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Showing posts with label Automated Income Tax Form 16 for A.Y. 2017-18. Show all posts
Showing posts with label Automated Income Tax Form 16 for A.Y. 2017-18. Show all posts

Friday 6 July 2018

New Amended Automatic Form 16 in Excel Format for the Financial Year 2017-18 and Ass Year 2018-19

      As per the Income Tax Department's Notification Number 11/2013 dated 19/02/2013, have changed some Income Tax Form 16. The new Form 16 have some changes that previous Form 16, but the changes have made some format of Form 16 and some Column Head of Form 16.
The New Amended Form 16 is given below in Excel Format as well as the Link for download the Notification of ITD about the changes of Form 16.

Wednesday 9 August 2017

Tuesday 4 July 2017


Monday 26 June 2017

TDS Form 16 Part A to be downloaded from TRACES
The TDS certificate is furnished to the person from whose income tax is being deducted by the deductor.  The Form 16 contains details of tax computation and tax deducted/paid.
Form 16 has two separate parts: Part A and Part B.
- The Form 16 part A consists of details of tax deducted and paid. Deductors shall register on the TRACES website to download the Form 16.
- Part B contains details of salary and total income.
According to the Income-tax department, it is compulsory to download the Form 16 Part A from the new online portal of TDS, i.e. TRACES. Dated 17th April 2013 circular no.04/2013 has been issued by the Income Tax Department for Form 16. Revised Form 16 has been notified via Notification 11/2013 dated 19th Feb 2013. Part B of the Form no. 16 is to be prepared manually.
Section 203 of the Income-tax department instructs the TDS certificates that are furnished by the deductor to the deductee which should include amount of TDS, valid Permanent Account No. of the deductee (PAN), Tax Deduction Account number of the deductor.
The deductor shall authenticate the details mentioned in the certificate prior to the issue of the form to the deductee. In accordance with the sub-rule (6) of Rule 31, the same content shall be verified by using the manual signature or digital signature. The Part B of form 16 shall be manually prepared by the deductor and be authenticated and verified. Thereafter it can be issued to the deductee along with the Part A of the form.

Friday 16 June 2017

Tax Savings with enhanced limit various Sections for the Financial Year 2016-17

How to Save Tax on Salary Income? This question is popping up in the mind of every salaried employee. Since March is fast approaching, HR department has started buzzing employees about the tax savings investment he has made.

Tax Savings investments have to be made before 31st March to claim the tax benefit and maximize savings. But before rushing to invest, one needs to and plan out his investment keeping in mind the changes made in the Budget 2014 to maximize his tax savings.

Tax Savings does not necessarily mean acknowledging various sections of Income Tax Act, few sections along with your salary slip can very well accomplish the peculiar task of tax planning for you. In this article, we will discuss the additional tax benefit and marginal relief’s offered by budget 2016.

Click here to download Automatic Master of Form 16 Part A & B for F.Y.2016-17 [ Prepare at a time 100 employees Form 16 Part A &B]

 

Click here to download Automatic Master of Form 16 Part A & B for F.Y.2016-17 [ Prepare at a time 50 employees Form 16 Part A &B]

Maximum limit of Section 80C

Budget 2014 has augmented the limit of section 80C from Rs.1 lakh to Rs.1.5 lakhs. This enhanced limit gives additional tax relief of Rs.15,450 for the person falling in the tax slab of 30%, similarly Rs.10,300 to a person falling in the tax bracket of 20% and Rs.5,150 to the person falling in the lowest tax bracket of 10%.

Home Loan Benefit U/s 24B & 80C & 80EE

Budget 2014 has also enhanced the limit of deduction for Home Loan Principal u/s 80C and Home Loan Interest u/s 24.
Tax Benefits on Home Loan – Principal Repayment
Principal Repayment of the Home Loan taken from Financial Institutions is eligible for deductions u/s 80C but restricted to the maximum of Rs.1.5 lakhs per annum. Remember this limit of Rs.1.5 lakhs includes all deduction u/s 80C i.e. PPF, Tax Savings Bank FD, NSC, EPF, LIC etc.
Tax Benefits on Home Loan – Interest Component
Threshold limit of deduction of Interest on the home loan u/s 24 is also increased in budget 2014 by Rs.50,000. Now you can get the maximum of Rs.2 lakhs deduction on the accrued interest on Home Loan per annum.

Remember section 24 is applicable for the self-occupied house only i.e. capping limit of Rs.2 lakh applies when you hold a self-occupied house. In case the house is not self-occupied than you can claim the actual amount of interest paid which can even exceed Rs.2 lakhs.

Contribution towards Provident Funds

Section 80C comprises for various instruments but contributions towards Provident Fund i.e. Employees Provident Fund or Public Provident Fund are best amongst them. Being EEE scheme (Exempt, Exempt, Exempt) these provide the best solution for accumulating corpus for retirement. Point to note is that provident fund is a long term investment scheme, so opt this scheme considering it for post-retirement life.

National Savings Certificate (NSC) and Tax Savings Bank FD

Both National Savings Certificate (NSC) and Tax Savings Bank FD offers the same rate of interest and same tax treatment. The only things that make NSC more lucrative than tax savings bank FD are the method of interest calculation. The interest is compounded annually in the case of tax savings bank FD while the interest is compounded half-yearly in the case of NSC.

Equity Linked Savings Scheme

ELSS also enjoys EEE tax treatment as EPF and PPF but it comes with a high degree of risk. Since ELSS is exposed to market the risk involved is similar to any other mutual fund but the quantum is increased due to lock-in period of 3 years

Tax Rebate of Section 87A


Last year budget has introduced tax credit system under which person having gross salary up to Rs.5,00,000 can get an additional tax rebate of Rs.2,000 from the income tax payable. This year budget did not drop this section and thus letting taxpayer to get benefited this year also.

Saturday 7 January 2017

Download the Automated Form 16 Part B and Part A&B for the Financial Year 2016-17 ( This Excel Utility can prepare Form 16 One by One Form 16 Part B & Part A&B)


A. Section 80C:- Entitles an employee to deductions for the whole of amounts paid or deposited in the current financial year in the following schemes, subject to a limit of Rs.1,50,000/-: 

(1) Payment of insurance premium to effect or to keep in force an insurance on the life of the individual, the spouse or any child of the individual.

(2) Any payment made to effect or to keep in force a contract for a deferred annuity, not being an annuity plan as is referred to in item (7) herein below on the life of the individual, the spouse or any child of the individual, provided that such contract does not contain a provision for the exercise by the insured of an option to receive a cash payment in lieu of the payment of the annuity;

1) Provident Fund
2) Saving certificates
3) Unit-linked insurance plan of the LIC Mutual Fund referred to section 10 (23D) and as notified by the Central Government
4) Any sums paid by an assessee for the purpose of purchase or construction of a residential house property
5) Tuition fees
6) Term deposit for a fixed period not below 5 Years
8) Deduction in respect of contribution to certain pension funds (Section 80CCC)
9) Deduction in respect of contribution to pension scheme of Central Government
10) Deduction U/s 80CCD(1) Max Limit Rs.1.5 Lakh
11) Deduction U/s 80CCD(2) deduction made by the employer to the employee ( this amount this amount calculated out of 1.5 Lakh)
12) Deduction U/s 80CCD(1B) Max Limit Rs. 50,000/- as additional deduction out of 80C 1.5 Lakh.

(Section 80CCD):  Section 80CCD(1) & 80CCD(1B):- allows an employee, being an individual employed by the Central Government or any other employer, on or after the 01.01.2004, a deduction of an amount paid or deposited out of his income chargeable to tax under a pension scheme as notified vide

Notification F. N. 5/7/2003- ECB&PR dated 22.12.2003 or as may be notified by the Central
Government. However, the deduction shall not exceed an amount equal to 10% of his salary(includes Dearness Allowance but excludes all other allowance and perquisites).

As per Section 80CCD(2), where an employee receives any contribution in the said pension scheme from the Central Government or any other employer then the employee shall be allowed a deduction from his total income of the whole amount contributed by the Central Government or any other employer subject to limit of 10% of his salary of the previous year. However, if any amount is standing to the credit of the employee in the pension scheme referred above and deduction has been allowed as stated above and the employee or his
nominee receives this amount together with the amount accrued thereon, due to the reason of

(i) Closure or opting out of the pension scheme or
(ii) Pension received from the annuity plan purchased and taken on such closure or opting out then the amount so received during the FYs shall be the income of the employee or his nominee for that Financial Year and accordingly will be charged to tax.

Where any amount paid or deposited by the employee has been taken into account for the purposes of this section, a deduction with reference to such amount shall not be allowed under section 80C.

Further, it has been specified that w.e.f 01.04.09 that any amount received by the employee from the new pension scheme shall be deemed not to have received in the previous year if such the amount is used for purchasing an annuity plan in the previous year.

It is emphasized that as per the section 80CCE the aggregate amount of deduction under sections 80C, 80CCC and Section 80CCD(1) shall not exceed Rs.1,50,000/-. However, the contribution made by the Central Government or any other employer to a pension scheme u/s 80CCD(2) shall be excluded from the limit of Rs.1,50,000/- provided under this Section. And also new additional Section 80CCD(1B) Max Limit Rs.50 thousand can be excluding the limit of 80C 1.5 lakh.

Thursday 17 November 2016

There are huge changes in income tax rules applicable for FY 2016-17 due to budget 2016-17 changes. In this post, We have covered all the changes in short.

INCOME TAX RULES APPLICABLE FOR FY 2016-17 AY 2017-18:

·         No change in income tax slab for FY 2016-17. Basic exemption limit is same Rs.2,50,000 for non-senior citizen and Rs.3,00,000 for senior citizen & Rs. 5,00,000/- for most Sr.citizen.

      Download Automated 100 employees Form 16 Part B for F.Y. 2016-17 & A.Y.2017-18 [ This Excel utility can prepare at a time 100 employees Form 16 Part B with all amended by the Finance Bill 2016]


·         Increased Exemption U/s 87A Rs.5,000/- from Rs. 2,000/-

·         Additional Rs.50,000 income tax deduction for interest on housing loan is available for the first-time buyer of house U/s 80EE. The loan should not be more Rs.35 lakhs and cost of the house should not be more than Rs.50 Lakhs.

·         Section 80GG deduction is increased from Rs. 24,000 to Rs.60,000.

·         Any payment received from sukanya samriddhi scheme is exempt.

·         For deduction under section 80DDB, the limit is increased from Rs. 60,000 to Rs.80,000.

·         Deduction limit for Section 80D is increased by Rs.10,000 for nonsenior citizen and senior citizen. For General below 60 Years  citizen, the limit is Rs. 25,000 and for a senior citizen, the limit is Rs. 30,000.

·         Deduction limit for section 80DD has been increased from Rs. 50,000 to Rs.75,000. For severe disability, the limit is increased from Rs. 1 Lakhs to Rs.1.25 Lakhs

       Download Automated 100 employees Master of Form 16 Part A and B for F.Y.2016-17 [ This Excel utility can prepare at a time 100 employees Form 16 Part A and B for Financial Year 2016-17 & Ass Yr 2017-18 with all changes by the Finance Bill 2016]


·      
      ·         For contribution to NPS ( National Pension Scheme) under section 80CCD(1),                the limit is increased from Rs. 1.5 Lakhs.
·         Additional deduction up to Rs. 50,000 is allowed for contribution above Rs. 1.5 Lakhs in the national pension scheme. U/s 80CCD(1B)

·         Transport allowance exemption limit has been increased from Rs. 800 to Rs.1,600 P.M. for General and Rs. 3200/- P.M..for Phy.disable person.

Thursday 10 November 2016

Download the Automated Master of Form 16 Part A & B for prepare at a time 50 employees Form 16 Part A &B for Financial Year 2016-17 and Assessment Year 2017-18.

This Excel Based utility can prepare at a time 50 employees Form 16 Part A&B for F.Y.2016-17. Some of the Concerned have not downloaded the Form 16 Part A from the TRACES Portal, thy can use this Excel Utility.

Feature of this Excel Utility :-

1) Automatic Prepare at a time 50 employees Form 16 Part A&B  for F.Y.2016-17
2) Most easy to generate this Excel Utility, just like any Excel File
3) You can prepare more than 1000 employees Form 16 Part A&B by this One Software.
4) Automatic Convert the Amount into the In Word without any Excel Formula
5) All amended Income Tax Section have in this utility as per the Finance Bill 2016-17

Sunday 4 September 2016

New Amended Automatic Form 16 in Excel Format for the Financial Year 2016-17 and Ass Year 2017-18

      As per the Income Tax Department's Notification Number 11/2013 dated 19/02/2013, has already changed the format of the  Income Tax Form 16. The new Form 16 have in two parts.One is Form 16 Part A and another is Form 16 Part B. The Form 16 Part A is mandatory to download from the TRACES PORTAL(http://www.tdscpc.gov.in) and the Form 16 Part B mandatory to prepare by the employer of the employees.

      The Form 16 Part A have all details of Tax Deduction portion of the employee and Form 16 Part B have all Salary and deductions details of the employee.

 The New Amended Form 16 is given below in Excel Format as well as the Link for download the Notification of ITD about the changes of Form 16.

      This Excel-based Software can prepare the Automatic Form 16 for the Financial Year 2016-17 and Assessment Year 2017-18, this Utility can use the both of Govt and Non-Govt employees.

Click below link to download all type of Form 16 Part A&B and Part B for F.Y.2016-17 & A.Y.2017-18

1) Download Automated Form 16 Part A&B and Part B for F.Y.2016-17 [ This Excel Utility can prepare One by One Form 16 Part A&B]


2) Download Automated Form 16 Part B for F.Y.2016-17 [This Excel Utility can prepare One by One Form 16 Part B]


3) Download Automated 100 employees Master of Form 16 Part A&B for F.Y. 2016-17 [ This Excel Utility can prepare at a time 100 employees Form 16 Part A&B]


4) Download Automated 50 employees, Master of Form 16 Part A&B F.Y. 2016-17 [ This Excel utility can prepare at a time 50 employees Form 16 Part A&B]


5) Download Automated 100 employees Form 16 Part B for F.Y.2016-17[ This Excel Utility can prepare at a time 100 employees Form 16 Part B]


6) Download Automated 50 employees, Master of Form 16 Part B with 12 BA [This Excel utility can prepare at a time 50 employees Form 16 Part B With 12 BA ] 


7) Download Automated 50 employees, Master of Form 16 Part B with 24Q + 26Q [This Excel Utility can prepare at a time 50 employees Form 16 Part B With    24Q & 26Q] 


8) Download Automated 50 employees All in One Master of Form 16 Part B With Individual Salary Structure for F.Y.2016-17.[ This Excel Utility can Prepare at a time 50 employees Form 16 Part B with Individual Salary Structure]


The Central Budget 2016, the Income Tax Rebate is Rs. 5,000/- vide U/s 87A can be avail who's Taxable Income less than 5,00,000/-. New Section has also included previously as U/s 80 TTA ( Relief from Savings Bank Interest up to 10,000/-) and U/S 80 CCG ( Rajiv Gandhi Equity Bond ).


All the Feature of New Central Budget have in this Excel Based Software, and you can view all Income Tax Section at a glance.

Friday 24 June 2016

The Financial Year 2016-17 and Assessment year 2017-18 have already started and Advance Tax already deducted and deposited in due time to the Central Govt as per the Norms by the CBDT Notification.

The State of West Bengal has declared the 10% of Interim Relief on the Pay in the Band Pay (Excluding the Grade Pay) since 1st July 2016. In this regard, most of the employees have a luck and get the extra benefits through their Salary as well as the Salary also hike by this Order. Also, it is raised the Income Tax amount will be hike by this Interim Relief. It is the great opportunity to the W.B.State Employees who have also get the Pay Commission which has already declare by the State of West Bengal.

As per the previous Pay Commission that the Increment of all of the State Employees will be in the month of 1st July of each Financial Year. Hence First get the Normal Increment with Grade Pay and then the calculate the Interim Relief calculate, hence the Pay must be the hike to the W.B. State Employees.

The taxexcel.net have prepared the All in One TDS on Salary for the Financial Year 2016-17 as per the New Finance Budget 2016-17 and all the Amended have in this Excel Based Software.
Feature of this Excel Utility
1) Prepare at a time Individual Tax Compute Sheet   
2) Automatic Calculate the House Rent Exemption Calculation U/s 10(13A)
3) Automatic Calculate the Gross Income through the Individual Salary Structure as per Salary
    The structure of the W.B.State Govt Salary Pattern.
4) Automatic Convert the Amount into the In-Words without any Excel Formula
5) Automated Prepare the Form 16 Part B and Form 16 Part A & B
6) Insert the New Interim Relief on the Pay in the Band Pay ( Auto Calculate) from the 1st July 2016


Click here to Download the All in One TDS on Salary for West Bengal Govt employees for F.Y.2016-17 and Assessment Year 2017-18[This Excel utility can prepare at a time your Tax Compute Sheet + House Rent Exemption Calculation U/s 10(13A) + Automated Form 16 Part B and Automated Form 16 Part A&B for F.Y.2016-17]