 80 are available up to Rs 200,000.

Section 80CCG (Individual but not for NRI)

Lesser of 50% of stock investment value or RS 25000 is allowed to those stock investors whose annual income is below Rs.12 lakh-a-year under Rajiv Gandhi Equity Saving Scheme (RGESS).

Section 80D (Individual & HUF)

Deduction up to Rs.25,000 for self, spouse, and dependent children and separate deduction of Rs.30,000 for parents is allowed for the premium paid towards medical insurance.

Section 80DD (Individual & HUF)

Deduction of expenses incurred on medical treatment of Dependent Relative is fixed at   Rs.75,000 for 40% disability and Rs.1,25,000 for severe i.e. 80% disability. Claimant is required to furnish the certificate of disability from prescribed authority.

Section 80DDB (Individual & HUF)

Deduction in respect of specified disease for self or dependent relatives is allowed lower of Rs.60,000 or the actual amount paid. This deduction amount increases to Rs.80,000 in the case of a senior citizen.

Section 80E (Individual)

The deduction is also available on interest outgo on education loan for higher studies. This loan could be taken by the assessee, spouse or children or a student for whom the assessee is a legal guardian.

Section 80G (All Assessee)

Donations given to various specified institutions and organizations are allowed to be deducted from your income. The deductions are segregated into two categories i.e. 100% or 50% but cash donations exceeding Rs.10,000 is not allowed to claim.

Section 80GG (Individual)

A deduction on house rent paid is available to those who are not paid house rent allowance (HRA) by the employer. An individual, spouse or minor children shouldn’t own a home at the place of employment of the assessee to claim this deduction.  Neither the assessee should have a self-occupied residence at any other place. The deduction available is limited to rent minus 10% of total income or 25% of total income or Rs 2000 (whichever is lower).

Section GGB & GGC (All Assessee)

Even donations given to political party are allowed for deduction without any restriction, but if it’s in cash and exceeding Rs.10,000, the deduction becomes ineligible.

Section 80RRB (Individual)

Any Individual assessee who is patentee can claim deduction up to Rs.3 lac. The assessee has to furnish a patent certificate duly signed by the competent authority.

Section 80TTA (Individual & HUF)

Any interest earned (up to Rs 10,000) on your deposits in a savings bank account, co-operative society or post office is tax deductible.  This excludes fixed deposit interest income.

Section 80U (Individual & HUF)

Physically Disabled persons can claim deductions under 80U of Rs.75000/- for below 80 % and Rs. 1,25,000/- for above 80%. The assessee is required to obtain the certificate from Government Doctor.

Section 87A ( Individual & HUF)

Apart from the above deductions another important deduction for the assessee having taxable income below Rs.5 lakh is available u/s 87A.  As per the Finance Bill 2016-17, the Section 87A Tax Rebate has amended from Rs. 2,000/- to 5,000/-

On December 18, 2016 by www.taxexcel.net

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